Board of Governors of the Federal Reserve System

Meeting of the Federal Open Market Committee February 5-6, 1991 A meeting of the Federal Open Market Committee was held in the offices of the Board

balances at the Reserve Banks, and the usually large mid-month float supplied...balances during the latter part of this month. The System might wish to

balances and a modest expansion of required clearing balances have kept...balances from eroding further over the intermeeting period. Desk operations

balance. (4) Both total and nonborrowed reserves expanded at a little ...balance since the last FOMC meeting. Interest rates generally moved lower

balance of payments has been in surplus in recent weeks on both the official...balance of payments. To implement this policy, while taking account of

balance improved considerably in the first quarter, reflecting in part...balance of payments. To implement this policy, while taking account of

balance of payments continues to reflect a substantial underlying deficit...balance of payments purposes. To implement this policy, System open market

balances with the Federal Reserve Banks before and during Treasury financing

balances at the Federal reserve banks at the present time to meet such...balances with cor respondent banks. He also stated that the 197 banks

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files