Board of Governors of the Federal Reserve System

APPENDIX Notes for FOMC Meeting May 19,1992 William J. McDonough Dollar exchange rates from the time of your last meeting until early last week

April 14, 2016 Mr. James P. Gorman Chairman and Chief Executive Officer Morgan Stanley 1585 Broadway New York, New York 10036 Dear Mr. Gorman

policy assumptions underlying the staff projection are much the same as...policy, M2 and M3 are assumed to grow at rates well within their tentative

expectations. The unemployment rate, catching up with the gains in output...expectations of what might be contained in a budget agreement. Consequently

policy budget projections.......................... 30 Administration

expectations probably contributed as well to the favorable price performance...expectations in the second half of 1995 and thereby to help ensure the

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

Expectations of rising prices do not appear to be a significant influence

policy, market skepticism had progressively deepened. Indeed, the statements...policy, U.S. officials had fallen into the habit of saying that we were

Policies and Procedures……….………………………………………….7 Legal Requirements - New...policies and procedures, required annual training of policies by Business