Board of Governors of the Federal Reserve System

MEMORANDUM OF DISCUSSION A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve

dollars, unified budget) Fiscal Year 1985 1986 1987 Receipts 751 811 881...dollars Aug. 1984 Selected components 4. Currency 5. Demand deposits 6

dollars) 1985 1986 1987 1988 1989 1990 Revenues 737 787 853 931 1002 1083...dollars) 1985 1986 1987 1988 19 8 9 ² 1 9 90 ² Revenues 737 790 858 939

dollars, the BEA estimates that real GNP edged up 0.4 percent at an annual...dollars. 2. Annualaverage. 3. Change in billions of current dollars. PERSONAL

dollar’s exchange value has risen modestly against other major currencies...dollar’s average exchange value against the currencies of our other important

dollars) Adjustment borrowing4/ 641 422 815 337 Excess reserves 314 312...dollar has appreciated further in recent weeks. On balance, the dollar

dollars) Adjustment borrowing4 Excess reserves 4.1 -12.5 5.6 1.9 -14.4...dollar has appreciated by about 1 1/2 percent on a weighted average basis

dollars) Adjustment and seasonal borrowing Excess reserves 13.0 9.9 12.8...dollar has risen 5-1/4 percent since the March FOMC. An increase in dollar

dollar has shown remarkable strength in the exchange markets. , the weighted-average...dollar has risen by about 44 percent since the last Committee meeting.1

dollar associated with this projection is unchanged. Growth of M2 is expected