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Dates for:  1999   |  1998   |  1997   |  1996   |  1995   |  1994   |  1993   |  1992   |  1991   |  1990 1991 FOMC Meeting Directive Bias Vote Policy Change Fed Funds Target Change Discount Rate Change 2/5 & 2/6 Maintain   Easier   11 to 0     3/8 6.25 6.00   - 0.25 6.00       3/26 Maintain   Symmetrical   10 to 0     4/30 6.00 5.75   - 0.25 6.00 5.50   - 0.50 5/14 Maintain Symmetrical 10 to 0   5.75   5.50   7/2 & 7/3 Maintain   Symmetrical   10 to 0     8/6 5.75 5.50   - 0.25 5.50       8/20 Maintain   Easier   10 to 0     9/13 5.50 5.25     5.50 5.00     10/1 Maintain   Easier   10 to 0     10/31 5.25 5.00   - 0.25 5.50       11/5     Decrease Somewhat     Easier     8 to 2       11/6 12/6 5.00 4.75 4.50   - 0.25 - 0.25 5.00 4.50     - 0.50   12/17 Maintain   Easier   11 to 1     12/20 4.50 4.00   - 0.50 4.50 3.50   - 1.00

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