| 
| 
   |  
|  |  Dates for:   1999    |  1998    |  1997    |  1996    |  1995    |  1994    |  1993    |  1992    |  1991    |  1990
 
 
| 1998 |  
| FOMC Meeting | Directive | Bias | Vote | Policy Change | Fed Funds Target | Change | Discount Rate | Change |  
| 2/3 & 2/4 | Maintain | Symmetrical | 12 to 0 |  | 5.50 |  | 5.00 |  |  
| 3/31 | Maintain | Tighter | 11 to 1 |  | 5.50 |  | 5.00 |  |                                                                                                               
| 5/19 | Maintain | Tighter | 10 to 2 |  | 5.50 |  | 5.00 |  |                                                     
| 6/30 & 7/1 | Maintain | Tighter | 10 to 1 |  | 5.50 | + 0.25 | 5.00 |  |                                                       
| 8/18 | Maintain | Symmetrical | 10 to 1 |  | 5.50 |  | 5.00 |  |                                                    
| 9.29 
 | Decrease Slightly | Easier 
 | 11 to 0 
 | 9/29 10/15
 | 5.25 5.00
 | -0.25 - 0.25
 | 5.00 4.50
 | - 0.25
 |                                                       
| 11/17 | Decrease Slightly | Symmetrical | 10 to 1 | 11/17 | 4.75 | - 0.25 | 4.50 | - 0.25 |                                                     
| 12/22 | Maintain | Symmetrical | 11 to 0 |  | 4.75 |  | 4.50 |  |  
 
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