Review

In its policy deliberations in 1978, the Federal Open Market Committee (FOMC) clarified the roles that the monetary aggregates play in policy considerations in two respects. The interpretation and emphasis to be placed on the FOMC’s two-month growth ranges of the monetary aggregates were clarified by changes in the wording of the domestic policy directive. 

One of the privileges of membership in the Federal Reserve System is borrowing at the discount window. Bankers generally rate access to the discount window as one of the most, if not the most, important benefits of Federal Reserve membership.