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The Federal Open Market Committee has released the following schedule for its meetings in 1999:
February 2-3 August 24
March 30 October 5
May 18 November 16
June 29-30 December 21
The schedule is tentative in light of the Committee's practice of confirming the date for each meeting at the preceding meeting. FOMC meetings are held on Tuesdays unless otherwise noted.
The FOMC is composed of the seven members of the Board of Governors and five of the twelve Reserve Bank presidents. The president of the Federal Reserve Bank of New York is a permanent member; the other presidents serve one-year terms on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit. In addition, the FOMC directs operations undertaken by the Federal Reserve in foreign exchange markets.
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