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A Century of Monetary Policy at the FedBreaking Up Is Hard to Do: Splitting from the Treasury in Adolescence and Maturing More—September 1935–January 1970

A Century of Monetary Policy at the Fed: Breaking Up Is Hard to Do: Splitting from the Treasury... [Governor Laurence Meyer gave a talk in 1998 describing a Treasury lunch at the Board at which the question arose as to what the four letters FOMC meant. To quote him, “My concern about the public awareness of the FOMC was heightened recently during one of the weekly luncheons Governors host for a small group comprised of the staffs at the Board and the Treasury. A very senior member of the Treasury staff, during our luncheon conversion, asked me if I knew what ‘FOMC’ stood for. A strange question, I thought, coming from so knowledgeable a person. I replied that I thought I did, but, just to be sure, what did he believe it stood for? He replied ‘Fruit of the Month Club.’”1 I’ll add just two comments regarding that story. First, FOMC is an acronym that in truth always stands for the Federal Open Market Committee. Second, I actually attended that lunch, and I remember vividly what Meyer described and who cracked the joke. It was none other than Timothy F. Geithner, later himself president of the Federal Reserve Bank of New York and vice chairman of the aforementioned FOMC before becoming Secretary of the Treasury.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Century of Monetary Policy at the FedBreaking Up Is Hard to Do: Splitting from the Treasury in Adolescence and Maturing More—September 1935–January 1970

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Publisher
Palgrave Macmillan US
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016
ISBN
978-1-349-88757-6
Pages
33 –45
DOI
10.1007/978-1-137-57859-4_3
Publisher site
See Chapter on Publisher Site

Abstract

[Governor Laurence Meyer gave a talk in 1998 describing a Treasury lunch at the Board at which the question arose as to what the four letters FOMC meant. To quote him, “My concern about the public awareness of the FOMC was heightened recently during one of the weekly luncheons Governors host for a small group comprised of the staffs at the Board and the Treasury. A very senior member of the Treasury staff, during our luncheon conversion, asked me if I knew what ‘FOMC’ stood for. A strange question, I thought, coming from so knowledgeable a person. I replied that I thought I did, but, just to be sure, what did he believe it stood for? He replied ‘Fruit of the Month Club.’”1 I’ll add just two comments regarding that story. First, FOMC is an acronym that in truth always stands for the Federal Open Market Committee. Second, I actually attended that lunch, and I remember vividly what Meyer described and who cracked the joke. It was none other than Timothy F. Geithner, later himself president of the Federal Reserve Bank of New York and vice chairman of the aforementioned FOMC before becoming Secretary of the Treasury.]

Published: Jan 29, 2016

Keywords: Interest Rate; Monetary Policy; Central Bank; Federal Reserve; Federal Fund Rate

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