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To: accountclosed who wrote (18098)	2/4/1999 3:44:00 PM
From: bill meehan	Read Replies (7) \| Respond to of 86076

Suble? I'll say. I've been re-reading the Fed's own words which seem to be contradictory: (caps are mine) Am I punch drunk (no Fed pun intended)? Does it make sense to you? the members decided to implement the previously stated policy of releasing, on an infrequent basis, an announcement immediately after certain FOMC meetings WHEN THE STANCE OF MONETARY POLICY REMAINED UNCHANGED. Specifically, the Committee would do so on those occasions when it wanted to communicate to the public a major shift in its views about the balance of risks or the likely direction of future policy. Such announcements WOULD NOT BE MADE AFTER EVERY CHANGE IN THE SYMMETRY OF THE DIRECTIVE, but only when it seemed important for the public to be aware of an important shift in the members' views. On the basis of experience with such announcements, the Committee would evaluate later whether further changes in its approach to disclosures would be desirable.