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To: Jimsy who wrote (31123)	4/3/1999 12:47:00 PM
From: long-gone	Respond to of 116764

TEXT - FOMC minutes from Feb. 2-3 meeting WASHINGTON, April 1 (in part) In light of the uncertainties and diversity of risks surrounding the economic outlook, most members were in favor of retaining the existing symmetry of the directive. In one view, however, the risks of rising inflation were strong enough to warrant consideration of an asymmetrical directive that was tilted toward restraint. Nonetheless, since inflation was difficult to predict and any needed adjustment to policy in the period ahead could readily be implemented even with a symmetrical directive, all the members indicated that they could accept such a directive.... And the Jerks on the Fed at least considered not even talking to Congress any more(though it was voted down): "The Committee discussed the Federal Reports Elimination and Sunset Act of 1995 which provides for the termination of the legal requirements for semi-annual Humphrey-Hawkins reports to Congress after 1999. At this meeting, the members agreed that the semi-annual reports and associated Congressional hearings had been quite useful and should be continued. They had given the Committee an effective means to explain its policies and communicate its views on a variety of issues and had enhanced..."