45814 Federal Register / Vol. 62, No. 168 / Friday, August 29, 1997 / Notices

1 Copies of the Minutes of the Federal Open

Market Committee meeting of August 19, 1997,

which include the domestic policy directive issued

at that meeting, are available upon request to the

Board of Governors of the Federal Reserve System,

Washington, D.C. 20551. The minutes are published

in the Federal Reserve Bulletin and in the Board’s

annual report.

CONTACT PERSON FOR MORE INFORMATION:

Elaine L. Baker, Secretary to the Board,

(202) 408–2837.

William W. Ginsberg,

Managing Director.

[FR Doc. 97–23178 Filed 8–27–97; 10:30 am]

BILLING CODE 6725–01–P

FEDERAL MARITIME COMMISSION

Ocean Freight Forwarder License

Applicants

Notice is hereby given that the

following applicants have filed with the

Federal Maritime Commission

applications for licenses as ocean freight

forwarders pursuant to section 19 of the

Shipping Act of 1984 (46 U.S.C. app.

1718 and 46 CFR 510).

Persons knowing of any reason why

any of the following applicants should

not receive a license are requested to

contact the Office of Freight Forwarders,

Federal Maritime Commission,

Washington, DC 20573.

Isabel C. Bacallao, 1180 West 33rd

Street, Hialeah, FL 33012, Sole

Proprietor

Industrial Connections, Inc., 1428

Saranell Avenue, Naperville, IL

60540, Ju Meng, President

Continuity Corporation d/b/a, Alamo

Forwarding, 2305 Sage Road, Suite

39, Houston, TX 77056. Officers:

Felton Overbey, President, Michael

Overbey, Vice President

DAMAK Leasing & Financial Inc. d/b/a,

DAMAK Enterprises Inc., 20

Commerce Street, Suite 14–15,

Flemington, NJ 08822. Officers:

Daniel Di Sisto, President, Ann Marie

Di Sisto, Secretary.

Dated: August 26, 1997.

Joseph C. Polking,

Secretary.

[FR Doc. 97–23026 Filed 8–28–97; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL RESERVE SYSTEM

Federal Open Market Committee;

Domestic Policy Directive of August

19, 1997.

In accordance with § 271.5 of its rules

regarding availability of information (12

CFR part 271), there is set forth below

the domestic policy directive issued by

the Federal Open Market Committee at

its meeting held on August 19, 1997.1

The directive was issued to the Federal

Reserve Bank of New York as follows:

The information reviewed at this

meeting suggests that the economic

expansion slowed substantially in the

second quarter after surging in late 1996

and earlier this year. Private nonfarm

payroll employment increased at a

reduced pace in May, but the civilian

unemployment rate fell slightly further

to 4.8 percent. Industrial production

registered another sizable gain in May.

Personal consumption expenditures, in

real terms, rose substantially in May

after having changed little over the

preceding three months. Housing

activity appears to have been well

maintained in recent months. Available

indicators point to further sizable gains

in business fixed investment. The

norminal deficit on U.S. trade in goods

and services narrowed somewhat in

April from its downward-revised

average rate in the first quarter. Price

inflation has remained subdued.

Market interest rates generally have

declined somewhat since the day before

the Committee meeting on May 20,

1997; share prices in equity markets

have risen considerably further. In

foreign exchange markets, the tradeweighted value of the dollar in terms of

the other G-10 currencies was up

slightly on balance over the

intermeeting period.

Growth of M2 and M3 fluctuated

sharply from April to May in association

with a swing in household balances

related to large tax payments; on

balance, both aggregates expanded at a

moderate pace over the two months, and

available data pointed to further

moderate growth in June. For the year

through June, M2 expanded at a rate

near the upper bound of its range for the

year and M3 at a rate somewhat above

the upper bound of its range. Total

domestic nonfinancial debt has

continued to expand in recent months

and is near the middle of its range.

The Federal Open Market Committee

seeks monetary and financial conditions

that will foster price stability and

promote sustainable growth in output.

In furtherance of these objectives, the

Committee reaffirmed at this meeting

the ranges it had established in February

for growth of M2 and M3 of 1 to 5

percent and 2 to 6 percent respectively,

measured from the fourth quarter of

1996 to the fourth quarter of 1997. The

range for growth of total domestic

nonfinancial debt was maintained at 3

to 7 percent for the year. For 1988, the

Committee agreed on tentative ranges

for monetary growth, measured from the

fourth quarter of 1997 to the fourth

quarter of 1998, of 1 to 5 percent for M2

and 2 to 6 percent for M3. The

Committee provisionally set the

associated range for growth of total

domestic nonfinancial debt at 3 to 7

percent for 1998. The behavior of the

monetary aggregates will continue to be

evaluated in the light of progress toward

price level stability, movements in their

velocities, and developments in the

economy and financial markets.

In the implementation of policy for

the immediate future, the Committee

seeks to maintain the existing degree of

pressure on reserve positions. In the

context of the Committee’s long-run

objectives for price stability and

sustainable economic growth, and

giving careful consideration to

economic, financial, and monetary

developments, somewhat greater reserve

restraint would or slightly lesser reserve

restraint might be acceptable in the

intermeeting period. The contemplated

reserve conditions are expected to be

consistent with moderate growth in M2

and M3 over coming months.

By order of the Federal Open Market

Committee, August 22, 1997.

Donald L. Kohn,

Secretary, Federal Open Market Committee.

[FR Doc. 97–23001 Filed 8-28-97; 8:45 am]

BILLING CODE 6210-01-F

FEDERAL RETIREMENT THRIFT

INVESTMENT BOARD

Sunshine Act Meeting

TIME AND DATE: 9:00 a.m. (EDT),

September 8, 1997.

PLACE: 4th Floor, Conference Room,

1250 H Street, N.W., Washington, D.C.

STATUS: Open.

MATTERS TO BE CONSIDERED:

1. Approval of the minutes of the

August 11, 1997, Board member

meeting.

2. Thrift Savings Plan activity report

by the Executive Director.

3. Review of FY 1997 budget and

projected expenditures, approval of FY

1998 proposed budget, and review of FY

1999 estimates.

CONTACT PERSON FOR MORE INFORMATION:

Thomas J. Trabucco, Director, Office of

External Affairs, (202) 942–1640.

Date: August 27, 1997.

Roger W. Mehle,

Executive Director, Federal Retirement Thrift

Investment Board.

[FR Doc. 97–23193 Filed 8–27–97; 11:19 am]

BILLING CODE 6760–01–M