Following are the minutes from the Federal Reserve meeting, held Oct. 31.By unanimous vote, the Federal Open Market Committee selected D. Nathan Sheets to serve as economist until the selection of his successor at the first regularly scheduled meeting of the Committee in 2008.
The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. There were no open market operations in foreign currencies for the system's account in the period since the previous meeting.
The manager also reported on developments in domestic financial markets and on system open market operations in government securities and federal agency obligations during the period since the previous meeting.
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