Consensus
Finally, the Committee must reach a consensus regarding the appropriate course for policy, which is incorporated in a directive to the Federal Reserve Bank of New Yorkâthe Bank that executes transactions for the System Open Market Account. The directive is cast in terms designed to provide guidance to the Manager in the conduct of day-to-day open market operations. The directie sets forth the Committee's objectives for long-run growth of certain key monetary and credit aggregates.
It also sets forth operating guidelines for the degree of ease or restraint to be sought in reserve conditions and expectations with regard to short-term rates of growth in the monetary aggregates. Policy is implemented with emphasis on supplying reserves in a manner consistent with these objectives and with the nation's broader economic objectives.
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Famous quotes containing the word consensus:
“Nothing defines the quality of life in a community more clearly than people who regard themselves, or whom the consensus chooses to regard, as mentally unwell.”
—Renata Adler (b. 1938)
“To me, consensus seems to be the process of abandoning all beliefs, principles, values and policies. So it is something in which no one believes and to which no one objects.”
—Margaret Thatcher (b. 1925)
“No consensus of men can make an error erroneous. We can only find or commit an error, not create it. When we commit an error, we say what was an error already.”
—Josiah Royce (1855–1916)