structural:scholar_edition
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 York—the 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 directive sets forth the committee's objectives for long-run growth of certain key monetary and credit aggregates.