Your project will consist of a 2-4-page paper as described below.  Your paper is to be double spaced and 12 Ariel font.  You should include ALL references, especially anything dealing with the data your analyzed.  Be careful not to plagiarize, copy and paste.  It is very easy to recognize. 

As the Chairman of the Federal Open Market Committee (FOMC) you are to discuss the current status of the economy and make recommendations to the FOMC for monetary policy.  These recommendations can include the federal funds rate target, open market operations or even a change in the require reserve ratio.  When deciding what policy, you should remember what you learned about how the Fed reacts to market changes, how the market responses and whether or not they will even use certain policies. 
Your recommendation should include a discussion of the current economic conditions and outlook (which is not good).  Include reviewing macroeconomic information, forecasts, financial markets, international conditions, or anything you believe is affecting the current economic climate.  Based on these current economic conditions, discuss your concerns, analyze the economy, and make your recommendations.  Make sure your analysis and recommendations are based on the latest available economic information and indicators.  Also make sure you support your conclusions keeping in mind the three economic goals.  In your recommendations, be forward looking and think about the implications your recommendations have on employment, output, and inflation over the next few years.
You can look at current statements and minutes from the most recently available FOMC meetings on the FEDs website to help guide you.