  This paper studies the relation between two notions of holonomy on a
conformal manifold. The first is the conformal holonomy, defined to be the
holonomy of the normal tractor connection. The second is the holonomy of the
Fefferman-Graham ambient metric of the conformal manifold. It is shown that the
infinitesimal conformal holonomy and the infinitesimal ambient holonomy always
agree up to the order that the ambient metric is defined.
