does 3 way catalyst mean catalytic converter

Question

When they talk about 3 way catalyst converter bank 1, do they mean catalytic converter?

Answer 1

Yes that is correct. After 1981 they replaced the 2 way catalytic converters with a 3 way catalytic converters.

the catalyst is the inside of the catalytic converters.

if there is no exhaust leaks or the oxygen sensor is not bad.

You can try do an intake flush to remove an carbon build up, use 91 octane from shell and use a good fuel system cleaner.