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THE C H AIRM AN OF THE
COUNCIL. OF E C O N O M I C A D V I S E R S
WASHINGTON

jtatri?, t * 4

MEMORANDUM FOB. THE PRESIDENT
Subject: Meeting with Bill Maitln T t^trd tjr
1. Yesterday the CSA Members had mm « f their periodic luncheon
meetings with Chairman Martin.

2.

He report* great calm la the eaeavf markets tad saya that Fed­
eral Reserve policy is *strictly cta k f fu s" — in other words, so
signs of tightening.

3.
A M rh >i

fu -V




He again stated — candidly and admirably — &at ha waa just plain
wrong about how the tax col would qpUMp fibre % aot to aaf over­
heat* tibe economy. He feels that developments have been just
right — a good strong advanea wlthoot esseaadlng aassibl* economic
speed limit**

4. t i was particularly pleased with tbs «c e a ti quarter GNP develop­
ments — is the sense that both inventory and consamer spending
policies were moderate.
S. fib cited several times tha good caoversaftlea ha had fesd with you i
not so long ago. He was most geaeroua ta atfsriag to cooperate
with CSA - » he always has beeo« lot was particularly warm and

IjE
tsisteu ^ about t£ o *
n
x

octisytou

$, In doe coarse, Xthink we « M U pa3I t e Oaaritisd together
(Dillon, Martin* Gordon and H eller) lo r a domestic and international
financial review with the Fresfejeat. TfcU la a good idea aubatantively,
and would also make a good a m m ttaaa*

Walter W. Heller

v
C O P Y L fiJ UBRARY


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102