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THE WHITE HOUSE
W A S H I NG T O N

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January 5, 1973

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Dear Arthur:
Your thoughtful December 28 letter enclosing the
excellent address have been the objects of
several evenings' repeated reading!
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ci*ic<in«e£' You are quite correct in identifying inflation as
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the most critical economic problem we now face,
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and I was indeed pleased to see, on pages 10 and
HuJ- 11 of your address, your strong appeal that we
resist any tendency to adjust to inflation. As
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fight inflation hard, and this is precisely what
I intend to do. We are in the same corner in
this ongoing battle, and I look forward to having
your wise council and help over the next four
years in meeting the challenge.




With warm personal regards,
Sincerely,

Honorable Arthur F. Burns
Chairman of the Board of Governors
Federal Reserve System
Washington, D .C . 20551

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