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A A /I IRAFT— WT/ .H ' , V 13/61 j 1-3’ IORANDUM FOR THE PRESIDENT Subject: The Impact of White House Conferences on Monetary Policy The catalytic effect of White House Conferences on Federal Reserve purchases of U. S securities seems to be confirmed by . the following facts: 1. In the six weeks after the new policy of "buying long" was announced, the Fed bought $ & C~7 million of maturities over one year. 2. In the two weeks preceeding our White House meetings of March 8 and April 7 on monetary policy, the Fed concentrated $_ 376 million, or nearly two- thirds of its total purchases of the first six weeks. Knowing your allergy to unproductive meetings, I might note that these monetary meetings are a success even before they startJ Walter W. Heller