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V 13/61

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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

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