View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

CONFIDENTIAL (FR)
Matters for consideration at the meeting of the Federal Open Market
Committee to be held on Tuesday, April 2, 1968, at 9:30 a.m.

1.

Approval of the minutes of actions taken at the meeting of the
Federal Open Market Committee on March 5, 1968.

2.

Acceptance of memorandum of discussion for the meeting of the
Federal Open Market Committee held on March 5, 1968.

3.

Ratification of actions taken by members of the Federal Open
Market Committee on March 16 and 17, 1968, authorizing Special
Manager to undertake negotiations looking toward increases in
System swap arrangements with (1) German Federal Bank, from $750
million to $1,000 million equivalent, and (2) Bank of England,
from $1,500 million to $2,000 million equivalent, to become
effective, along with corresponding amendments to paragraph 2 of
the authorization for System foreign currency operations, upon
determinations by Chairman Martin that such increases were in
the national interest.

4.

Ratification of action taken on March 6, 1968, under paragraph 3
of authorization for System foreign currency operations, by the
Subcommittee designated in paragraph 6 of authorization, approving a purchase from the Swiss National Bank of $50 million
equivalent of Swiss francs at a rate other than the prevailing
(See forthcoming memorandum from Special Manager.)
market rate.

5.

Report by the Special Manager for foreign currency operations
on such operations since the meeting of the Federal Open Market
Committee on March 5, 1968; action with respect to transactions
during such period; and consideration of recommendations of the
Special Manager.

6.

Report by the Manager of the System Open Market Account on open
market operations since the meeting of the Federal Open Market
Committee on March 5, 1968; and action with respect to transactions during such period.

7.

Staff reports on economic and financial developments.

CONFIDENTIAL (FR)

8.

Discussion of factors bearing on monetary and credit policy; and
derivation of consensus regarding open market operations in the
forthcoming period.

9.

Current economic policy directive to the Federal Reserve Bank
of New York. (Copy of March 14, 1968, directive attached.)

10.

Confirmation of date for next meeting (April 30, 1968).

Attachment

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