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CONFIDENTIAL (FR) Matters for consideration at the meeting of the Federal Open Market Committee to be held on Tuesday, December 15 1964, at 9:30 a.m. 1. Approval of the minutes of the meeting of the Federal Open Market Committee held on November 24, 1964. 2. Report by the Special Manager for foreign currency operations on such operations since the meeting of the Federal Open Market Committee on December 1, 1964; action with respect to transactions during such period; and consideration of recommendations of the Special Manager. 3. Report by the Manager of the System Open Market Account on open market operations since the meeting of the Federal Open Market Committee on December 1, 1964; and action with respect to transactions during such period. 4. Reports on economic and financial developments. 5. Discussion of factors bearing on monetary and credit policy; and derivation of consensus regarding open market operations in the forthcoming period. (See attached suggested list of questions relating to this item.) 6. Current economic policy directive to the Federal Reserve Bank of New York. (Copy of December 1, 1964, directive attached.) 7. Confirmation of date for next meeting (January 12, 1965). It is contemplated that Committee members will continue the discussion of the "trial" directive, to be prepared on a revised basis in accordance with the discussion following the December 1 meeting, after completion of the regular agenda. This may involve reconvening at 2:00 p.m. Note: Attachments