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CONFIDENTIAL (FR)
Matters for consideration at the meeting of the Federal Open Market
Committee to be held on Monday and Tuesday, January 20 and 21, 1975

Monday, 4:00 p.m.
1.

Discussion of first-stage report of the Subcommittee on the
Directive (distributed on December 24, 1974).

Tuesday, 9:30 a.m.
2.

Approval of minutes of actions taken at the meeting of the
Federal Open Market Committee on December 16-17, 1974.

3.

Acceptance of memorandum of discussion for the meeting of
the Federal Open Market Committee on December 16-17, 1974.

4.

Foreign currency operations.

5.

A.

Report by Special Manager on foreign currency operations
since the meeting of the Committee on December 17, 1974;
and action with respect to transactions during that period.

B.

Consideration of recommendations of Special Manager.

Economic and financial situation and outlook.
A.

Comments by Senior Economist.

B.

General Committee discussion.

-26.

Domestic open market operations.
A.

Report by Manager on open market operations since the
meeting of the Committee on December 17, 1974; and
action with respect to transactions during that period.

B.

Comments by Economist (Domestic Finance) on prospective
financial relationships.

7.

Discussion of monetary policy and of domestic policy
directive to be issued to the Federal Reserve Bank of
New York. (Copy of December 17, 1974, directive attached.)

8.

Memorandum from General Counsel on proposed revisions of
Committee's Rules Regarding Availability of Information, to
conform with recent amendments to Freedom of Information Act.
(To be distributed)

9.

Memorandum from Secretariat entitled "Release of FOMC memoranda
of discussion for 1969," dated January 13, 1974.

10. Confirmation of date for next meeting.
(Wednesday, February 19, 1974).