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CONFIDENTIAL (FR)
Matters for consideration at the meeting of the Federal Open Market
Committee to be held on Tuesday, July 16, 1974, at 9:30 a.m.

1.

Approval of minutes of actions taken at the meeting of the
Federal Open Market Committee on June 18, 1974.

2.

Acceptance of memorandum of discussion for the meeting of
the Federal Open Market Committee on June 18, 1974.

3.

Foreign currency operations.
A.

B.

4.

Report by Special Manager on foreign currency operations
since the meeting of the Committee on June 18, 1974;
and action with respect to transactions during that period.

Consideration of recommendations of Special Manager.

Economic and financial situation and outlook.
A.

B.

5.

Comments by Senior Economist.

General Committee discussion.

Domestic open market operations.
A.

Report by Manager on open market operations since the
meeting of the Committee on June 18, 1974; and
action with respect to transactions during that period.

B.

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

6.

Discussion of monetary policy and of domestic policy
directive to be issued to the Federal Reserve Bank of
New York. (Copy of June 18, 1974, directive attached.)

7.

Discussion of memorandum from System Account Manager dated
July 9, 1974, entitled "Outright System Activity in the
Agency Market."

8.

Confirmation of date for next meeting (August 20, 1974).

Attachment

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