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AGENDA FEDERAL OPEN MARKET COMMITTEE Tuesday, June 21, 1977 9:00 a.m. 1. Approval of minutes of actions taken at the meeting of the Federal Open Market Committee on May 17, 1977. 2. Foreign currency operations. A. B. Action to approve, ratify, and confirm transactions since the previous meeting. C. 3. Report on foreign currency operations since the meeting of the Committee on May 17, 1977. Consideration of Manager's recommendations with respect to foreign currency operations. Economic and financial situation and outlook. A. Staff comments. B. General Committee discussion. - 2 4. Domestic open market operations. A. Report on open market operations since the meeting of the Committee on May 17, 1977. B. Action to approve, ratify, and confirm transactions since the previous meeting. C. Comments by Economist on prospective financial relationships. 5. Current monetary policy and domestic policy directive to be issued to Federal Reserve Bank of New York. (Copy of May 17, 1977, directive attached.) 6. Discussion of foreign account repurchase agreements. (See forthcoming memoranda from Mr. Volcker and staff.) 7. Confirmation of date for next meeting. July 19, 1977.) (Tuesday,