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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,