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CONFIDENTIAL (FR)
CLASS II

FOMC

AGENDA
FEDERAL OPEN MARKET COMMITTEE
Tuesday, June 22, 1976

9:30 a.m.

1.

Approval of minutes of actions taken at the meeting of the
Federal Open Market Committee on May 18, 1976.

2.

Foreign currency operations.

3.

A.

Report on foreign currency operations since the
meeting of the Committee on May 18, 1976.

B.

Action to approve, ratify, and confirm transactions
since the previous meeting.

C.

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 18, 1976.

B.

Action to approve, ratify, and confirm transactions
since previous meeting.

C.

Comments by Economist (Domestic Finance) 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 18, 1976, directive attached.)

6.

Delegation of responsibility for making determinations with

respect to appeals of denial of access to Committee records.
(See forthcoming memorandum from Mr. Broida.)

7.

Discussion of System operations in FNMA securities.
(See May 14, 1976, memorandum from Messrs. Axilrod and
Holmes entitled, "System Open Market Operations in
Securities of FNMA.")

8. Confirmation of date for next meeting (Tuesday, July 20,
1976).