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CONFIDENTIAL (FR)
Matters for consideration at the meeting of the Federal Open Market
Committee to be held on Tuesday, March 22, 1966, at 9:30 a.m.

1.

Approval of the minutes of the meeting of the Federal Open Market
Committee held on March 1, 1966.

2.

Report by the Special Manager for foreign currency operations on
such operations since the meeting of the Federal Open Market Committee on March 1, 1966; action with respect to transactions
during such period; and consideration of recommendations of the
Special Manager.

3.

Report by the Manager of the System Open Market Account on open
market operations since the meeting of the Federal Open Market
Committee on March 1, 1966; and action with respect to transactions
during such period.

4.

Reports on economic and financial developments.

5.

Discussion of factors bearing on monetary and credit policy; and
derivation of consensus regarding open market operations in the
forthcoming period.

6.

Current economic policy directive to the Federal Reserve Bank of
New York. (Copy of March 1, 1966, directive attached.)

7.

Confirmation of date for next meeting (April 12 or 19, 1966).

Attachments:
I. Continuing authority directive for transactions in foreign
currencies.
2. Continuing authority directive for transactions in U.S. Government securities and bankers' acceptances.
3. Current economic policy directive.