The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Authorized for public release by the FOMC Secretariat on 3/17/2020 BOARD OF GOVERNORS OF THE FEDERAL RESERVE WASHINGTON SYSTEM 25, D. C. R S AD R D S E OFFI S IAL C H TO T E BOARD March 20, 1962. Dear Sir: As you know, the Federal Open Market Committee, at its meeting on March 6, 1962, adopted a revised procedure for the allocation of securities in the System Open Market Account, effective immediately. The newly-adopted procedure provides for reallocations of securities on the first business day of February, May, August, and November of each year. Its adoption means, therefore, that the April 1 reallocation that would have been made under the superseded procedure will not be made and that the next reallocation of securities, according to the new procedure, will be on May 1, 1962. Very truly your, Merritt Sherman, Secretary. TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS. C R O E O P N E N E D C
@FedFRASER