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CONFIDENTIAL (FR)
Matters for consideration at the meeting of the Federal Open Market
Committee to be held on Tuesday, October 20, 1970, at 9:30 a.m.

1.

Approval of minutes of actions taken at the meeting of the Federal
Open Market Committee on September 15, 1970.

2.

Acceptance of memorandum of discussion for the meeting of the
Federal Open Market Committee on September 15, 1970.

3.

Report by the Special Manager for foreign currency operations on
such operations since the meeting of the Federal Open Market Committee on September 15, 1970; action with respect to transactions
during that period; and consideration of recommendations of the
Special Manager.

4.

Staff report on international developments.

5.

Staff reports on domestic economic and financial developments.

6.

Report by the Manager of the System Open Market Account on open
market operations since the meeting of the Federal Open Market
Committee on September 15, 1970; and action with respect to transactions during that period.

7.

General discussion of economic and financial situation and
outlook (to be interrupted for coffee break).

8.

Discussion of monetary policy and of current economic policy
directive to be issued to the Federal Reserve Bank of New York.
(Copy of September 15, 1970, directive attached.)

9.

Confirmation of date for next meeting (November 17, 1970).

Attachment