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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, June 22, 1953. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Vardaman Mills Robertson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Thurston, Assistant to the Board Riefler, Assistant to the Chairman Thomas, Economic Adviser to the Board Vest, General Counsel Williams, Assistant Director, Division of Research and Statistics Noyes, Assistant Director, Division of Research and Statistics Youngdahl, Assistant Director, Division of Research and Statistics Hexter, Assistant General Counsel Leach, Chief, Government Finance Section, Division of Research and Statistics In anticipation of the meeting of the executive committee of the Federal Open Market Committee tomorrow, there was a general informal discuseion of the need of the money market for reserves during the period between nov and July 8, 1953, particularly in view of prospective Treasury financing, euld of the methods by which the need for reserves might be met through the Federal Reserve System. There was also a review of the current business eitUation and prospective trends in the economy over the foreseeable future. Governor Robertson called attention to an article in the press (/11 " ing a Federal Reserve official as having discussed the amount of Reserve 6/22/53 -2- Bank credit that might have to be supplied over the remainder of the year to allow for a normal growth in the economy. There was general agreement with Governor Robertson's view that the Board and its staff should be particularly careful in discussing with representatives of the press what the future course of Federal Reserve credit policy might be. The meeting then adjourned. During the day the following addi- tional action was taken by the Board with all of the members except Governor Evans present: Minutes of actions taken by the Board of Governors of the Federal Reserve System on June 191 1953, were approved unanimously.
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