FOMC Minutes

Meeting of Federal Open Market Committee

April 19, 1968

MINUTES OF ACTIONS

A meeting of the Federal Open Market Committee was held on

Friday, April 19, 1968, at 2:15 p.m., at the call of Chairman Martin.

This was a telephone conference meeting, and each individual was in

Washington, D. C., except as otherwise indicated in parentheses in

the following list of those participating:

PARTICIPATING:

Mr.

Mr.

Mr.

Mr.

Mr.

Mr.

Mr.

Mr.

Mr.

Mr.

Mr.

Martin, Chairman

Hayes, Vice Chairman

Brimmer

Daane

Ellis

Galusha

Hickman

Kimbrel

Maisel

Mitchell

Robertson

(New York)

(Lincoln, Nebraska)

(Wellesley, Mass.)

(Minneapolis)

(Cleveland)

(Atlanta)

Mr. Holland, Secretary

Mr. Sherman, Assistant Secretary

Mr. Kenyon, Assistant Secretary

Mr. Broida, Assistant Secretary

Mr. Hexter, Assistant General Counsel

Mr. Brill, Economist

Messrs. Axilrod, Hersey, Kareken

(Minneapolis), Mann (Cleveland),

Reynolds, Solomon, and Taylor

(Atlanta), Associate Economists

Mr. Bernard, Special Assistant, Office of

the Secretary, Board of Governors

Miss Eaton, General Assistant, Office of

the Secretary, Board of Governors

Miss McWhirter, Analyst, Office of the

Secretary, Board of Governors

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4/19/68

Mr. MacDonald, First Vice President, Federal

Reserve Bank of Cleveland

(Cleveland)

Mr. Eisenmenger, Vice President, Federal

Reserve Bank of Boston

(Wellesley)

Mr. Sternlight, Vice President, Federal

(New York)

Reserve Bank of New York

Mr. Bodner, Assistant Vice President,

Federal Reserve Bank of New York (New York)

By unanimous vote, the Federal Reserve Bank of New York was

authorized and directed, until otherwise directed by the Committee,

to execute transactions in the System Account in accordance with the

following current economic policy directive:

System open market operations until the next meeting

of the Committee shall be conducted with a view to achieving

firmer but maintaining orderly conditions in the money

market, while facilitating market adjustments to the

increase in Federal Reserve discount rates.

It was agreed that the next meeting of the Committee would be

held on Tuesday, April 30, 1968, at 9:30 a.m.

The meeting adjourned.

Secretary