FOMC Minutes
Meeting of Federal Open Market Committee
March 19-20, 1973
MINUTES OF ACTIONS
A meeting of the Federal Open Market Committee was held
in the offices of the Board of Governors of the Federal Reserve
System in Washington, D. C., on Monday and Tuesday, March 19-20,
1973, beginning at 4:00 p.m. on Monday.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Burns, Chairman
Hayes, Vice Chairman
Balles
Brimmer
Bucher
Daane
Francis
Mayo
Mitchell
Morris
Robertson
Sheehan
Messrs. Clay, Eastburn, Kimbrel, and Winn,
Alternate Members of the Federal Open
Market Committee
Messrs. MacLaury and Coldwell, Presidents
of the Federal Reserve Banks of
Minneapolis and Dallas, respectively
Mr. Holland, Secretary
Mr. Broida, Deputy Secretary
Messrs. Altmann and Bernard, Assistant
Secretaries
Mr. Hackley, General Counsel
Mr. O'Connell, Assistant General Counsel
Mr. Partee, Senior Economist
Mr. Axilrod, Economist (Domestic Finance)
Messrs. Bryant, Eisenmenger, Garvy, Gramley,
Hersey, Reynolds,./ Scheld, and Sims,
Associate Economists
1/ Attended Tuesday session only.
3/19/73
Mr. Holmes, Manager, System Open Market
Account
Mr. Coombs, Special Manager, System Open
Market Account
Mr. Melnicoff,1/ Deputy Executive Director,
Board of Governors
Mr. O'Brien, Special Assistant to the
Board of Governors
Messrs. Keir, Pierce, Wernick, and Williams,
Advisers, Division of Research and
Statistics, Board of Governors
Mr. Gemmill, Adviser, Division of International
Finance, Board of Governors
Mr. Zeisel,1/ Associate Adviser, Division of
Research and Statistics, Board of Governors
Mr. Kichline,1/ Chief, Capital Markets
Section, Division of Research and
Statistics, Board of Governors
Mr. Wendel, Chief, Government Finance Section,
Division of Research and Statistics,
Board of Governors
Mr. Enzler,1 / Economist, Division of Research
and Statistics, Board of Governors
Mrs. Rehanek, Open Market Secretariat
Assistant, Office of the Secretary,
Board of Governors
Mrs. Sherman,2/ Secretary, Office of the
Secretary, Board of Governors
Messrs. Black and Fossum, First Vice Presidents,
Federal Reserve Banks of Richmond and
Atlanta, respectively
Messrs. Boehne, Parthemos, and Doll, Senior
Vice Presidents, Federal Reserve Banks
of Philadelphia, Richmond, and Kansas
City, respectively
Messrs. Hocter, Jordan, and Green, Vice
Presidents, Federal Reserve Banks of
Cleveland, St. Louis, and Dallas.
respectively
1/ Attended Monday session only.
2/ Attended Tuesday session only.
3/19-20/73
Mr. Meek, Assistant Vice President,
Federal Reserve Bank of New York
Mr. Kareken, Economic Adviser, Federal
Reserve Bank of Minneapolis
The Secretary reported that advices had been received of
the election by the Federal Reserve Banks of members and alternate
members of the Federal Open Market Committee for the term of one
year beginning March 1, 1973; that it appeared that such persons
were legally qualified to serve; and that they had executed their
oaths of office.
The elected members and alternates were as follows:
Frank E. Morris, President of the Federal Reserve Bank
of Boston, with David P. Eastburn, President of the
Federal Reserve Bank of Philadelphia, as alternate;
Alfred Hayes, President of the Federal Reserve Bank of
New York, with William F. Treiber, First Vice President
of the Federal Reserve Bank of New York, as alternate;
Robert P. Mayo, President of the Federal Reserve Bank of
Chicago, with Willis J. Winn, President of the Federal
Reserve Bank of Cleveland, as alternate;
Darryl R. Francis, President of the Federal Reserve Bank
of St. Louis, with Monroe Kimbrel, President of the
Federal Reserve Bank of Atlanta, as alternate;
John J. Balles, President of the Federal Reserve Bank of
San Francisco, with George H. Clay, President of the
Federal Reserve Bank of Kansas City, as alternate.
Secretary's Note: All of the actions listed
below were taken on Tuesday, March 20, 1973.
By unanimous vote, the following officers of the Federal
Open Market Committee were elected to serve until the election of
3/20/73
their successors at the first meeting of the Committee after
February 28, 1974, with the understanding that in the event of
the discontinuance of their official connection with the Board
of Governors or with a Federal Reserve Bank, as the case might
be, they would cease to have any official connection with the
Federal Open Market Committee:
Arthur F. Burns
Alfred Hayes
Robert C. Holland
Arthur L. Broida
Murray Altmann and
Normand R. V. Bernard
Howard H. Hackley
Thomas J. O'Connell
J. Charles Partee
Stephen H. Axilrod
Robert Solomon 1/
Leonall C. Andersen, Ralph C.
Bryant, Robert W. Eisenmenger,
George Garvy, Lyle E. Gramley,
A. B. Hersey, John E. Reynolds,
Karl A. Scheld, and Kent 0.
Sims
Chairman
Vice Chairman
Secretary
Deputy Secretary
Assistant Secretaries
General Counsel
Assistant General Counsel
Senior Economist
Economist (Domestic Finance)
Economist (International
Finance)
Associate Economists
By unanimous vote, the Federal Reserve Bank of New York
was selected to execute transactions for the System Open Market
Account until the adjournment of the first meeting of the Federal
Open Market Committee after February 28, 1974.
By unanimous vote, Section 5 of the Committee's Rules of
Organization was amended to read as follows:
1/ On leave of absence.
3/20/73
-5
Manager, Special Manager, and Deputies
The Committee selects a Manager of the System Open
Market Account and a Special Manager for Foreign Currency
Operations for such Account, and it may also select a
Deputy Manager and a Deputy Special Manager for foreign
currency operations. All of the foregoing shall be
satisfactory to the Federal Reserve Bank selected by
the Committee to execute open market transactions for
such Account, and all shall serve at the pleasure of
the Committee. The Manager and Special Manager, or
their Deputies, keep the Committee informed on market
conditions and on transactions they have made and
render such reports as the Committee may specify.
By unanimous vote, Alan R. Holmes, Peter D. Sternlight,
Charles A. Coombs, and David E. Bodner were selected to serve at
the pleasure of the Federal Open Market Committee as Manager,
Deputy Manager, Special Manager for foreign currency operations,
and Deputy Special Manager for foreign currency operations,
respectively, of the System Open Market Account, it being under
stood that their selection was subject to their being satisfactory
to the Board of Directors of the Federal Reserve Bank of New York.
Secretary's Note: Advice subsequently was received
that Messrs. Holmes, Sternlight, Coombs, and Bodner
were satisfactory to the Board of Directors of the
Federal Reserve Bank of New York for service in the
respective capacities indicated.
By unanimous vote, the minutes of actions taken at the
meeting of the Federal Open Market Committee on January 16, 1973,
were approved.
The memorandum of discussion for the meeting of the Federal
Open Market Committee on January 16, 1973, was accepted.
3/20/73
By unanimous vote, the System open market transactions
in foreign currencies during the period February 13 through
March 19, 1973, were approved, ratified, and confirmed.
By unanimous vote, renewal for further periods of 3
months of the two System drawings on the National Bank of
Belgium maturing on April 19 and 26, 1973, was authorized.
By unanimous vote, the Committee authorized the Special
Manager to undertake negotiations looking toward increases in
System swap lines not exceeding $6 billion in the aggregate, on
the understanding that increases in individual swap lines, and
the corresponding amendments to paragraph 2 of the authorization
for System foreign currency operations, would become effective
upon approval by Chairman Burns, after consultation with
responsible officials of the U.S. Treasury; and on the further
understanding that any increases made effective would not be
drawn on until after further consultation with the Committee.
By unanimous vote, the open market transactions in
Government securities, agency obligations, and bankers' accep
tances during the period February 13 through March 19, 1973,
were approved, ratified, and confirmed.
By unanimous vote, the action of Committee members on
March 15, 1973, increasing the limit specified in paragraph 1(a)
of the continuing authority directive on changes between meetings
3/20/73
of the Committee in System holdings of U.S. Government securities
and agency issues from $2 billion to $3 billion for the period
through the close of business March 20, 1973, was ratified.
By unanimous vote, the Federal Reserve Bank of New York
was authorized and directed, until otherwise directed by the
Committee, to execute transactions for the System Account in
accordance with the following current economic policy directive
(later in this meeting retitled "domestic policy directive"):
The information reviewed at this meeting suggests
continued substantial growth in real output of goods
and services in the current quarter, although at a
rate less rapid than in the fourth quarter of 1972.
Over the first 2 months of this year, employment rose
strongly but the unemployment rate remained about
5 per cent. The advance in wage rates moderated from
the earlier rapid pace, while the rate of increase in
prices accelerated. Prices of foods continued to
rise sharply both at wholesale and retail; in February,
moreover, increases in wholesale prices of industrial
commodities were large and widespread. Another wave
of speculative movements out of dollars into German
marks and some other currencies developed at the
beginning of March and led to a decision by a number
of European countries to float their currencies
jointly. On March 16, after a series of meetings,
officials of leading industrial countries announced
a program aimed at maintaining orderly international
monetary arrangements.
The narrowly defined money stock expanded moderately
in February, after having changed little in January, and
growth over recent months remained at an average annual
rate of about 6.5 per cent. The more broadly defined
money stock continued to grow at a moderate rate in
February as inflows of consumer-type time and savings
deposits to banks slowed sharply. However, in the face
of strong loan demand from businesses, and also from
3/20/73
foreign banks, U.S. banks sharply increased their
issuance of large-denomination CD's and the bank
credit proxy expanded very rapidly. In recent weeks
short-term market interest rates have risen substan
tially further while the rise in long-term rates has
remained more moderate.
In light of the foregoing developments, it is
the policy of the Federal Open Market Committee to
foster financial conditions consonant with the aims
of the economic stabilization program, including
abatement of inflationary pressures, sustainable
growth in real output and employment, and progress
toward equilibrium in the country's balance of
payments.
To implement this policy, while taking account
of possible domestic credit market and international
developments, the Committee seeks to achieve bank
reserve and money market conditions that will support
somewhat slower growth in monetary aggregates over
the months ahead than occurred on average in the past
6 months.
Consideration was then given to the continuing authori
zations of the Committee, in accordance with the customary
practice of reviewing such matters at the first meeting in March
of every year.
It had been agreed at
Secretary's Note:
the meeting on March 10, 1970, that
certain authorizations among those that
the Committee had reviewed annually in
the past would remain effective until
otherwise directed by the Committee, and
would no longer be submitted routinely
for review each year. Instead, it was
understood that these authorizations
would be called to the Committee's
attention before the first meeting in
March of each year and that members
would be given an opportunity to raise
any questions they had concerning them.
3/20/73
Accordingly, copies of the authorizations
in question (listed below) had been dis
tributed to the Committee on February 21,
1973, with a request that members advise
the Secretariat if they wished to have
any placed on the agenda for consideration
at today's meeting. No such requests were
received.
The authorizations in question were as follows:
1.
2.
3.
4.
5.
Procedure for allocations of securities in the
System Open Market Account.
Distribution list for periodic reports prepared
by the Federal Reserve Bank of New York.
Authority for the Chairman to appoint a Federal
Reserve Bank as agent to operate the System
Account in case the New York Bank was unable
to function.
Resolutions providing for continued operation
of the Committee, and for certain actions by
the Reserve Banks, during an emergency.
Resolution relating to examinations of the
System Open Market Account.
It was agreed to retain the existing procedure for making
minutes and other records of the Committee available to employees
of the Board of Governors and the Federal Reserve Banks, including
authorization to the Secretary to act on the Chairman's behalf in
considering proposals for the addition of members of the Board's
staff to the list of those having access to Committee minutes
and other records.
By unanimous vote, the Continuing Authority Directive
with respect to Domestic Open Market Operations was retitled
"Authorization for Domestic Open Market Operations,"
amended to read as follows:
and was
3/20/73
-10-
AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS
1.
The Federal Open Market Committee authorizes
and directs the Federal Reserve Bank of New York, to
the extent necessary to carry out the most recent domes
tic policy directive adopted at a meeting of the Committee:
(a)
To buy or sell
U.S. Government
securities and securities that are direct
obligations of, or fully guaranteed as to
principal and interest by, any agency of
the United States in the open market, from
or to securities dealers and foreign and
international accounts maintained at the
Federal Reserve Bank of New York, on a cash,
regular, or deferred delivery basis, for the
System Open Market Account at market prices
and, for such Account, to exchange maturing
U.S. Government and Federal agency securities
with the Treasury or the individual agencies
or to allow them to mature without replace
ment; provided that the aggregate amount of
U.S. Government and Federal agency securities
held in such Account at the close of business
on the day of a meeting of the Committee at
which action is taken with respect to a
domestic policy directive shall not be
increased or decreased by more than $2.0
billion during the period commencing with the
opening of business on the day following such
meeting and ending with the close of business
on the day of the next such meeting;
prime bankers' accep
(b)
To buy or sell
tances of the kinds designated in the Regula
tion of the Federal Open Market Committee in
the open market, from or to acceptance dealers
and foreign accounts maintained at the Federal
Reserve Bank of New York, on a cash, regular,
or deferred delivery basis, for the account of
the Federal Reserve Bank of New York at market
discount rates; provided that the aggregate
amount of bankers' acceptances held at any one
time shall not exceed (1) $125 million or (2)
10 per cent of the total of bankers' acceptances
3/20/73
-11-
outstanding as shown in the most recent accep
tance survey conducted by the Federal Reserve
Bank of New York, whichever is the lower;
(c) To buy U.S. Government securities,
obligations that are direct obligations of,
or fully guaranteed as to principal and inter
est by any agency of the United States, and
prime bankers' acceptances with maturities of
6 months or less at the time of purchase, from
nonbank dealers for the account of the Federal
Reserve Bank of New York under agreements for
repurchase of such securities, obligations, or
acceptances in 15 calendar days or less, at
rates that, unless otherwise expressly autho
rized by the Committee, shall be determined by
competitive bidding, after applying reasonable
limitations on the volume of agreements with
individual dealers; provided that in the event
Government securities or agency issues covered
by any such agreement are not repurchased by
the dealer pursuant to the agreement or a
renewal thereof, they shall be sold in the mar
ket or transferred to the System Open Market
Account; and provided further that in the
event bankers' acceptances covered by any such
agreement are not repurchased by the seller,
they shall continue to be held by the Federal
Reserve Bank or shall be sold in the open
market.
2.
The Federal Open Market Committee authorizes
and directs the Federal Reserve Bank of New York, or, if
the New York Reserve Bank is closed, any other Federal
Reserve Bank, to purchase directly from the Treasury for
its own account (with discretion, in cases where it seems
desirable, to issue participations to one or more Federal
Reserve Banks) such amounts of special short-term certifi
cates of indebtedness as may be necessary from time to
time for the temporary accommodation of the Treasury;
provided that the rate charged on such certificates shall
be a rate 1/4 of 1 per cent below the discount rate of
the Federal Reserve Bank of New York at the time of such
purchases, and provided further that the total amount of
such certificates held at any one time by the Federal
Reserve Banks shall not exceed $1 billion.
3/20/73
-12-
3.
In order to insure the effective conduct of open
market operations, the Federal Open Market Committee autho
rizes and directs the Federal Reserve Banks to lend U.S.
Government securities held in the System Open Market
Account to Government securities dealers and to banks par
ticipating in Government securities clearing arrangements
conducted through a Federal Reserve Bank, under such
instructions as the Committee may specify from time to time.
By unanimous vote the "current economic policy directive"
was retitled "domestic policy directive."
By unanimous vote, the Authorization for System Foreign
Currency Operations was retitled "Authorization for Foreign
Currency Operations" and was amended to read as follows:
AUTHORIZATION FOR FOREIGN CURRENCY OPERATIONS
1.
The Federal Open Market Committee authorizes and
directs the Federal Reserve Bank of New York, for System
Open Market Account, to the extent necessary to carry out
the Committee's foreign currency directive and express
authorizations by the Committee pursuant thereto:
A.
To purchase and sell the following foreign
currencies in the form of cable transfers through spot or
forward transactions on the open market at home and abroad,
including transactions with the U.S. Stabilization Fund
established by Section 10 of the Gold Reserve Act of 1934,
with foreign monetary authorities, and with the Bank for
International Settlements:
Austrian schillings
Belgian francs
Canadian dollars
Danish kroner
Pounds sterling
French francs
German marks
Italian lire
Japanese yen
3/20/73
-13-
Mexican pesos
Netherlands guilders
Norwegian kroner
Swedish kronor
Swiss francs
B.
To hold foreign currencies listed in para
graph A above, up to the following limits:
(1) Currencies purchased spot,
including currencies purchased from the
Stabilization Fund, and sold forward to the
Stabilization Fund, up to $1 billion equiva
lent;
(2) Currencies purchased spot or
forward, up to the amounts necessary to ful
fill other forward commitments;
(3)
Additional currencies purchased
spot or forward, up to the amount necessary for
System operations to exert a market influence
but not exceeding $250 million equivalent; and
(4)
Sterling purchased on a covered
or guaranteed basis in terms of the dollar,
under agreement with the Bank of England, up
to $200 million equivalent.
C.
To have outstanding forward commitments
undertaken under paragraph A above to deliver foreign
currencies, up to the following limits:
Commitments to deliver foreign
(1)
currencies to the Stabilization Fund, up to the
limit specified in paragraph 1B(1) above; and
Other forward commitments to
(2)
deliver foreign currencies up to $550 million
equivalent.
D.
To draw foreign currencies and to permit
foreign banks to draw dollars under the reciprocal
currency arrangements listed in paragraph 2 below,
provided that drawings by either party to any such
arrangement shall be fully liquidated within 12 months
3/20/73
-14-
after any amount outstanding at that time was first
drawn, unless the Committee, because of exceptional
circumstances, specifically authorizes a delay.
2.
The Federal Open Market Committee directs the
Federal Reserve Bank of New York to maintain reciprocal
currency arrangements ("swap" arrangements) for the
System Open Market Account for periods up to a maximum
of 12 months with the following foreign banks, which
are among those designated by the Board of Governors
of the Federal Reserve System under Section 214.5 of
Regulation N, Relations with Foreign Banks and Bankers,
and with the approval of the Committee to renew such
arrangements on maturity:
Foreign bank
Amount of
arrangement
(millions of
dollars equivalent)
Austrian National Bank
National Bank of Belgium
Bank of Canada
National Bank of Denmark
Bank of England
Bank of France
German Federal Bank
Bank of Italy
Bank of Japan
Bank of Mexico
Netherlands Bank
Bank of Norway
Bank of Sweden
Swiss National Bank
Bank for International Settlements:
Dollars against Swiss francs
Dollars against authorized European
currencies other than Swiss francs
200
600
1,000
200
2,000
1,000
1,000
1,250
1,000
130
300
200
250
1,000
600
1,000
Currencies to be used for liquidation of System
3.
swap commitments may be purchased from the foreign central
bank drawn on, at the same exchange rate as that employed
in the drawing to be liquidated. Apart from any such
purchases at the rate of the drawing, all transactions in
foreign currencies undertaken under paragraph 1(A) above
3/20/73
-15-
shall, unless otherwise expressly authorized by the
Committee, be at prevailing market rates and no
attempt shall be made to establish rates that appear
to be out of line with underlying market forces.
4.
It shall be the practice to arrange with foreign
central banks for the coordination of foreign currency
transactions. In making operating arrangements with
foreign central banks on System holdings of foreign cur
rencies, the Federal Reserve Bank of New York shall not
commit itself to maintain any specific balance, unless
authorized by the Federal Open Market Committee. Any
agreements or understandings concerning the adminis
tration of the accounts maintained by the Federal Reserve
Bank of New York with the foreign banks designated by the
Board of Governors under Section 214.5 of Regulation N
shall be referred for review and approval to the Committee.
5.
Foreign currency holdings shall be invested
insofar as practicable, considering needs for minimum
working balances. Such investments shall be in accordance
with Section 14(e) of the Federal Reserve Act.
6.
The Subcommittee named in Section 272.4(c) of
the Committee's rules of procedure is authorized to act
on behalf of the Committee when it is necessary to enable
the Federal Reserve Bank of New York to engage in foreign
currency operations before the Committee can be consulted.
All actions taken by the Subcommittee under this paragraph
shall be reported promptly to the Committee.
7.
The Chairman (and in his absence the Vice Chair
man of the Committee, and in the absence of both, the Vice
Chairman of the Board of Governors) is authorized:
A. With the approval of the Committee, to
enter into any needed agreement or understanding with
the Secretary of the Treasury about the division of
responsibility for foreign currency operations between
the System and the Secretary;
B. To keep the Secretary of the Treasury
fully advised concerning System foreign currency
operations, and to consult with the Secretary on such
policy matters as may relate to the Secretary's
responsibilities; and
3/20/73
-16-
C. From time to time, to transmit appropriate
reports and information to the National Advisory Council
on International Monetary and Financial Policies.
8.
Staff officers of the Committee are authorized to
transmit pertinent information on System foreign currency
operations to appropriate officials of the Treasury
Department.
9.
All Federal Reserve Banks shall participate in
the foreign currency operations for System Account in
accordance with paragraph 3 G(1) of the Board of Governors'
Statement of Procedure with Respect to Foreign Relation
ships of Federal Reserve Banks dated January 1, 1944.
By unanimous vote, the foreign currency directive was
amended to read as follows:
FOREIGN CURRENCY DIRECTIVE
1.
The basic purposes of System operations in
foreign currencies are;
A.
To help safeguard the value of the dollar
in international exchange markets;
B. To aid in making the system of international
payments more efficient;
C. To further monetary cooperation with central
banks of other countries having convertible currencies,
with the International Monetary Fund, and with other
international payments institutions;
D. To help insure that market movements in
exchange rates, within the limits stated in the
International Monetary Fund Agreement or established
by central bank practices, reflect the interaction of
underlying economic forces and thus serve as efficient
guides to current financial decisions, private and
public; and
E. To facilitate growth in international
liquidity in accordance with the needs of an expanding
world economy.
3/20/73
-17-
2.
Unless otherwise expressly authorized by the
Federal Open Market Committee, System operations in
foreign currencies shall be undertaken only when
necessary:
A. To cushion or moderate fluctuations in the
flows of international payments, if such fluctuations
(1) are deemed to reflect transitional market unsettle
ment or other temporary forces and therefore are expected
to be reversed in the foreseeable future; and (2) are
deemed to be disequilibrating or otherwise to have
potentially destabilizing effects on U.S. or foreign
official reserves or on exchange markets, for example,
by occasioning market anxieties, undesirable speculative
activity, or excessive leads and lags in international
payments;
B. To temper and smooth out abrupt changes
in spot exchange rates, and to moderate forward premiums
and discounts judged to be disequilibrating. Whenever
supply or demand persists in influencing exchange rates
in one direction, System transactions should be modified
or curtailed unless upon review and reassessment of the
situation the Committee directs otherwise;
C. To aid in avoiding disorderly conditions
in exchange markets. Special factors that might make
for exchange market instabilities include (1) responses
to short-run increases in international political tension,
(2) differences in phasing of international economic
activity that give rise to unusually large interest
rate differentials between major markets, and (3) market
rumors of a character likely to stimulate speculative
transactions. Whenever exchange market instability
threatens to produce disorderly conditions, System
transactions may be undertaken if the Special Manager
reaches a judgment that they may help to reestablish
supply and demand balance at a level more consistent
with the prevailing flow of underlying payments. In
such cases, the Special Manager shall consult as soon
as practicable with the Committee or, in an emergency,
with the members of the Subcommittee designated for
that purpose in paragraph 6 of the Authorization for
Foreign Currency Operations; and
-18-
3/20/73
D. To adjust System balances within the limits
established in the Authorization for Foreign Currency
Operations in light of probable future needs for currencies.
3.
System drawings under the swap arrangements
are appropriate when necessary to obtain foreign currencies
for the purposes stated in paragraph 2 above.
4.
Unless otherwise expressly authorized by the
Committee, transactions in forward exchange, either
outright or in conjunction with spot transactions, may
be undertaken only (i) to prevent forward premiums or
discounts from giving rise to disequilibrating movements
of short-term funds; (ii) to minimize speculative
disturbances; (iii) to supplement existing market
supplies of forward cover, directly or indirectly, as
a means of encouraging the retention or accumulation of
dollar holdings by private foreign holders; (iv) to
allow greater flexibility in covering System or Treasury
commitments, including commitments under swap arrange
ments, and to facilitate operations of the Stabilization
Fund; (v) to facilitate the use of one currency for the
settlement of System or Treasury commitments denominated
in other currencies; and (vi) to provide cover for
System holdings of foreign currencies.
It was agreed that the next meeting of the Federal Open
Market Committee would be held on Tuesday, April 17, 1973, at
9:30 a.m.
The meeting adjourned.
Secretary
Cite this document
Federal Reserve (1973, March 19). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_19730320
@misc{wtfs_fomc_minutes_19730320,
author = {Federal Reserve},
title = {FOMC Minutes},
year = {1973},
month = {Mar},
howpublished = {Fomc Minutes, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/fomc_minutes_19730320},
note = {Retrieved via When the Fed Speaks corpus}
}