Board of Governors of the Federal Reserve System

2-1/2 percent in real terms. Private housing starts rose appreciably in...M2 grew at an annual rate of about 10-1/2 percent in May, a little above

2/78 12/2/78 12/2/78 12/2/78 12/2/78 12/2/78 12/2/78 12/2/78 12/2/78 12...2, and M-3 within ranges of 4 to 6-1/2 per cent, 6-1/2 to 9 per cent,

Q2... 2,736 .77 41 .84 95 .76 682 .78 291 .76 508 .80 791 .77 265 .62 ...Q2... 2,637 .77 40 .79 89 .77 654 .77 284 .75 494 .81 762 .78 254 .62

2 Chairman Martin stated that while Mr. Ralph Young, Associate Economist...2 -1/2's of 1961 and 1963 quoted to yield above 3.80 per cent and the

2.20 to 2.25 or so. Also, the bond rally in the United States was attracting...2.36-1/2, a rise of 2 percent against the yen and 4 percent against the

CONFIDENTIAL (FR) CURRENT ECONOMIC COMMENT BY DISTRICT Prepared for the Federal Open Market Committee by the Staff March 14, 1973 TABLE OF CONTENTS

CONFIDENTIAL (FR) CURRENT ECONOMIC CONDITIONS BY DISTRICT Prepared for the Federal Open Market Committee by the Staff FEBRUARY 7, 1973 TABLE

Q2 survey (thousands of dollars) 71.7 41.4 52.2 56.1 78.5 36.2 105.2 32.4...5.2 6.2 4.6 6.4 6.9 6.2 6.4 4.1 Q3 6.2 6.6 4.8 5.5 4.8 5.2 6.1 6.7 6.7

2 on Table 2 and footnote 2 on Table 3.) 3 Seasonally adjusted, break-adjusted...2, column 1) less unadjusted required reserves (Table 2, column 3). 5

2 stated that he and Mr. Sproul were to discuss the matter with Treasury...2) To purchase direct from the Treasury for the account of the Federal