Board of Governors of the Federal Reserve System

POLICY ACTIONS IN 1964 Period January mid-August Mid-August late November...Policy Actions of the Board of Governors, on the same date the Board ap

POLICY ACTIONS IN 1964 Period January mid-August Mid-August late November...and, in some cases, by political disturbances and strikes that limited

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...policy was pre cluded at this time by the Treasury's advance refunding

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...policy, and recognizing that international un certainties and shifting

and, in early February, by a larger than usual rise in U.S. Government...up-and that downturns in those industries might check the rate of over-all

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...background of season ally heavy liquidity needs associated with the March

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...policy. The market atmosphere improved subse quently, however, following

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...and, while some infor mation for April suggested that the pace of the

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...May-and prices of common stocks eased somewhat from the record level reached

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...and, with the labor force little changed, the unemployment rate dropped