Board of Governors of the Federal Reserve System

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...policy at this time. Considerations underlying this decision in cluded

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...policy. The following current economic policy directive was issued to

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...and, contrary to earlier reports, that payments probably were in deficit

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...background of optimistic business sentiment, and most analysts reportedly

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...background of optimistic business sentiment, and most analysts reportedly

and, accordingly, their preference was to see no greater credit restraint...approached the high rate of the first quarter. Construction expenditures

background of large cumulative increases in bank credit and the international...half-and that the surplus on the "official settle ments" basis was smaller

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...policy, in the form of an increase in the Federal Reserve discount rate

POLICY ACTIONS IN 1965 Action January Reduced System holdings of U.S. ...policy of operating parallel with the Treasury whenever appropriate. December

POLICY ACTIONS IN 1966 Action Reduced System holdings of U.S. Government...and/or money market conditions and taking account, at various times, of