Board of Governors of the Federal Reserve System

policy in the manner indicated by the con sensus, believing that policy...policy. The advantages of policy flexibility that had been gained through

POLICY ACTIONS, 1961 Period January February August September December...policy would be appropriate. Mr. Mills dis sented because of his belief

policy directives of the Federal Open Market Committee are issued to the...policy record entries The current economic policy directive that was in

policy in the period before the financing, in view of the continued expansion...policy that had been in effect for the past several weeks, and the follow

FORTY-NINTH Annua{ Report OF THE BOARD OF GOVERNORS of the Federal Reserve System COVERING OPERA TrONS FOR THE YEAR Period January February February

policy had contributed about as much as it could to domestic economic ...policy toward somewhat less ease would be salutary from the balance of

Policy Strategy .........................................................expectations firmly anchored, thereby fostering price stability and moderate

Policy Statement, including compliance with those measures that are used...Warsh, Duke, and Tarullo.

investors taking new dollar positions following the end of their fiscal...policy, Japanese 3 Inflation Expectations and CPI Futures Inflation compensation

policy tools, and to ensure appropriate accountabil- ity to the Congress...Policy Tools .........................................................