Board of Governors of the Federal Reserve System

policy actions taken by the Federal Open Market Committee at its meeting...and would be eliminated as of July 1), and social security benefits had

and a retroactive payment for the period since January 1--under legislation...background of additional reports indicating weakness in the economy. Subsequently

and--also on March 6--the Bank of Italy announced that it was raising ...and in the volume of large denomination CD's outstanding. It appeared

policy actions taken by the Federal Open Market Committee at its meeting...POLICY ACTIONS OF THE FEDERAL OPEN MARKET COMMITTEE Meeting held on April

and rates on 6-month and 1-year bills had moved up by about 90 and 95 ...and the uncertainties resulting from the President's announce ment on

policy actions taken by the Federal Open Market Committee at its meeting...and, more generally, by the desirability of calming market unsettlement

and that the rate of price advance would slow as the year progressed. ...and at nonbank thrift institutions--had remained sizable in May. The annual

and--according to revised figures--in the first quarter also. The projection...and, later in the year, in business fixed investment would hold down the

and was approximately 3 per cent below the peak that had been reached ...and investors remained highly selective and cautious about investing in

policy actions taken by the Federal Open Market Committee at its meeting...background of the firmer money market conditions that developed then and