Board of Governors of the Federal Reserve System

and also a step-up in business inventory accumula tion, in part reflecting...background of various public statements and market rumors regarding possible

and then to step up somewhat in the second half of the year. It was anticipated...background of uncertainties in foreign exchange markets, expecta tions

policy actions taken by the Federal Open Market Committee at its meeting...and to a lesser extent in that for long-term Treasury securities--improved

policy actions taken by the Federal Open Market Committee at its meeting...background of rising short-term market rates, most major commercial banks

policy actions taken by the Federal Open Market Committee at its meeting...and that such investment would rebound in the fourth quarter. The growth

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

policy actions taken by the Federal Open Market Committee at its meeting...background of strong over-all demands for loans, banks raised offering

policy actions taken by the Federal Open Market Committee at its meetings...and further increases in inventory investment. It was anticipated also

and that prices were rising at a relatively slow pace from the third to...and the volume of new offerings of corporate and State and local government

background of the behavior of the monetary aggregates--particularly the...and the consequent sales of bills by foreign central banks--proved to