Board of Governors of the Federal Reserve System

UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. In the Matter of HSBC HOLDINGS PLC London

Remained basically unchanged 46 85.2 32 88.9 14 77.8 Eased somewhat 4 ...Remained basically unchanged 51 94.4 34 97.1 17 89.5 Eased somewhat 2

remain rapid, but to moderate considerably from its pace in the second...remained well below the average rate in the first half of the year. Outstanding

remain rapid, and the rate of unemployment was expected to move up moderately...remained at 5.7 percent, about the level prevailing since mid-summer 1978

remained rapid in recent weeks. At its meeting on August 14, the Committee...remained strong. The unemployment rate had increased little from a level

remained tight in most of the continental markets. Earlier in the period...remaining $120 million now covered by an exchange guarantee under the

MEMORANDUM OF DISCUSSION A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve

remained at a sharply reduced rate. It appears that a sizable deficit ...remained in surplus as a result of further large inflows of Euro-dollars

remained substantial. Foreign exchange market conditions have remained

remained substantial in recent months, but there has been a moderate reduction...remained moderate, but expansion in the narrowly defined money stock quickened