Board of Governors of the Federal Reserve System

policies at one facility allows a causal interpretation of these stabilizing...concerns about the quality of some of the collateral being used in the

policy of having the bills available for immediate delivery if desired...policy and was for the purpose of conforming the earlier direction to

fiscal and monetary policies, in conjunction with receptive finan cial...Treasury 6 5 4 3 2Intended federal funds rate Two-year Treasury 1 1/30

fiscal and monetary policies, in conjunction with receptive finan cial...Treasury 6 5 4 3 2Intended federal funds rate Two-year Treasury 1 1/30

Treasury financing market, we are giving away System property, if you ...concern that any change in this program should not simply move both the

and, more generally, the public interest. The Federal Reserve ■ conducts...policy to promote maximum employment and stable prices in the U.S. economy

and, at recent meetings in Washington, professional economists seemed ...policy, which called for little or no reduction in the System account,

policy of refraining from operating in the market the day of a Treasury...yields and prices of Government securities will be maintained. The reason

concern in some quarters that a more serious downward move ment may be...concern, I believe, grows out of the feeling that we are now going to

policy initiated both for balance- of-payments reasons and in order to...Treasury, as a part of its May refinancing, might take advantage of the