Board of Governors of the Federal Reserve System

remained the key problem of 5/10/66 -5- price and wage stabilization, ...remained under pressure. Both central banks con- cerned seemed determined

lower real growth target (such as 2 percent). Houthakker has been impressed

Page 1 of 2 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 DIVISION OF SUPERVISION AND REGULATION DIVISION OF CONSUMER

remain. The raw transcript was not fully edited for accuracy at the time...Treasury bills, there are no dollars rattling around in the exchange market

remain. Please note that this document may contain occasional gaps in ...Lower interest rates are spurring strong gains in purchases of new homes

moving higher in the latter part of 1986 and have risen noticeably since...remain close to the lower level achieved recently. In the Committee's

or claim— to reduce or eliminate sources of infre- quent economic disasters...remaining 8%. This decomposition highlights the quantitative im- portance

lowered and training programs have been reactivated. Shortages of materials...lower than pro- jections since early April. This director felt that the

Yields on longer-term Treasuries have come down since the May meeting....yields on Treasuries and investment-grade offerings. On balance, equity

or Acquire an Additional Bank or Bank Holding Company-FR Y-3 Corporation...or Acquire an Additional Bank or Bank Holding Company—FR Y-3 BB&TBB&T