FOMC Minutes

Meeting of Federal Open Market Committee August 19, 1968 MINUTES OF ACTIONS A meeting of the Federal Open Market Committee was held on Monday, August 19, 1968, at 11:10 a.m., at the call of Mr. Hayes, Vice Chairman of the Committee. This was a telephone conference meeting, and each individual was in Washington, D. C., except as otherwise indicated in parentheses in the following list of those participating: PARTICIPATING: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Hayes, Vice Chairman, presiding (New York) Brimmer Daane (Minneapolis) Galusha Hickman (Wheeling, W. Virginia) (Atlanta) Kimbrel Maisel Robertson Sherrill (Philadelphia) Bopp, Alternate Mr. Treiber, Alternate Member of the (New York) Federal Open Market Committee Mr. Holland, Secretary Mr. Sherman, Assistant Secretary Mr. Broida, Assistant Secretary Mr. Molony, Assistant Secretary Mr. Hackley, General Counsel Mr. Hexter, Assistant General Counsel Messrs. Partee, Solomon, and Taylor (Atlanta), Associate Economists Mr. Forrestal, Assistant Secretary, Office of the Secretary, Board of Governors Mr. Cardon, Assistant to the Board of Governors 8/19/68 Mr. Wernick, Associate Adviser, Division of Research and Statistics, Board of Governors Mr. Keir, Assistant Adviser, Division of Research and Statistics, Board of Governors Mr. Bernard, Special Assistant, Office of the Secretary, Board of Governors Miss Eaton, Open Market Secretariat Assistant, Office of the Secretary, Board of Governors Messrs. Baker and Beck, Economists, Division of Research and Statistics, Board of Governors Messrs. Bilby, MacLaury, and Sternlight, Vice Presidents of the Federal Reserve Bank of New York (New York) By unanimous vote, the Federal Reserve Bank of New York was authorized and directed, until otherwise directed by the Committee, to execute transactions in the System Account in accordance with the following current economic policy directive: System open market operations until the next meeting of the Committee shall be conducted with a view to facilitating orderly adjustments in money market conditions to reductions in Federal Reserve Bank discount rates; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projections. It was agreed that the next meeting of the Committee would be held on September 10, 1968. The meeting adjourned. Secretary

Federal Reserve (1968, August 18). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_19680819

@misc{wtfs_fomc_minutes_19680819,
  author = {Federal Reserve},
  title = {FOMC Minutes},
  year = {1968},
  month = {Aug},
  howpublished = {Fomc Minutes, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/fomc_minutes_19680819},
  note = {Retrieved via When the Fed Speaks corpus}
}