Page "learned" Paragraph 684

If the trend of general business activity follows the pattern suggested here, we are likely to see additional steps by the Federal Reserve authorities to ease the availability of credit.

Certainly a further reduction in the discount rate would be a strong possibility, as well as an easier reserve position for the banking system.

However, the monetary authorities will continue to be required to pay attention to the consequences of their actions with respect to our international balance of payments position and the outflow of gold, as well as with regard to avoiding the creation of excessive liquidity in the economy, which would delay the effectiveness of monetary policy measures in the next expansion phase of the business cycle.