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To: Agamemnon who wrote (4408)	6/7/2001 10:10:58 AM
From: Ilaine	Respond to of 74559

To learn about the operations of the Federal Reserve, I have found nothing more useful than the publications from the Federal Reserve itself, most of which are available free from their publications office. Some of them have a dollar figure under them, but if you read carefully you will see that one copy is free. Not all publications are free. I ordered quite a number of them, enough to almost fill up a cardboard banker's box. The most useful one on repos and such is "U.S. Monetary Policy & Financial Markets," a 261 page book. app.ny.frb.org It always makes me laugh when people say that the Fed. operates in secret. They make everything they do available, although some of it is kept back for a time, e.g., they don't release the minutes of a FOMC meeting until after the next meeting is held. They aren't secret, they're just obscure and hard to understand unless you're interested in intricacies. Some of the material is written at a high school level, and I admit I started with those and then read the more complex material afterwards. One thing to keep in mind is that the Humphrey-Hawkins Act expired last year and has not been re-enacted, so some of the policy described is out-of-date, although they seem to be adhering to Humphrey-Hawkins voluntarily, at least to some extent.