Monetary actions in 1967 were very expansionary until the last few weeks of the year. These actions followed a period of very strong monetary restraint during the last half of 1966. The pace of economic activity slowed during the first half of 1967 and, in response, the Federal Open Market Committee (FOMC) continued the expansionary monetary policy adopted in late 1966. During the second half of 1967 prices resumed their rapid upward advance of late 1966. Nevertheless, FOMC policy was not changed significantly until late in the year; prior to then a majority of the Committee accepted several constraints on its ability to adopt a restrictive monetary policy.