Monetary policy in 1975 was directed at aiding economic recovery from the most severe recession in the post-World War II years without rekindling the fires of inflation. As in recent years, the Federal Open Market Committee pursued short-run objectives of monetary policy formulated in terms of both an interest rate and money growth rate targets. These dual objectives were pursued through open market operations—that is, the buying and selling of U. S. Government and Federal agency securities and bankers’ acceptances.