FEDERAL RESERVE SYSTEM REPORT FOR 1945.

The article discusses the annual report from the Board of Governors of the Federal Reserve System in the United States. The public financial policy and operations report for 1945 contains information about the V-loan program, which was managed by Federal Reserve Banks, as well as data on war finance and international trade during the war. The Federal Reserve's history includes policy decisions on the size of the gold reserve, eligibility rules for rediscount, a new standard for money, government spending on public works projects, and credit control. Topics are three inflation controls to check debt monetization and maintain prices on short-term securities, criticism of the agency's anti-inflationary strategy, and the rate on long-term bonds.