Volcker, Reagan Hold Unannounced Meeting: Volcker, Reagan Hold Meeting With No Public N
Federal Reserve Chairman Paul A. Volcker met for nearly an hour at the White House yesterday with President Reagan and Treasury Secretary Donald T. Regan.</br></br>After the 45-minute session that had not been publicly announced, White House and the Federal Reserve officials said there was no attempt by Reagan to put pressure on Volcker to make any changes in monetary policy. The spokesmen would give no other details about the discussion other than to say that the meeting had been scheduled for some time.</br></br>Earlier in the day, the president told reporters at a breakfast meeting that the Federal Reserve has ÛÏa target range . . . that the money supply will be kept increasing proportionate to the growth of the economy. All I am asking ... in monetary policy is that we have an increase that is commensurate with that growth that can continue the recovery without returning us to infla-Sec VOLCKER, B6,Col.l tiun. And beyond that, why. I'm not going to comment on our relations with the Federal Reserve Board."</br></br>Asked if he thought large federal budget deficits pose a serious threat to the economic recovery, Reagan replied, ÛÏNo, I donÛªt."</br></br>The president said he does not believe the size of the deficit is responsible for the high level of interest rates and noted that rates have fallen in the last two years even though the deficits have risen.