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7 - New Directions

from Part II - The Accord and Its Aftermath

Published online by Cambridge University Press:  14 January 2021

Kenneth D. Garbade
Affiliation:
Federal Reserve Bank of New York
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Summary

Explains the March 1953 decisions of the FOMC regarding the post-Accord execution of monetary policy, including (a) adoption of a policy of “bills preferably” in open market operations, (b) System reluctance to support Treasury offerings of coupon-bearing debt directly with outright purchases, and (c) System support for Treasury offerings with bill purchases.

Type
Chapter
Information
After the Accord
A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979
, pp. 99 - 106
Publisher: Cambridge University Press
Print publication year: 2021

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