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After the Accord from Part II - The Accord and Its Aftermath
Published online by Cambridge University Press: 14 January 2021
Describes the efforts of Allan Sproul, president of the Federal Reserve Bank of New York, to weaken the operating restrictions imposed in March 1953, Sproul’s initial success following a break in the bill market in late May, and his ultimate failure when FOMC members decided to retain in their own hands (rather than delegate to the manager of the Open Market Account) the authority to breach the restrictions.
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