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After the Accord from Part II - The Accord and Its Aftermath
Published online by Cambridge University Press: 14 January 2021
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.
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