After the Accord A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979
Book contents
- After the Accord
- Studies in Macroeconomic History
- After the Accord
- Copyright page
- Dedication
- Contents
- Charts
- Tables
- Boxes
- Foreword
- Acknowledgments
- Treasury Officials
- Federal Reserve Officials
- The Many Varieties of Dealer
- 1 Introduction
- Part I The System and the Market in the 1940s
- Part II The Accord and Its Aftermath
- Part III The New Regime
- Part IV Summer 1958 and Its Consequences
- Part V The End of Bills Preferably
- Contents
- 18 The 1958–1960 Gold Drain
- 19 Operation Twist
- Part VI The 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
19 - Operation Twist
from Part V - The End of Bills Preferably
Published online by Cambridge University Press: 14 January 2021
Book contents
- After the Accord
- Studies in Macroeconomic History
- After the Accord
- Copyright page
- Dedication
- Contents
- Charts
- Tables
- Boxes
- Foreword
- Acknowledgments
- Treasury Officials
- Federal Reserve Officials
- The Many Varieties of Dealer
- 1 Introduction
- Part I The System and the Market in the 1940s
- Part II The Accord and Its Aftermath
- Part III The New Regime
- Part IV Summer 1958 and Its Consequences
- Part V The End of Bills Preferably
- Contents
- 18 The 1958–1960 Gold Drain
- 19 Operation Twist
- Part VI The 1960s
- Part VII Updating Market Infrastructures
- Part VIII The 1970s
- Part IX Infrastructure in the 1970s
- References
- Index
Summary
Examines the February 1961 decision of the FOMC to undertake purchases of intermediate- and long-term notes and bonds with the intent of keeping reserves readily available and perhaps lowering longer-term interest rates – thus marking the end of “bills preferably” – even while putting a floor under bill rates.
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- After the AccordA History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979, pp. 288 - 316Publisher: Cambridge University PressPrint publication year: 2021