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After the Accord from Part V - The End of Bills Preferably
Published online by Cambridge University Press: 14 January 2021
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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