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The Treasury-Fed Accord: A New Narrative Account.
Economic Quarterly
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January 1, 2001|
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COPYRIGHT 2001 Federal Reserve Bank of Richmond. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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The fiftieth anniversary of Federal Reserve Independence Day was March 4, 2001. After World War II ended, the Fed continued its wartime pegging of interest rates. The Treasury-Fed Accord, announced March 4, 1951, freed the Fed from that obligation. Below, we chronicle the dramatic confrontation between the Fed and the White House that ended with the Accord. [1]
1. THE CHALLENGE TO THE TREASURY
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