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3 results

  • 12 - Monetary Policy in 1955

  • from Part III - The New Regime
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 167-186

  • Summary

    Strengthening economic activity in 1955 led to rising interest rates that forced the Fed to stand up to its commitment to support Treasury offerings priced at market levels. This chapter describes the development of “even keeling” – the practice of stabilizing the Treasury market while the Treasury was offering new securities – and the continuing preference for repos, rather than outright purchases and sales, for offsetting short-term fluctuations in autonomous factors.

  • 2 - The Government Securities Market

  • from Part I - The System and the Market in the 1940s
  • Kenneth D. Garbade
  • Book:
    After the Accord
    Published online:
    14 January 2021
    Print publication:
    04 February 2021, pp 9-29

  • Summary

    Describes the infrastructure of the Treasury market on the eve of the Accord, including the gradual, not yet completed, suspension of wartime ceilings on Treasury yields, methods for selling securities in the primary market (regular and predictable bill auctions versus fixed-price cash and exchange offerings of coupon-bearing debt), and the role of dealers in secondary market trading.

After the Accord
  • A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979
  • Kenneth D. Garbade
  • Published online:
    14 January 2021
    Print publication:
    04 February 2021
  • In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved, responding both to external forces and to one another. Utilising a vast scope of primary material, the work provides insight into how officials fashioned the instruments, facilities, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. Students and scholars of macroeconomics, financial regulation, and the history of central banking and the Federal Reserve will find this volume a welcome addition to Garbade's earlier studies of Treasury debt operations during World War I, the 1920s, and the Great Depression and since 1983.