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After the Accord from Part III - The New Regime
Published online by Cambridge University Press: 14 January 2021
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.
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