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After the Accord from Part III - The New Regime
Published online by Cambridge University Press: 14 January 2021
Reviews the further development of defensive repo operations and the Committee’s continuing struggle with supporting Treasury offerings priced at market. After one particularly troubled offering, in May 1957, the Secretary of the Treasury threatened to undertake what would have been, for all intents and purposes, Treasury operations aimed at managing bank reserves. The threat passed but the memory lingered as a reminder that the Treasury was not without resources.
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