Treasury-Federal Reserve Accord

The Accord entered into by the Federal Reserve and U.S. Treasury Department and announced to the public on March 4, 1951 was an important milestone in Federal Reserve history. During World War II and for several years thereafter, the Fed agreed to assist the Treasury in financing government expenditures by using its monetary policy to maintain low yields on Treasury securities. However, rising inflation and a recognition that monetary policy was most appropriately directed toward macroeconomic stability led to the Accord, which stated that "The Treasury and the Federal Reserve System have reached full accord with respect to debt-management and monetary policies to be pursued in furthering their common purpose to assure the successful financing of the Government's requirements and, at the same time, to minimize monetization of the public debt" (Federal Reserve Bulletin, March 1951, p. 267). The Accord was seen as a step forward in Fed independence.

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Address before the New York Board of Trade

Address before the New York Board of Trade


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Description:
Treasury accord

Date:
01/18/1951,

Collection:
William McChesney Martin Jr. Document Collection

Citation:
Snyder, John W. (John Wesley), 1895-1985, 1951, Address before the New York Board of Trade, from William McChesney Martin Jr. Document Collection, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/15_05_19510118.pdf

Authors:

Date: 1951
Authors: Snyder, John W. (John Wesley), 1895-1985

Box 3, Folder 3: 1956 Experience Since the Accord with Short-Dated Federal Debt (W.W.R.)

Box 3, Folder 3: 1956 Experience Since the Accord with Short-Dated Federal Debt (W.W.R.)


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Description:
Correspondence and documents from Riefler's personal collection dated 1956.

Date:
1956,

Source:
National Archives at College Park, MD

Collection:
Winfield W. Riefler Papers

Citation:
Riefler, Winfield W., 1956, Box 3, Folder 3: 1956 Experience Since the Accord with Short-Dated Federal Debt (W.W.R.), from Winfield W. Riefler Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/nara/nara_riefler_3_03.pdf

Authors:

Date: 1956
Authors: Riefler, Winfield W.

Credit Control and Debt Management

Credit Control and Debt Management


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Description:
References pegged interest rates

Date:
02/12/1951,

Collection:
William McChesney Martin Jr. Document Collection

Citation:
1951, Credit Control and Debt Management, from William McChesney Martin Jr. Document Collection, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/15_04_nd3.pdf

Date: 1951

Discussion of the Federal Reserve not seeking independence in political responsibility but seeking an active role in the management of public debt.

Discussion of the Federal Reserve not seeking independence in political responsibility but seeking an active role in the management of public debt.


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Date:
1951/xx/xx,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
John W. Snyder Papers

Citation:
Snyder, John W. (John Wesley), 1895-1985?, 1951, Discussion of the Federal Reserve not seeking independence in political responsibility but seeking an active role in the management of public debt., from John W. Snyder Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/sny_013_004_0027.pdf

Authors:

Date: 1951
Authors: Snyder, John W. (John Wesley), 1895-1985?

Draft letter "My dear Mr. President" (Harry S. Truman)

Draft letter "My dear Mr. President" (Harry S. Truman)


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Description:
Comments on the Treasury-Federal Reserve Accord

Date:
08/03/1951,

Collection:
William McChesney Martin Jr. Document Collection

Citation:
Martin, William McChesney, Jr., 1951, Draft letter "My dear Mr. President" (Harry S. Truman), from William McChesney Martin Jr. Document Collection, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/19_02_19510803.pdf

Authors:

Date: 1951
Authors: Martin, William McChesney, Jr.

Draft memorandum for Secretary of the Treasury, Chairman of the Board of Governors, Director of Defense Mobilization, and the Chairman of the Council of Economic Advisors.

Draft memorandum for Secretary of the Treasury, Chairman of the Board of Governors, Director of Defense Mobilization, and the Chairman of the Council of Economic Advisors.


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Date:
1951/02/25,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
Truman, Harry S., 1884-1972, 1951, Draft memorandum for Secretary of the Treasury, Chairman of the Board of Governors, Director of Defense Mobilization, and the Chairman of the Council of Economic Advisors., from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/psf_126_003_0021.pdf

Authors:

Date: 1951
Authors: Truman, Harry S., 1884-1972

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: August 18, 1950 meeting - July 10, 1950 Executive Committee minutes

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: August 18, 1950 meeting - July 10, 1950 Executive Committee minutes


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Publication:
Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents

Citation:
United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System and Open Market Policy Conference for the Federal Reserve System, ([year]), Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: August 18, 1950 meeting, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/FOMC/meetingdocuments/19500710MinutesECv.pdf

Authors:

Date: 1950
Authors: United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System, Open Market Policy Conference for the Federal Reserve System

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: February 6-8, 1951 meeting - February 8, 1951 Executive Committee minutes

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: February 6-8, 1951 meeting - February 8, 1951 Executive Committee minutes


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Publication:
Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents

Citation:
United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System and Open Market Policy Conference for the Federal Reserve System, ([year]), Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: February 6-8, 1951 meeting, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/FOMC/meetingdocuments/19510208MinutesECv.pdf

Authors:

Date: 1951
Authors: United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System, Open Market Policy Conference for the Federal Reserve System

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: January 31, 1951 meeting - December 27, 1950 Executive Committee minutes

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: January 31, 1951 meeting - December 27, 1950 Executive Committee minutes


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Publication:
Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents

Citation:
United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System and Open Market Policy Conference for the Federal Reserve System, ([year]), Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: January 31, 1951 meeting, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/FOMC/meetingdocuments/19501227MinutesECv.pdf

Authors:

Date: 1951
Authors: United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System, Open Market Policy Conference for the Federal Reserve System

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: March 1-2, 1951 meeting - February 14, 1951 Executive Committee minutes

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: March 1-2, 1951 meeting - February 14, 1951 Executive Committee minutes


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Publication:
Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents

Citation:
United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System and Open Market Policy Conference for the Federal Reserve System, ([year]), Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: March 1-2, 1951 meeting, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/FOMC/meetingdocuments/19510214MinutesECv.pdf

Authors:

Date: 1951
Authors: United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System, Open Market Policy Conference for the Federal Reserve System

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: March 8, 1951 meeting - March 3, 1951 Executive Committee minutes

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: March 8, 1951 meeting - March 3, 1951 Executive Committee minutes


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Publication:
Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents

Citation:
United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System and Open Market Policy Conference for the Federal Reserve System, ([year]), Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents: March 8, 1951 meeting, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/FOMC/meetingdocuments/19510303MinutesECv.pdf

Authors:

Date: 1951
Authors: United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System, Open Market Policy Conference for the Federal Reserve System

Federal Reserve Bulletin: March 1951 - Complete Issue

Federal Reserve Bulletin: March 1951 - Complete Issue


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Publication:
Federal Reserve Bulletin

SUDOC:
FR 1.3

OCLC:
1606526

ISSN:
0014-9209

Citation:
Board of Governors of the Federal Reserve System (U.S.), ([year]), Federal Reserve Bulletin: March 1951, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/publications/FRB/1950s/frb_031951.pdf

Authors:

Date: 1951
Authors: Board of Governors of the Federal Reserve System (U.S.)

Fiscal and Credit Policy in a Present Emergency, a memorandum prepared by the staff of the Board of Governors at the request of the Joint Committee on the Economic Report.

Fiscal and Credit Policy in a Present Emergency, a memorandum prepared by the staff of the Board of Governors at the request of the Joint Committee on the Economic Report.


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Date:
1950/08/01,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
Board of Governors of the Federal Reserve System (U.S.), 1950, Fiscal and Credit Policy in a Present Emergency, a memorandum prepared by the staff of the Board of Governors at the request of the Joint Committee on the Economic Report., from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/psf_126_003_0007.pdf

Authors:

Date: 1950
Authors: Board of Governors of the Federal Reserve System (U.S.)

Handwritten notes by John Snyder on the Treasury-Federal Reserve issue.

Handwritten notes by John Snyder on the Treasury-Federal Reserve issue.


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Date:
1951/xx/xx,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
John W. Snyder Papers

Citation:
Snyder, John W. (John Wesley), 1895-1985?, 1951, Handwritten notes by John Snyder on the Treasury-Federal Reserve issue., from John W. Snyder Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/sny_013_004_0038.pdf

Authors:

Date: 1951
Authors: Snyder, John W. (John Wesley), 1895-1985?

Handwritten notes for John Snyder written by E.F. Bartelt on Federal Reserve activity with the Treasury in 1950.

Handwritten notes for John Snyder written by E.F. Bartelt on Federal Reserve activity with the Treasury in 1950.


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Date:
1951/01/18,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
John W. Snyder Papers

Citation:
Bartelt, Edward F. (Edward Fred), 1895-1958, 1951, Handwritten notes for John Snyder written by E.F. Bartelt on Federal Reserve activity with the Treasury in 1950., from John W. Snyder Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/sny_013_004_0023.pdf

Authors:

Date: 1951
Authors: Bartelt, Edward F. (Edward Fred), 1895-1958

Joint Announcement by the Secretary of the Treasury and the Chairman of the Board of Governors, and of the Federal Open Market Committee of the Federal Reserve System

Joint Announcement by the Secretary of the Treasury and the Chairman of the Board of Governors, and of the Federal Open Market Committee of the Federal Reserve System


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Description:
Press release

Date:
03/04/1951,

Collection:
William McChesney Martin Jr. Document Collection

Citation:
United States. Dept. of the Treasury and United States. Federal Open Market Committee, 1951, Joint Announcement by the Secretary of the Treasury and the Chairman of the Board of Governors, and of the Federal Open Market Committee of the Federal Reserve System, from William McChesney Martin Jr. Document Collection, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/15_04_19510304.pdf

Authors:

Date: 1951
Authors: United States. Dept. of the Treasury, United States. Federal Open Market Committee

Letter from E.F. Bartelt to John Snyder with quotation from the Dow Jones ticker regarding disagreement between the Board of Governors and the Treasury Department.

Letter from E.F. Bartelt to John Snyder with quotation from the Dow Jones ticker regarding disagreement between the Board of Governors and the Treasury Department.


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Date:
1951/02/01,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
John W. Snyder Papers

Citation:
Bartelt, Edward F. (Edward Fred), 1895-1958, 1951, Letter from E.F. Bartelt to John Snyder with quotation from the Dow Jones ticker regarding disagreement between the Board of Governors and the Treasury Department., from John W. Snyder Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/sny_013_004_0009.pdf

Authors:

Date: 1951
Authors: Bartelt, Edward F. (Edward Fred), 1895-1958

Letter from Harry S. Truman to Thomas McCabe about a news article on the Federal Reserve Bank and its issues with the Treasury Department.

Letter from Harry S. Truman to Thomas McCabe about a news article on the Federal Reserve Bank and its issues with the Treasury Department.


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Date:
1950/12/04,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
Truman, Harry S., 1884-1972, 1950, Letter from Harry S. Truman to Thomas McCabe about a news article on the Federal Reserve Bank and its issues with the Treasury Department., from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/psf_126_003_0013.pdf

Authors:

Date: 1950
Authors: Truman, Harry S., 1884-1972

Letter from Harry S. Truman to Thomas McCabe on a meeting he had with John Snyder and Thomas McCabe.

Letter from Harry S. Truman to Thomas McCabe on a meeting he had with John Snyder and Thomas McCabe.


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Date:
1950/10/20,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
McCabe, Thomas B. (Thomas Bayard), 1893-1982 and Truman, Harry S., 1884-1972, 1950, Letter from Harry S. Truman to Thomas McCabe on a meeting he had with John Snyder and Thomas McCabe., from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/psf_126_003_0012.pdf

Authors:

Date: 1950
Authors: McCabe, Thomas B. (Thomas Bayard), 1893-1982, Truman, Harry S., 1884-1972

Letter from Harry S. Truman to William McChesney Martin regarding Martin's speech to the American Bankers Association, "Our Federal Reserve System."

Letter from Harry S. Truman to William McChesney Martin regarding Martin's speech to the American Bankers Association, "Our Federal Reserve System."


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Date:
1951/10/16,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
Martin, William McChesney, Jr. and Truman, Harry S., 1884-1972, 1951, Letter from Harry S. Truman to William McChesney Martin regarding Martin's speech to the American Bankers Association, "Our Federal Reserve System.", from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/pof_090_1951_0019.pdf

Authors:

Date: 1951
Authors: Martin, William McChesney, Jr., Truman, Harry S., 1884-1972

Letter from Harry S. Truman to the members of the Board of Governors about his concerns about the future of the Federal Reserve and McCabe's appointment.

Letter from Harry S. Truman to the members of the Board of Governors about his concerns about the future of the Federal Reserve and McCabe's appointment.


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Date:
1948/04/16,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
Truman, Harry S., 1884-1972, 1948, Letter from Harry S. Truman to the members of the Board of Governors about his concerns about the future of the Federal Reserve and McCabe's appointment., from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/psf_126_003_0001.pdf

Authors:

Date: 1948
Authors: Truman, Harry S., 1884-1972

Letter from Thomas McCabe to John Snyder regarding a meeting of the Federal Open Market Committee and the President on January 31.

Letter from Thomas McCabe to John Snyder regarding a meeting of the Federal Open Market Committee and the President on January 31.


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Date:
1951/02/07,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
John W. Snyder Papers

Citation:
McCabe, Thomas B. (Thomas Bayard), 1893-1982, 1951, Letter from Thomas McCabe to John Snyder regarding a meeting of the Federal Open Market Committee and the President on January 31., from John W. Snyder Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/sny_013_004_0041.pdf

Authors:

Date: 1951
Authors: McCabe, Thomas B. (Thomas Bayard), 1893-1982

Letter from Thomas McCabe to President Truman on the Open Market Committee.

Letter from Thomas McCabe to President Truman on the Open Market Committee.


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Date:
1950/12/09,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
McCabe, Thomas B. (Thomas Bayard), 1893-1982, 1950, Letter from Thomas McCabe to President Truman on the Open Market Committee., from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/psf_126_003_0010.pdf

Authors:

Date: 1950
Authors: McCabe, Thomas B. (Thomas Bayard), 1893-1982

Letter to Charles Wilson outlining the views of the Treasury Department in response to President Truman's memorandum of February 26, 1951.

Letter to Charles Wilson outlining the views of the Treasury Department in response to President Truman's memorandum of February 26, 1951.


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Date:
1951/03/02,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
John W. Snyder Papers

Citation:
Foley, Edward H., 1905-1982, 1951, Letter to Charles Wilson outlining the views of the Treasury Department in response to President Truman's memorandum of February 26, 1951., from John W. Snyder Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/sny_013_004_0040.pdf

Authors:

Date: 1951
Authors: Foley, Edward H., 1905-1982

Letter to Harry S. Truman from Thomas McCabe regarding an enclosed memorandum on the necessity for dealing with causes of inflation.

Letter to Harry S. Truman from Thomas McCabe regarding an enclosed memorandum on the necessity for dealing with causes of inflation.


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Date:
1951/01/19,

Source:
Harry S. Truman Library and Museum, Independence, MO

Collection:
Harry S. Truman Papers

Citation:
McCabe, Thomas B. (Thomas Bayard), 1893-1982 and Truman, Harry S., 1884-1972, 1951, Letter to Harry S. Truman from Thomas McCabe regarding an enclosed memorandum on the necessity for dealing with causes of inflation., from Harry S. Truman Papers, accessed Aug 22, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/trumanlibrary/psf_126_003_0015.pdf

Authors:

Date: 1951
Authors: McCabe, Thomas B. (Thomas Bayard), 1893-1982, Truman, Harry S., 1884-1972



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