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Federal Reserve independence praised after rate rise
The piece argues President Johnson failed to block the Federal Reserve Board and lauds its decision to raise the discount rate. It contends the board’s independence curbed inflation risks, balanced powers between government and banking, and supported a strong economy with rising output and low unemployment despite inflation pressures.
MENTIONED IN THIS ARTICLE
Johnson
Federal Reserve Board
White House
Congress
Rep
Wright Patman
Texas
Joint Economic Committee
Reserve Board
Commerce Department