Source: Macroeconomic Policy Nexus
by Peter Conti-Brown
“The Federal Reserve has never had a year quite like 2025. It was, by my lights, the most challenging political environment for the Fed since its creation. A potential exception is 1950 and into 1951. During that time, President Harry Truman—fighting for his political life amidst fears of war, hot and cold, and an economy that appeared to teeter on the brink of stagflation—made his relationship with the Fed a major focus of his attention. The consequence of that focus was, by March 1951, the famous Fed-Treasury Accord (sometimes styled the Treasury-Fed Accord). This important moment in the Fed’s history has been the subject of great interest among historians and economists who study the relationship between the Fed and the rest of government. And, perhaps unsurprisingly given the recent political focus, the Accord has come back to more general attention too.” (03/05/26)
https://macroeconomicpolicynexus.substack.com/p/three-kinds-of-fed-treasury-accords