16 See Bureau of Labor Statistics (2021), “Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCNS],” retrieved from FRED, Federal Reserve Bank of St. Louis, March 11, https://fred.stlouisfed.org/series/CPIAUCNS. -9and efforts by then-Chair Thomas McCabe and then-Board member Eccles, ultimately led to the Treasury-Fed Accord of 1951, which restored interest rate policy to the Federal Reserve.
In the lead up to this reform there was extensive debate within the Bank over the goals and transmission of monetary policy. Consistent with emerging international thinking, the concept of a long-run Philips Curve trade-off was rejected, as were policy rules around monetary aggregates, and targeting nominal GDP.