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Article: Conducting monetary policy without government debt: the Fed's early years.(Federal Reserve System, United States)(Statistical Data Included)
- Article from:
- Federal Reserve Bank of St. Louis Review
- Article date:
- May 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Federal Reserve Bank of St. Louis. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Federal Reserve System is the largest single owner of' U.S. Treasury securities in the world, excluding federal government accounts and trust funds such as the Social Security and Medicare trust funds, As of January 2, 2002, the Federal Reserve System Open Market Account held $554.8 billion of U.S. government securities, or about 16 percent of the stock of Treasury securities held outside of government accounts and trust funds. (1) The Fed has acquired this portfolio through its monetary policy operations. Currently, the Fed implements its monetary policy by setting a target for the federal funds rate and using open market operations in U.S. government and agency ...