External reading
About this resource
- Publisher
- Federal Reserve History
- Use
- Institutional history of a dated shift in Federal Reserve operating procedures and its economic context.
- Version
- Current historical essay verified August 7, 2026
- Relevant parts
- October 6, 1979 measures; reserve targeting; interest-rate volatility; inflation and recession context
- Link checked
- Aug 7, 2026
The account provides a concrete event for separating a policy objective, an operating procedure, changes in market interest rates, and later inflation and employment outcomes. Those are connected stages, not one simultaneous action.
The curriculum will preserve the episode's costs, lags, and contested causal interpretation. It will not treat the historical procedure as a current-policy instruction or attribute every subsequent outcome to one person.