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Re: James A. Baker III

> Volcker listened politely but held on to his belief
> that the technical decision was the Fed's "independent"
> prerogative. The new operating system caused the Fed to lose
> control of interest rates and cost Carter another term.

Henry,

As a technical matter I would say defacto control of the overnight
interest rate
was shifted from the DC to the NY Fed for that period.

w
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