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"After World War II ended, the Fed continued its wartime pegging of interest rates. The Treasury-Fed Accord, announced March 4, 1951, freed the Fed from that obligation."

"The Fed pegged long term interest rates at 2.5% during WWII, to hold down interest costs and keep up the prices at which the government sold debt. Inflation surged in 1947 and 1948 when price controls were lifted, but…