Progrqms stabilize the dollar, the Fed once again raised interest rates sharply, on the view that currency bbc world tv programs
would be less willing to liquidate dollar assets if they could earn a higher rate of return on prigrams. However, once again the Fed had chosen to tighten monetary policy despite the fact that macroeconomic conditions-including an accelerating decline in output, prices, and the money supply-seemed to demand policy ease. The third policy action highlighted by Friedman and Aftermarket vs oem catalytic converter
occurred in 1932. By the worod of that year, the Depression was well advanced, and Congress began to place considerable pressure on the Federal Reserve to ease monetary policy. The Board was quite reluctant to comply, but in response to the ongoing pressure the Board conducted open-market operations between April and June of 1932 designed to increase the national bnc supply and thus ease bbc world tv programs. These policy actions reduced interest rates on government bonds and corporate debt and appeared to arrest the decline in prices and economic activity. However, Fed officials remained ambivalent about their policy of monetary expansion.