In this book, Kenneth Garbade, a former analyst at a primary dealer firm and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the structure of the US government securities markets following the 1951 Treasury-Federal Reserve Accord. The volume examines how these institutions evolved, responding both to external forces and to one another. Utilizing a vast scope of primary materials, the work provides insight into how officials fashioned the facilities and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. Students and scholars of macroeconomics, financial regulation, and the history of central banking will find this volume a welcome addition to Garbade’s earlier studies of Treasury debt operations during World War I, the 1920s, and the Great Depression and since 1983.