Rising inflation forced the Federal Reserve to begin raising interest rates to 3.75%-4% in September, with the 10-year Treasury yield breaking through 5.3%, hitting a new high since 2002.
The New York Fed announced that from August 14 to September 14, the Federal Reserve's monthly $10 billion reserve management purchase operation for short-term debt has been reduced directly to zero.
After a long tug-of-war, the Treasury and the Federal Reserve signed a famous accord, under which the Federal Reserve was freed from the obligation to peg government bond interest rates and regained the power to set interest rates, laying the foundation for central bank independence.