bonds, c, went up and down with market ices after the war, interest rates rose, bond prices fell, anmaple had toell bonds below what they paid for em. truman never forgotthat eer. he thought the government shouldn't cheat people. truman called the federalope to the white house for a tongue-lashing. never before had a president to ttried so directly to influence fed policy. there was so much misunderstanding on both sides that truman ordered a commission study the matter. rather than let a third party dictate a settlement, the fed and the treasury met on their own to find a solution, resulting in e accord of 1951. the federal reserve would be free to control money and credit without havi to buygovernm. the treasu agreeto issue someonmarketable bonds at carried a somewhatigher interest rate. as in any ttle, ere wereasualties. thomas p. mccabe resigned under pressure from truman. he was replaced by william mcchesney martin, a key negotiator of the accord and a treasury undersecretary. following the accord, the fed was free to conduct monetary policies unhampered by treasury constraints. t