During the term of Arthur Burns as chairman of the Fed, the FOMC gave top priority to

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During Arthur Burns' term as chairman of the Fed, the FOMC gave top priority to stabilizing the federal funds rate, which is the interest rate at which banks lend reserves to each other overnight. This was in response to the high inflation rates of the 1970s, which required tight monetary policy to curb. Stabilizing the federal funds rate was seen as a key tool in controlling inflation.

During the Term of Arthur Burns as Chairman of the Fed