What a lot of folks seem to miss about the 1940s yield curve control policy by the US is that the Federal Reserve AGREED TO PARTICIPATE. They were not forcefully taken over by the Treasury. There was some disagreement and negotiation between Fed/Treas over HOW to carry out YCC, but the Fed effectively abdicated control over monetary policy despite inflation risks because they felt it was the right thing to do in the face of a world war. To assist the policy, the Roosevelt Administration implemented price controls from 1940-46 and rigorously enforced them, which helped to contain inflation expectations. A necessary evil at the time. The Fed still ended up having to absorb over two thirds of the outstanding T-bill market by the mid 1940s. It wasn't until 1951 that monetary policy independence was restored.(𝐓𝐗𝐌𝐂)