William McChesney Martin Jr.

William McChesney Martin Jr. was an influential American economist who served as the Chairman of the Federal Reserve from 1951 to 1970. During his nearly two-decade tenure, he guided U.S. monetary policy through periods of economic change, emphasizing the importance of adjusting interest rates to maintain stable inflation and employment. Known for his pragmatic approach, he believed the Fed’s primary role was to balance economic growth and price stability, often described as “leaning against the wind” to prevent inflation or recession. His leadership helped shape modern U.S. monetary policy and the functioning of the economy.