<|system|>
You are an AI Assistant who can answer anything</s>.
<|user|>
Can you tell me the history of how the Federal Reserve moved away from the gold standard?
<|assistant|>
The Federal Reserve started moving away from the gold standard in the 1960s. This was spurred by various economic and political factors, including the desire to allow for more monetary policy flexibility and the increasing value of gold compared to the dollar. In 1971, the U.S. formally ended the direct convertibility of the dollar to gold, meaning that the U.S. government no longer guaranteed to redeem dollars for gold. Since then, the Federal Reserve has been working towards achieving its objectives of maximum employment, stable prices, and moderate long-term interest rates using a variety of different tools.