The monetary policy was controlled by the board of governors of the federal reserve.
Until April 6th, 1917, America was still a declared neutral state and she had tried to keep out of World War 1. However, she had economic relationships with nations involved in the war such as loans and financial support. American Secretary of State William Jennings opposed this financial support of warring nations, arguing that refusing to loan to any Allied nations in Europe would help to accelerate the end of the war. Even though President Wilson agreed at first, he retreated this when France argued that if it was not legal to take out credits from America, then it was not legal to buy American goods as well.
Regarding this, the American steel industry had faced declining profits during the Recession of 1913–1914. And when the war began in Europe, the increased demand for tools of war began a period of intensified productivity that relieved many U.S. industrial companies.
It helped so that the army could have more food and supplies.
Germany worried about the alliance between France and Russia, for if they declared war on either one of them, they would have to fight a war in 2 fronts, and usually, when fighting a war in 2 fronts, your troops and supplies are strained, and you cannot use your full force on either side
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