Complex sentence: As a result, Nixon changed course and opted to control the currency; his appointees to the Federal Reserve sought a contraction of the money supply through higher interest rates but to little avail; the tight money policy did little to curb inflation.
Split into simpler sentences: As a result, Nixon changed course and opted to control the currency; his appointees to the Federal Reserve sought a contraction of the money supply and higher interest rates. But to little avail, the tight money policy did little to curb inflation.