Originally Posted by 20000miles

No, the Federal Reserve engaged in an orgy of inflation. Between 1921 and 1929 the money supply grew by 66%. The main cause of this was the Fed's purchases of US Government Securities, Bills Bought and New Discounts.

The Fed's role was also to facilitate industrial policy:

“The primary purpose of the Federal Reserve Act was to alter and strengthen our banking system that the enlarged credit resources demanded by the needs of business and agricultural enterprises will come almost automatically into existence and at rates of interest low enough to stimulate, protect and prosper all kinds of legitimate business” [Rothbard quoting Treasury secretary McAdoo]

This expansion led to a boom, particularly in capital goods industries. This is shown by the massive stock bubble of the time and the huge increases in wages of the workers in these industries.
This expansion caused a misallocation of resources, and evetually the boom had to turn to bust when the inflation stopped coming. Classic Austrian boom and bust.