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The Fed's fed funds target isn't about funds, it's about the Fed and it shouldn't be.

Eurodollar University

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The Federal Funds Market Is Far More Complicated Than They Want You to Believe

The monetary system is far more complicated. Far more complicated than these people have ever figured out. To say to you and me that if the federal funds range go up, it must mean tightening when in fact the federal funds market means absolutely nothing. The reason the public has been left in the dark about interest rates was because policymakers both think you're too dumb and want to keep you dumb so that you don't ask any of these uncomfortable questions.

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