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Did The Fed Just Back Down? | Joseph Wang & Michael Ippolito
Forward Guidance
The Fed's Target Rate Is the Federal Funds Rate
The Federal Reserve says we're raising interest rates, the headline rate. So you really cannot drop that below the lower range of the Fed's target. The whole point of that facility is to provide a floor for interest rates such that when the Fed raises that floor, they can raise interest rates. But as the Fed knows, and anyone in this market knows, the federal funds rate has become irrelevant for over 10 years.
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