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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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What's the Fed Really Thinking?

Jay Powell: The way monetary policy works isn't by creating more money. It actually works entirely through, as Jay Powell said, communication. In 2008, they introduced IOER, October 2008, and Bill Dudley said, we're going to put a floor under federal funds; then nothing happened that didn't do anything. So in 2014, the Fed got together and said, we maybe need to start restraining, cutting back on QE, cutting QE, doing QT,. And so they argued about whether or not they should change the way in which monetary policy works.

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