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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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Low Rates and High Rates Are Not Stimulative

The Federal Reserve made a mistake in the early 1930s when it believed low rates equaled stimulative monetary policy. The experience in 2007 and 2008 was hugely confusing, he says. Low interest rates are not always stimulus, if ever stimulus, or high interest rates, maybe they're not always tightening financial conditions either.

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