A mov­ing tar­get

Los Angeles Times - - MONDAY BUSINESS -

The Fed­eral Re­serve ma­nip­u­lates its bench­mark fed­eral funds rate to help con­trol in­fla­tion and mod­er­ate long-term in­ter­est rates. The cen­tral bank sets a tar­get, then buys and sells se­cu­ri­ties to try to keep the ef­fec­tive rate at that level. The ef­fec­tive fed­eral funds rate over the last 50 years:

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