Thank you for inviting me to participate in this important workshop. These in-depth discussions about how the Fed implements monetary policy are incredibly valuable. I’m going to get back to the very basics: the target interest rate that policy implementation aims to control. As everyone here surely knows, the Federal Open Market Committee (FOMC) primarily adjusts the stance of monetary policy by changing the target range for the federal funds rate. For almost as long as the FOMC has issued post-meeting FOMC statements, they have reported what the committee decided about the fed funds target. And the FOMC has ... (full story)