Define “target”

OK, so technically my prediction for an emergency rate cut last week turned out to be wrong.  Instead we got a few hundred billion in “innovative” new liquidity injections.


For the past three days, the effective overnight federal funds rate has been 1.48%, 1.51%, and 1.46%, respectively. Pure coincidence, surely, that the Fed is missing its target by precisely 50 bps over and over and over…

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