I saw this chart earlier today and it has been lingering in my mind ever since. It depicts the six-month rate of change of the Federal Funds Rate, the rate at which federal reserve member banks trade their reserves overnight and what the Fed has the ability to manipulate, over the last six-and-a-half decades. As you can see the rate of change between November 1st, 2021, when the FFR was around 0.08%, to today, sitting at 0.83%, is unprecedented.
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