The federal funds rate was at about 6.5 percent in 2000 and was down to 2 percent by the end of 2001.
The Federal Open Market Committee's (FOMC) target interest rate is referred to as the federal funds rate (FOMC). The rate at which commercial banks overnight lend and borrow each other's surplus reserves is the aim. The FOMC, the Federal Reserve System's decision-making body, convenes eight times a year to determine the target federal funds rate, a component of its monetary policy. This aids in fostering economic expansion. The interest rate that banks charge other institutions for overnight loans of excess funds from their reserve balances is known as the federal funds rate.
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