Adding another layer of complexity, experts point out that the Fed is behind the curve.
A final report, along with legislative text, went to Congress a year later with a few minor changes, including naming the new institution the National Reserve Association.
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The supply of currency neither expanded nor contracted with seasonal changes in demands for cash, such as the fall harvest or the holiday shopping season, causing interest rates to vary substantially from one month to the next.
But the nation's jobless rate plunged to 3.
The fed funds rate is the amount banks pay to borrow money from each other overnight and an increase signals higher inflation and economic expansion.