Are You A Victim Of The Bank Reserves Myth? 1

Does the Fed actually control interest rates? No, it does not.

Previously, we discussed the Fed’s supposed control over interest rates through the perspective of their policy actions, centered on the fact that their policy rate decisions are timed against prevailing economic conditions.

However, this discussion is based on an important assumption – that their policies actually work. What if, in reality, the Fed’s policies do not work?

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