The sole function of the Fed during the
Great recession in the economy is to
establish rules governing financial activities.
The winner of the competition and the one who makes the most money will then be decided by the free market. The Fed's move to increase interest rates in 1928 and 1929 is an illustration of the former. The Fed took this action in an effort to control market speculation. The United States' economy was affected by this action.
From 5.25 percent in September 2007 to a range of 0-0.25 percent in December 2008, the federal funds rate was initially lowered by the Fed through "conventional" policy operations, with the majority of the decline occurring in January to March 2008 and in September to December 2008.
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