But during this period it began to set short-run targets for money growth – two-month targets set for each intermeeting period calibrated to be consistent with its policy objectives. The federal funds rate was then set at a level that was estimated to be consistent with achieving the money-growth target.
1 I attended The Clearing House annual meeting in 2013 and spoke about financial market infrastructure reform. Two years have passed, and this is a good opportunity to take stock.