The Federal Reserve controls a very short-term interest rate - the overnight federal funds rate - but, as you know, theory and empirical evidence make clear that longer-term rates matter most for the economy. Those longer-term rates, in turn, reflect expectations of future short-term rates, as well as premiums for uncertainty.
•  the ECB also takes note that other legislation will be adapted by means of a law introducing the euro. With regard to Sweden, the conclusions of the EMI’s 1998 Convergence Report remain unchanged.