Money and Financial Markets
Although headlines about monetary policy mostly announce changes in the target federal funds rate, the nature of those changes cannot be appreciated without looking at their effect on the money supply. Similarly, changes in the fed funds rate may indicate very different policy stances, depending on the course of market interest rates.
Suggested citation: "Money and Financial Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-01, pp. 05-07, 01.01.2002.