“Rates should be determined by the market, not the elites at the Federal Reserve.”
Any rates other than Fed Funds and the Discount rate are set by the market. Considering how low long rates are you will have a hard time arguing that there is a shortage of credit.
Any rates other than Fed Funds and the Discount rate are set by the market.
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The rates that the Fed sets do manipulate the rates at the short end of the market. The effect is nearly instant.