Federal Funds Rate is the interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution overnight.
The federal funds rate is generally only applicable to the most creditworthy institutions when they borrow and lend overnight funds to each other.
The federal funds rate is one of the most influential interest rates in the U.S. economy, since it affects monetary and financial conditions, which in turn have a bearing on key aspects of the broad economy including employment, growth and inflation.
I know, so why did he say the Fed was doing it?