[PieterCasparzen]

Ah, the Fed also sets government benchmark interest rates

Only overnight rates.

Fed interest rates are benchmark rates, I'm sure you understand the significance of benchmarks.

rather nice tool for a banking syndicate.

Syndicate? What do you mean?

I don't have time to explain that; I can recommend the book "Shadows of Power" by James Perloff.

[Toddsterpatriot]

Fed interest rates are benchmark rates, I'm sure you understand the significance of benchmarks.

I can't think of a single case where the overnight rate is used as a benchmark. You have any examples?