An article in the Wall Street Journal discussing monetary policy noted that when Fed Chair Jerome Powell testified before Congress in March 2019, “there was hardly any reference to policy rules.” At the time the article was written, the inflation rate was 1 percent, the federal funds rate was 2.40 percent, and the output gap was 0. If we assume that the equilibrium real federal funds rate is 2 percent and the Fed had a target inflation rate of 2 percent, then if Fed policy had been following the Taylor rule, what should the federal funds rate have been? Be sure to show how you arrived at your answer.