1.[Related to the Economics in Practice ] In a June 13, 2018 press conference, Fed Chair Jerome Powell announced a 0.25 point increase in the federal funds rate target, to between 1.75 percent and 2.00 percent, the seventh rate hike since late 2015. Powell also indicated that two additional rate hikes were likely before the end of the year. What has happened to the Fed’s target for the federal funds rate since June 2018?

Using the Fed rule, explain the Fed’s decision to either change or not change the interest rate.