Since August 1997, the Fed has simply set a specific target for the federal funds rate. The four dates below show the first four times after August 1997 that the Fed voted to set a new target for the federal funds rate on the following dates:

September 29, 1998 November 17, 1998 June 29, 1999 August 24, 1999 Pick one of these dates and find out why it chose to change its target for the federal funds rate on that date. P-963