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a) Two years ago, on November 5, 2021, the policy rate (federal funds rate target) stood at 0.00-0.25%. On March 16, 2022 and on May

a) Two years ago, on November 5, 2021, the policy rate (federal funds rate target) stood at 0.00-0.25%. On March 16, 2022 and on May 4, 2022, the Federal Reserve raised its policy rate by 25 basis points (bps) each time, to 0.25-0.50% and then to 0.50-0.75%

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