Give a brief history and overview of the Federal Reserve System. The Federal Reserve (Fed) seems to be in the news every day. Will the Fed raise interest rates, if so to what level, why is that important us? The Fed controls two major interest rates, what are the two major rates and how do they affect the US economy? For example, the federal funds rate is currently at 5.33, what does this mean and how does it affect rates in general. Chairman Powell has recently said, the rates will remain high for a longer period of time. How can that affect the market? Reflection - the students also should include a paragraph in the initial response in their own words, using finance terminology, reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace or in everyday life