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Please give proper explanation and Typed answer only. 27) What is the current Federal funds rate in US? What was the rate in December of

Please give proper explanation and Typed answer only.

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27) What is the current Federal funds rate in US? What was the rate in December of 2021? Explain the process on how the Federal Reserve raised this operating target and WHY it has been raised. Lastly, explain how the Federal Reserve monitors this rate and keeps it in a range

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