The Fed has estimated the equilibrium real interest rate to be 1.7%, recent CPI inflation has averaged around 5.4%, the real GDP is forecast to be $25.4 trillion for the year, while potential GDP is estimated at $26.5 trillion, and the Fed’s inflation target 1.6%. What is the interest-rate target under the Taylor rule? Record your answer in %, to the nearest 0.01%, drop the % symbol. E.g., if your answer is 0.08365, record it as 8.37