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What is the FOMC? What is the federal funds rate? Why is the fed funds rate so important? What is meant by the term open

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What is the FOMC? What is the federal funds rate? Why is the fed funds rate so important? What is meant by the term open market operations (OMO)? What is the Fed trying to accomplish when it conducts OMO? Who are the primary dealers? Why are they important to the Fed

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