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Which of the following regarding the federal funds market is NOT true? The Fed directly controls the federal funds rate. The federal funds market developed

Which of the following regarding the federal funds market is NOT true?

  • The Fed directly controls the federal funds rate.
  • The federal funds market developed to help banks meet their reserves requirements at the end of the day.
  • FOMC meetings set a target for the federal funds rate.
  • Transactions influence the amount of money that banks have on hand to meet the reserve requirement at the end of the day.

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