If a ship crossing a wide and placid harbor yaws so far that it almost hits the channel markers, its captain might want to have the rudder adjusted. That’s essentially what the Federal Reserve did twice in 2018. With the fed funds rate inching disconcertingly close to the top of the central bank’s target range, it chose to make unprecedented changes in June and December to one of its associated policy-setting tools: the interest on excess reserves rate. Now, following the latest tweak to IOER, a


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