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Economic policy must be subordinated to the exchange-rate target.
3. The Fed's interest-rate target went up — finally.
THE Federal Reserve's interest-rate target is at 1%.
The unemployment-rate target should be set within that range.
How? The central bank could raise its interest rate target at its meeting today.
The central bank left its benchmark interest rate target at 1.75percentt, a four-decade low.
The increase puts the bank's benchmark three-month rate target range at 3percentto4percentcent.
As expected, the Federal Reserve raised the short-term interest rate target by a quarter percentage point.
From February 1994 to March 1995, policy makers raised the federal funds rate target to 6percentt from 3percentt.
The Bank of England cut its main rate target by half a percent to 0.5percentt.
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