1)Define the Federal Funds Rate. What is the current Federal Funds Rate?

2)Define the Federal Reserve Discount Rate. What is the current Federal Reserve Discount Rate?

3)Does the Fed have control over the federal funds rate and over bank reserves? If so, can the Fed control both simultaneously?

4)Reflection - how could this apply in the workplace or in everyday life.

Define the Federal Funds Rate. What is the current Federal Funds Rate?

Federal funds rate is the rate at which banks and other institutions lend to each other, usually on an overnight basis.

Current federal funds rate is the federal funds rate that is currently operating. It is 1.75% currently

Define the Federal Reserve Discount Rate. What is the current Federal Reserve Discount Rate?

The discount rate associated with federal reserve reflect the amount being charged by the central bank in U.S. from its member banks in lieu of the funds borrowed from the discount window so as to maintain the required reserve by member banks. The current discount rate that has been raised by board of governors of Federal Reserve accounts for 2 percent as on December 14, 2017.

Does the Fed have control over the federal funds rate and over bank reserves? If so, can the Fed control both simultaneously?

The Fed exercises control over both the federal funds rate and bank reserves, simultaneously.

The Fed has a control over setting the reserve requirement. If it increases the reserve requirement, banks have to retain a large amount of their cash as reserves, which decreases the money supply, and raises the federal funds rate.

Reflection - how could this apply in the workplace or in everyday life.

Because the Fed has the ultimate authority to fix these rates, their decision will affect people's daily in that when rates are minimal, they will tend to borrow  and borrow less when rates are higher. This influences investments by increasing together with the aggregate demand and expenditure.

Step-by-step explanation

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