In 2003, the Federal Reserve had used its control over the federal funds rate to such a degree that

Question

Quizplus · Accepted Answer

The question states that the Federal Reserve had "used its control over the federal funds rate to such a degree," which implies that the Fed had lowered the federal funds rate. The answer choices that suggest the rate was high or removed from Fed control are not supported by the question. Only choice C indicates that the rate was low, and specifically, the lowest it had been in 15 years.

In 2003, the Federal Reserve Had Used Its Control Over