WASHINGTON – The Federal Reserve has begun detailing how it plans to ease the U.S. economy out of an era of loose monetary policy, appearing near agreement on a three-pronged strategy to manage interest rates in the future, according to minutes of the last Fed policy meeting.
The minutes from the June 17-18 meeting indicate the Fed envisions using its overnight repurchase agreements in tandem with the interest it pays banks on excess reserves to set a ceiling and floor for its target interest rate.
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