The Fed Funds Ceiling

The upper bound of the Federal Reserve's target range, the number the headlines report after each meeting.

It sets the price of money for the whole economy; a change re-prices every financing decision a business has open.

A reading is not a verdict. The Scan phase of Woodring’s Loop collects the signal; the Story phase asks what futures it is consistent with, and only the Stake phase turns that into a decision. This page does the first part.

Tests: the interest-expense assumption and the date the plan expected the next cut or hike.

Write the assumption down, name the reading that would break it, and put a date on when it has to be argued again. That is the 18-Month Sunset applied to one line of a budget. The Last Annual Planshows what this season’s moves have already done to the common ones.