When the Fed reduced rates

See this chart, the red and blue overlap.  The blue is the Fed target from 1990 to 1994. The red is the effective rate, the market rate. In 1991-1992, they over lapped.  How about that! I think this was the only time, since Volcker, that the Fed actually may have intervened in the market substantially.

All this hoopla economists talk about, the Fed doing this or that, boils down to this one last time the Fed was ever effective, 1992.  And it likely did this lowering of the rates because DC was borrowing heavily at the short end and threatening the economy.  (I did not look, at this point the assumption that Republicans screw the budget is usually fact). The result was a huge jump in the poverty levels.

So, what is all the money theory about central banking about?  Dunno, I think its about not looking at the data. Congress can and does screw up the economy, but they do that without the Fed's help.  Just watch the Republican Senate, they will screw up the economy.