{
  "metadata": {
    "name": "Federal funds target rate and range changes since 1990",
    "description": "Every change to the FOMC's target for the federal funds rate on the Federal Reserve Board's list, from July 1990 on: the date as printed by the Board, the direction and size of the change, and the level after it (a single target rate before December 16, 2008, a range after). A change that FedRateCalc has recorded from an FOMC statement but the Board's list does not show yet is added and labelled. Each row names its source and the date it was checked.",
    "url": "https://fedratecalc.com/data/fed-funds-target-range-history/",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "licenseName": "CC BY 4.0",
    "attribution": "FedRateCalc",
    "attributionText": "FedRateCalc (https://fedratecalc.com/data/fed-funds-target-range-history/), CC BY 4.0",
    "sources": [
      {
        "label": "Federal Reserve Board, Open Market Operations page",
        "href": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm"
      },
      {
        "label": "Federal Reserve Board, Open Market Operations Archive page",
        "href": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm"
      },
      {
        "label": "Federal Reserve Board: FOMC meeting calendars and information",
        "href": "https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm"
      }
    ],
    "generated": "2026-11-05",
    "dataAsOf": "2026-11-05",
    "temporalCoverage": "1990-07-13/2026-11-05",
    "columns": [
      {
        "name": "date",
        "type": "date",
        "meaning": "The date printed on the Board's list (YYYY-MM-DD), or the FOMC statement date for a row labelled fomc-record."
      },
      {
        "name": "direction",
        "type": "enum",
        "meaning": "increase or decrease."
      },
      {
        "name": "change_bps",
        "type": "integer",
        "meaning": "Signed change in basis points (negative for a decrease); empty when the Board prints a span (75-100 on 2008-12-16)."
      },
      {
        "name": "change_bps_as_printed",
        "type": "string",
        "meaning": "The change exactly as the source prints it, in basis points."
      },
      {
        "name": "target_type",
        "type": "enum",
        "meaning": "single for a single target rate (before December 16, 2008), range for a target range."
      },
      {
        "name": "target_lower_pct",
        "type": "number",
        "meaning": "Lower end of the target range, in percent; equal to the target for a single rate."
      },
      {
        "name": "target_upper_pct",
        "type": "number",
        "meaning": "Upper end of the target range, in percent; equal to the target for a single rate."
      },
      {
        "name": "level_as_printed",
        "type": "string",
        "meaning": "The level exactly as the source prints it, in percent (for example 3.75-4.00)."
      },
      {
        "name": "source",
        "type": "enum",
        "meaning": "openmarket (Board page, 2003 on), openmarket-archive (Board archive page, 1990-2002) or fomc-record (FedRateCalc record of the FOMC statement)."
      },
      {
        "name": "source_url",
        "type": "string",
        "meaning": "The page the row comes from."
      },
      {
        "name": "source_checked",
        "type": "date",
        "meaning": "The date the Board pages were checked (YYYY-MM-DD)."
      },
      {
        "name": "note",
        "type": "string",
        "meaning": "The Board's footnote for the row, when it has one."
      }
    ]
  },
  "rows": [
    {
      "date": "1990-07-13",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 8,
      "target_upper_pct": 8,
      "level_as_printed": "8.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1990-10-29",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 7.75,
      "target_upper_pct": 7.75,
      "level_as_printed": "7.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1990-11-13",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 7.5,
      "target_upper_pct": 7.5,
      "level_as_printed": "7.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1990-12-07",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 7.25,
      "target_upper_pct": 7.25,
      "level_as_printed": "7.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1990-12-18",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 7,
      "target_upper_pct": 7,
      "level_as_printed": "7.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-01-09",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 6.75,
      "target_upper_pct": 6.75,
      "level_as_printed": "6.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-02-01",
      "direction": "decrease",
      "change_bps": -50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 6.25,
      "target_upper_pct": 6.25,
      "level_as_printed": "6.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-03-08",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 6,
      "target_upper_pct": 6,
      "level_as_printed": "6.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-04-30",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.75,
      "target_upper_pct": 5.75,
      "level_as_printed": "5.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-08-06",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.5,
      "target_upper_pct": 5.5,
      "level_as_printed": "5.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-09-13",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.25,
      "target_upper_pct": 5.25,
      "level_as_printed": "5.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-10-31",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5,
      "target_upper_pct": 5,
      "level_as_printed": "5.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-11-06",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 4.75,
      "target_upper_pct": 4.75,
      "level_as_printed": "4.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-12-06",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 4.5,
      "target_upper_pct": 4.5,
      "level_as_printed": "4.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1991-12-20",
      "direction": "decrease",
      "change_bps": -50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 4,
      "target_upper_pct": 4,
      "level_as_printed": "4.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1992-04-09",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 3.75,
      "target_upper_pct": 3.75,
      "level_as_printed": "3.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1992-07-02",
      "direction": "decrease",
      "change_bps": -50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 3.25,
      "target_upper_pct": 3.25,
      "level_as_printed": "3.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1992-09-04",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 3,
      "target_upper_pct": 3,
      "level_as_printed": "3.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1994-02-04",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 3.25,
      "target_upper_pct": 3.25,
      "level_as_printed": "3.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1994-03-22",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 3.5,
      "target_upper_pct": 3.5,
      "level_as_printed": "3.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1994-04-18",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 3.75,
      "target_upper_pct": 3.75,
      "level_as_printed": "3.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1994-05-17",
      "direction": "increase",
      "change_bps": 50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 4.25,
      "target_upper_pct": 4.25,
      "level_as_printed": "4.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1994-08-16",
      "direction": "increase",
      "change_bps": 50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 4.75,
      "target_upper_pct": 4.75,
      "level_as_printed": "4.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1994-11-15",
      "direction": "increase",
      "change_bps": 75,
      "change_bps_as_printed": "75",
      "target_type": "single",
      "target_lower_pct": 5.5,
      "target_upper_pct": 5.5,
      "level_as_printed": "5.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1995-02-01",
      "direction": "increase",
      "change_bps": 50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 6,
      "target_upper_pct": 6,
      "level_as_printed": "6.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1995-07-06",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.75,
      "target_upper_pct": 5.75,
      "level_as_printed": "5.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1995-12-19",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.5,
      "target_upper_pct": 5.5,
      "level_as_printed": "5.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1996-01-31",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.25,
      "target_upper_pct": 5.25,
      "level_as_printed": "5.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1997-03-25",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.5,
      "target_upper_pct": 5.5,
      "level_as_printed": "5.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1998-09-29",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.25,
      "target_upper_pct": 5.25,
      "level_as_printed": "5.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1998-10-15",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5,
      "target_upper_pct": 5,
      "level_as_printed": "5.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1998-11-17",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 4.75,
      "target_upper_pct": 4.75,
      "level_as_printed": "4.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1999-06-30",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5,
      "target_upper_pct": 5,
      "level_as_printed": "5.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1999-08-24",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.25,
      "target_upper_pct": 5.25,
      "level_as_printed": "5.25",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "1999-11-16",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.5,
      "target_upper_pct": 5.5,
      "level_as_printed": "5.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "2000-02-02",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 5.75,
      "target_upper_pct": 5.75,
      "level_as_printed": "5.75",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "2000-03-21",
      "direction": "increase",
      "change_bps": 25,
      "change_bps_as_printed": "25",
      "target_type": "single",
      "target_lower_pct": 6,
      "target_upper_pct": 6,
      "level_as_printed": "6.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "2000-05-16",
      "direction": "increase",
      "change_bps": 50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 6.5,
      "target_upper_pct": 6.5,
      "level_as_printed": "6.50",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "2001-01-03",
      "direction": "decrease",
      "change_bps": -50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 6,
      "target_upper_pct": 6,
      "level_as_printed": "6.00",
      "source": "openmarket-archive",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
    {
      "date": "2001-01-31",
      "direction": "decrease",
      "change_bps": -50,
      "change_bps_as_printed": "50",
      "target_type": "single",
      "target_lower_pct": 5.5,
      "target_upper_pct": 5.5,
      "level_as_printed": "5.50",
      "source": "openmarket-archive",
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      "level_as_printed": "2.25-2.50",
      "source": "openmarket",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
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      "date": "2019-08-01",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "range",
      "target_lower_pct": 2,
      "target_upper_pct": 2.25,
      "level_as_printed": "2.00-2.25",
      "source": "openmarket",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
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      "date": "2019-09-19",
      "direction": "decrease",
      "change_bps": -25,
      "change_bps_as_printed": "25",
      "target_type": "range",
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      "target_upper_pct": 2,
      "level_as_printed": "1.75-2.00",
      "source": "openmarket",
      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
      "source_checked": "2026-11-05",
      "note": null
    },
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      "date": "2019-10-31",
      "direction": "decrease",
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      "change_bps_as_printed": "25",
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      "level_as_printed": "1.50-1.75",
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
      "source_checked": "2026-11-05",
      "note": null
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
      "source_checked": "2026-11-05",
      "note": "On July 10, 2024, this date was corrected from March 3, 2020, to March 4, 2020."
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
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      "note": null
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
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      "note": null
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      "note": null
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
      "source_checked": "2026-11-05",
      "note": null
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
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      "note": null
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      "date": "2022-11-03",
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
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      "note": null
    },
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      "date": "2022-12-15",
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      "source_url": "https://www.federalreserve.gov/monetarypolicy/openmarket.htm",
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      "note": null
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      "note": null
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}