Yesterday I wrote that the effective FF rate had been as high as 0.38% within the last 18 mos. I wrote that because I read the reports Reuter’s publishes weekly, and I remembered seeing the effective rate that high in those reports and wondering about it since the FF rate was set at 0 to 0.25%. It must have been a typographical error because, now that I have found the measure on FRED, it has never been higher than 0.19% since July 15, 2012. Even after the initial lift off, it has settled at 0.37% at close today.
I apologize for spreading bad information.