The Federal Reserve Doesn’t Set Interest Rates

"As we saw with the plethora of credit policies during the COVID-19 crisis, the Fed is only too happy to engage in fiscal policy masquerading as monetary policy. I’d much prefer we get back to basics and return to the fed-funds system. But those basics don’t include setting interest rates, which are a barometer for monetary policy, not the content of monetary policy." ~ Alexander William Salter