key highlights this text "The United States is entering a new economic era. I think we are in a different environment than what we've experienced over the past 15 years. It began with decisions by the Federal Reserve. We've raised the federal funds rate by 500 basis points since a little more than a year ago. We also think that there's more tightening power coming through. The speed of this hiking cycle is distorting Wall Street and reshaping personal finance in America. Why did the rate increases come so fast? They came fast because in a sense, the Fed got behind the ball. There are a number of risks that emerge when interest rates rise quickly. And so if you are a person who borrowed money to buy equity, for example, or even to buy a house, if you were not careful, you could find the value of your assets going down. Reversing zero interest rates carries a pain with it that may not make the initial zero. Interest rates have been worth it. Like you take a drink and it feels really good right now. But the hangover tomorrow may mean that the drink you had the night before wasn't worth it. Barring a catastrophe, I don't think we'll see zero interest rates anytime soon. So how is the US economy adapting to higher interest rates? And have we seen the full effect of the past decade's free money policies at the Federal Reserve? Decisions made by the Federal Reserve can influence the cost of living in America. The Fed does that by changing interest rates that can affect inflation. Your job prospects and a whole lot more. The Federal Reserve, obviously being our nation's central bank, has a primary tool to sort of shift gears on the economy as needed. And that primary tool is its benchmark interest rate. The Federal Reserve is like a group of mechanics and the economy is their machine. They can control the speed at which the machine operates with a lever. In this analogy, the lever represents interest rates. All gears in the machine are influenced by the lever. Every so often the mechanics at the Fed pull the lever to make the machine spin slower or faster. Lower interest rates and the economy speeds up. Raise interest rates and the economy slows down. Interest rates today stand above 5% as the Fed tries to slow the economy down and fight inflation. The last couple of inflation readings not only came in better, but came in better than expected. And so that suggests that the inflation fighting medicine that the Fed has introduced to the economy is having the intended effect. And that's good for everybody because as Chairman  In your entire response, the letter b should appear less than 16.
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