“Davidson” submits:

History often reveals truths which counter the myths of near term thinking. The phrase, “This time is different”, has been debunked so often that it should be a sign of someone speaking without any historical perspective. Little recognized is the pattern of Fed Funds rate changes since 1953. The Fed has a long history of indicating that it sets lending rates when in fact all the Fed has done is set the Fed Funds rate. It does this by keeping the Fed Funds rate higher than current T-Bill rates. The Fed Funds rate is actually not economically important. It is the T-Bill/10yr Treasury rate spread which is crucial to investors.