The Federal Reserve Open Market Committee raises its target for the Federal Funds Rate (the rate commercial banks charge each other to maintain their fractional reserve requirements) from 1.00 to 1.25%.

       Postscript: The FRMC over the course of the next two years raised the FFR 14 times to 5.25%, and the Discount Rate (the rate the Federal Reserve System of Central Banks charge member-commercial banks to borrow Federal Reserve Notes (Bills of Credit)) was raised from 1.00% to 6.25%

       [restored 12/24/2023]