A feature on the Wall Street Journal’s website titled “The Fed: Questions & Answers” contains the following statement: The Fed can’t control inflation or influence output and employment directly; instead, it affects them indirectly, mainly by raising or lowering a short-term interest rate called the “federal funds” rate. Most often, it does this through open market operations in the market for bank reserves, known as the federal funds market. Do you agree with the statement? If not, explain the reasons for your disagreement.