Monetary Policy: By the Numbers Targeting interest rates using open market operations is the most important policy tool used by the Fed to conduct monetary policy. Consider the accompanying table which lists the federal funds rate and other key interest rates over the past decade Date Federal 30-year Difference between Funds Discount Prime Mortgage discount rate and Rate Rate Rate Rate federal funds rate (5) (%) (5) Difference between prime rate and federal funds rate Difference between 36-year mortgage rate and federal funds rate (55) 8.25 8.25 7.33 3:01 3.00 3.09 3.00 6.25 6.25 4.75 2.25 0.50 0.50 0.SO 0.75 0.75 6.14 6.66 6.10 6.32 5133 5.42 4.93 4.74 3.04 101 1.00 0.31 0.25 0.34 0.29 0:38 0157 0.57 0.66 0.68 0.59 5.00 3.61 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 0.90 1.41 186 4.32 5.17 5.21 481 456 453 4.42 3.89 0.75 12/1/2006 5.24 6/1/2007 5.25 12/1/2007 4.24 6/1/2008 2.00 12/1/2008 0.16 6/1/2009 0.21 12/1/2009 0.12 6/1/2010 0.18 12/1/2010 0.18 6/1/2011 0.09 12/1/2011 0.07 6/1/2012 0.16 19/1/2012] 0.16 01/2013 0.09 12/1/2013 0.09 6/1/20140.10 12/1/2014 0.12 6/1/2015 0.13 12/1/2015 0.24 01/2016 0.38 12/1/2016 0.54 6/1/2017 12/11/2017 13 01/2018 1.82 12/1/2018 2.27 3.07 30n 3.16 3.18 3.19 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 1.00 1.00 1.25 1.50 1.75 225 2.75 3.25 3.25 3.25 3.37 3.50 364 4.13 4.71 451 3.96 3.68 3.35 407 4.46 4.16 3.86 3.98 3.96 3.57 4.20 3.90 3.95 457 0.59 0.66 0166 0.65 0.63 0.62 0.76 0.62 0.71 0.46 0.45 0.43 0.45 3.09 3.09 3.16 3.16 3.15 3:13 212 3.13 3.12 3.10 3.09 3.10 307 30 3.98 4.37 4.06 3.74 3.85 3.72 3.19 3166 1.04 44 2765 2.75 237 5.35 Determine the highest and the lowest federal funds rate between December 2006 und December 2016 The highest federal fundstate was