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The Fed has developed a toolkit to achieve these goals of inflation and maximum employment. But interest-rate changes make the most headlines, perhaps because they have a swift effect on how much we pay for credit cards and other short-term loans. From Washington, the Fed adjusts interest rates to spur all sorts of other changes in the economy. If it wants to encourage consumers to borrow so spending can increase, which should help the economy, it cuts rates and makes borrowing cheap. To do the opposite and cool the economy, it raises rates so that an extra credit card seems less and less desirable. The Fed often adjusts rates in response to inflation - the increase in prices that happens when people borrow so much that they have more to spend than what's available to buy. However, what the Fed is doing right now is a bit unusual. ''This is the first tightening cycle where they've been concerned about inflation being too low," said Alan Levenson, the chief economist at T. Rowe Price. The Fed's preferred measure of inflation last touched its 2% target in 2012. So the Fed can't exactly argue that it is raising rates to fight inflation, although it expects prices to rise.

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