After the last two moves, the Fed funds rate is now 5 percent.

For much of the last month the overnight Fed funds rate has traded at around 9 1/2 percent.

"That would bring down the Fed funds rate to 3.75 percent."

As the Fed funds rate indicates, credit generally is more than ample today.

The Fed funds rate is also the most easily and immediately manipulated of all interest rates.

What if a year from now the Fed funds rate is zero, but prices are falling even faster?

Rather, they expect the Fed funds rate to inch up to around 7 1/8 percent.

The Fed funds rate ended the day close to 9 3/8 percent.

Late in the day, the Fed funds rate was at 8 7/8.

At such times, movements in the Fed funds rate are often erratic.