ETF Rolling Reserve Act Summary

FOMC Meeting Date July 26, 2023 Rate Change (bps) Federal Funds Rate +25 +25 5.25% to 5.50% 5.00% to 5.25% May 3, 2023 March 22, 2023 +25 4.75% to 5.00% Feb 1, 2023 +25 4.50% to 4.75% Dec 14, 2022 +50 4.25% to 4.50% Nov 2, 2022 +75 3.75% to 4.00% Sept 21, 2022 +75 3.00% to 3.25% July 27, 2022 +75 2.25% to 2.50% June 16, 2022 +75 1.50% to 1.75% May 5, 2022 +50 0.75% to 1.00% March 17, 2022 +25 0.25% to 0.50% Federal Reserve Response to Inflation Fed was holding the federal funds rate at around zero as recently as the first quarter of 2022 - despite 40-year highs in various measures of inflation Typically, the Fed raises rates when the economy starts overheating to much inflation = ☐ Once they began to act, they aggressively increased the federal funds rate Source of chart: Forbes 8

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