Suppose that the equilibrium real federal funds rate is 6 percent and the target rate of inflation is 1 percent. Use the following information and the Taylor rule to calculate the federal funds rate​ target: Current inflation rate​ = 7 percent Potential real GDP​ =​$14.85 trillion Real GDP​ = ​$14.18 trillion The federal funds target rate is ____%.​ (Enter your response rounded to two decimal​ places.)

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