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The importance in what we're seeing in countries around the world is a poorly regulated and poorly functioning private sector using irrational and ineffective medications that result in the emergence of drug-resistance tuberculosis. What we've done is begun a program to rapidly improve infection control in places that are treating TB patients.
A higher IOER rate encourages banks to raise the interest rates they charge, putting upward pressure on market interest rates regardless of the level of reserves in the banking sector. While adjusting the IOER rate is an effective way to move market interest rates when reserves are plentiful, federal funds have generally traded below this rate.
