The Fed pays no interest on its banknotes and only 0.25% on electronic money (that is, the deposits that commercial banks have with it).

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They lend some of it right back to the Federal Reserve, which pays them interest, remember, on the money that was just created out of nothing and given to the banks for no interest.

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The Fed has little or no influence on the velocity of money short of raising short-term interest rates to a level that causes an economic slowdown or recession.

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