Inflation is still high (sigh), which means the Federal Reserve will raise interest rates again next week. One listener is wondering why the Fed has pursued incremental rate hikes as opposed to one jumbo increase. We’ve got answers! Plus, why is the Fed’s inflation target 2% anyway, and what does it have to do with New Zealand? Then, questions about the queen, the Commonwealth and currency!

Here’s everything we talked about:

• “Why does the Federal Reserve aim for inflation of 2 percent over the longer run?” from The Federal Reserve

• “Of Kiwis and Currencies: How a 2% Inflation Target Became Global Economic Gospel” from The New York Times

• “The Fed’s inflation target comes from a casual remark on New Zealand TV” from Quartz

• “The queen’s death opens the floodgates on self-rule campaigns” from Politico

• “Queen Elizabeth is featured on several currencies. Now what?” from The Associated Press

Keep sending your questions. We’re at makemesmart@marketplace.org or leave us a voice memo at 508-U-B-SMART.