Monetary policy in the United States comprises the Federal Reserve's actions and communications to promote maximum employment, stable prices, and moderate long-term interest rates--the three economic goals the Congress has instructed the Federal Reserve to pursue.
The Federal Reserve conducts the nation's monetary policy by managing the level of short-term interest rates and influencing the overall availability and cost of credit in the economy. Monetary policy directly affects short-term interest rates; it indirectly affects longer-term interest rates, currency exchange rates, and prices of equities and other assets and thus wealth. Through these channels, monetary policy influences household spending, business investment, production, employment, and inflation in the United States.
Federal Open Market Committee
May 22 FOMC Minutes
Meeting of Apr. 30-May 1
June 18-19 FOMC Meeting
July 10 FOMC Minutes
Meeting of June 18-19
July 30-31 FOMC Meeting
Monetary Policy Principles and Practice
Six short notes on the principles of sound monetary policy and central banks' practices in setting and implementing monetary policy