Understanding the US Federal Reserve's Monetary Policy Tools

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Understanding the US Federal Reserve's Monetary Policy Tools

29 April 2024 / Guide & Reference

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The US Federal Reserve (Fed) transformed its monetary policy framework in 2008 to respond to the global financial crisis. Before 2008, the Fed operated with limited reserves and a small balance sheet. Today, the balance sheet is more than eight times its pre-2008 level, and the composition has substantially changed. This guide provides background on the Fed’s balance sheet evolution and demystifies the Fed’s monetary policy tools in the new regime.

More on this topic from The Conference Board:

A Delicate Balance: The US Federal Reserve's Quantitative Tightening

Author

Kurt Reiman

Former Senior Economist, Finance, Risk & Strategy
The Conference Board

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