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The Fed's primary responsibilities include overseeing and regulating banks, preserving financial stability, implementing national monetary policy, and offering banking services.
The Fed's twin goal is to maximize sustainable employment in the American economy while maintaining price stability. The FOMC now has a long-term inflation objective of 2% to fulfill the mandate's requirement for price stability.
In order to support a strong economy, the Fed, as the nation's monetary policy authority, controls the cost and availability of credit and money. The two equally important objectives set forth by Congress for the Fed's monetary policy are maximum employment and stable prices, which translates to low, steady inflation.
If the Fed purchases bonds on the open market, it increases the amount of money in the economy by exchanging bonds for cash from the general public.
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