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What group within the Federal Reserve actually sets monetary policy for the U.S. economy? Who belongs...

  1. What group within the Federal Reserve actually sets monetary policy for the U.S. economy? Who belongs to this group?  
  2. What are the two main economic goals (Dual Mandate) that the Federal Reserve has for its conduct of Monetary Policy?
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Answer #1

It is the Federal Open Market Committee (FOMC) that works as a group to set and implement monetary policy for the economy of the USA. In FOMC, there are board of governors and federal reserve bank presidents, working collectively as a group. There are 7 governors and 5 federal reserve bank presidents work together.

Two main economic goals are to maximize employment with economic growth and bring price stability in the economy. These goals are known as dual mandate. It is the reason that Fed sets inflation rate target  to control the inflation and being price stability, while promoting economic growth in the economy.

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