1. Policy Framework & Strategic Mandate
The Federal Reserve (via FOMC) operates under a statutory dual mandate — maximum employment and price stability (2% inflation target), with an implicit lender-of-last-resort role (聯邦儲備系統). Since the 2008 crisis, its monetary tools have evolved significantly to navigate an ample-reserves environment.
In May 2024, the Fed’s website updated a comprehensive list of active policy tools:
- Open Market Operations (OMOs)
- Interest on Reserve Balances (IORB)
- Overnight Reverse Repurchase (ON RRP) facility
- Discount Window & Discount Rate
- Reserve Requirements
- Term Deposit Facility
- Central Bank Liquidity Swap Lines
- FIMA Repo Facility
- Standing Repo Facility
A strategic review launched in late 2024 (concluding in early 2025) reaffirmed the Fed’s inflation goal while inviting communications and toolkit readiness enhancements.