The following works come directly from the St. Louis Federal Reserve website of Research Reports and authored by Board of Governors and the St. Louis Federal Reserve members. For the original works and corresponding Glossary, please utilize the positioned link. If you have ever wondered how the Fed’s monetary policies work, this Report will aid in your understanding/s.

“The Federal Reserve sets two overnight interest rates: the interest rate paid on banks’ reserve balances and the rate on our reverse repurchase agreements. We use these two administered rates to keep a market-determined rate, the federal funds rate, within a target range set by the FOMC.” —Jerome Powell, Chair of the Federal Reserve

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