So, monetary policy is really a two-part process. The Federal Open Market Committee (FOMC) conducts monetary policy by adjusting the target range for the federal funds rate.

Who controls monetary policy?

Congress has delegated responsibility for monetary policy to the Federal Reserve (the Fed), the nation's central bank, but retains oversight responsibilities for ensuring that the Fed is adhering to its statutory mandate of “maximum employment, stable prices, and moderate long-term interest rates.” To meet its price ...

Who conducts monetary and fiscal policy?

The short answer is that Congress and the administration conduct fiscal policy, while the Fed conducts monetary policy.