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Now, I would like to provide you with some information about monetary policy in the U.S., and ask you some more questions.

The Federal Reserve, or Fed, conducts the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices. The Federal Reserve System includes three key entities: the Board of Governors, 12 Federal Reserve Banks, and the Federal Open Market Committee (FOMC). The FOMC is the monetary policymaking body of the Federal Reserve System, and sets short-term interest rates. The FOMC is composed of 12 members–the seven members of the Board of Governors and five of the 12 Reserve Bank presidents.

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