Federal Reserve
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The Federal Reserve is a group of economic policymakers and forecasters (people who say what might happen in the future). The Federal Reserve Board sets an interest rate related to economic conditions. The Fed, as the Federal Reserve is often called, sets interest rates which form part of monetary policy.
When the Federal Funds rate is increased, the Fed makes borrowing more expensive, which means people and companies spend less and discourages inflation. When economic growth slows, the Fed decreases the Fed Funds rate so that borrowing will increase and there will be growth.