1. Susan Kizer Economic Education Coordinator The opinions expressed are solely those of the presenters and do not reflect the opinions of the Federal Reserve System.

2. The actions of a central bank that influence the availability and cost of money and credit to achieve national economic goals.

3. Monetary Policy Conducted by the Fed Availability and cost of money and credit Fiscal Policy Congress and President Tax policy and spending decisions

4. Board of Governors Regional Banks Federal Open Market Committee

5. Janet Yellen Chairwoman Daniel K. Tarullo Stanley Fisher Jerome H. Powell Lael Brainard

8.  Eight regularly scheduled meetings  Two types of information:  Statistical information (economic indicators)  Anecdotal information (Beige Book) Is the country’s economy currently meeting the goals set by Congress for the Federal Reserve? Maximum employment Stable Prices Moderate long-term interest rates

9.  Anecdotal information from every Federal Reserve District  Gathered through  Reports from Board of Directors  Interviews with key business contacts, economists and market experts  Other sources

10.  Released immediately following every meeting (2:15 p.m. Eastern)  Contains the committee’s  Target for the federal funds rate  Summary of economic conditions  Assessment of the balance of risks between price stability and sustainable economic growth

11. Open Market Operations Discount Rate Reserve Requirements Interest on Reserve Balances

12. Employment and prices Consumer and business spending Availability and cost of money and credit

13.  Today the Federal Open Market Committee reaffirmed the current 0 to ¼ percent target range for the federal funds rate.

14.  Since the Committee last met in April, the pace of job gains has picked up and labor market conditions have improved somewhat further.

15.  Inflation has continued to run below our longer-run objective, but some of the downward pressure on inflation resulting from earlier sharp declines in energy prices is abating.