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Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

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Overview Crisis response Monetary policy normalization Fed's balance sheet Federal Reserve liabilities Recent balance sheet trends Open market operations Central bank liquidity swaps Lending to depository institutions Fed financial reports Other reports and disclosures Information on closed programs

Monetary policy normalization

At its December 2015 meeting, the Federal Open Market Committee (FOMC) decided that economic conditions and the economic outlook warranted the commencement of the policy normalization process and the Committee voted to raise the target range for the federal funds rate, the first change since December 2008.

Additional information on the monetary policy normalization process and the FOMC’s plans is available on this website.

• Policy Normalization

Last Update: February 16, 2017