Federal Reserve System (Noun)
Meaning
The central bank of the United States; incorporates 12 Federal Reserve branch banks and all national banks and state-chartered commercial banks and some trust companies; "the Fed seeks to control the United States economy by raising and lowering short-term interest rates and the money supply".
Classification
Nouns denoting groupings of people or objects.
Examples
- The Federal Reserve System announced a significant rate hike in response to soaring inflation rates across the country.
- Established in 1913, the Federal Reserve System has been the central banking authority for the United States.
- Managing the money supply, setting monetary policy, and supervising banks are primary functions of the Federal Reserve System.
- Economic experts have predicted that the Federal Reserve System will raise interest rates again by the end of the year to curb inflation.
- The chairperson of the Federal Reserve System provides quarterly testimony to Congress and often answers questions regarding the trajectory of the US economy.