Imagine that you are a staff economist for the Federal Reserve Open Market Committee (FOMC). Your job is to present a brief to the open market committee regarding the policy decision to be made at the next board meeting. Remember, we are in a pandemic, and interest rates are close to zero. Inflation is high, and the job market is sizzling. 

Why do you think the statement released after each Federal Open Market Committee meeting retains the same basic structure?

Discuss the role of a central bank. For the case of the Fed, describe the main roles of the following: board of governors; (twelve) regional banks; federal open market committee.

www.federalreserve.gov/fomc/

a)review the press release from the last meeting. What did the committee decide to do about short-term interest rates?
b) review the most recently published meeting minutes. What ares of the economy seemed to be of most concern to the committee members?