How the Fed operates — and why it's a problem

Source: Ludwig von Mises Institute
by Frank Shostak

"We are often asked about the mechanisms by which the US Federal Reserve Board (the Fed) influences the level of US interest rates and whether these mechanisms also influence the level of the US money supply. It has long been regarded that the Fed no longer inflates and contracts the money supply but rather simply acts to target interest rates. The purpose of this brief paper is to clarify how the Fed works and the impact that its operations have on the money supply." (03/15/17)

https://mises.org/blog/how-fed-operates-%E2%80%94-and-why-its-problem