The US Federal Reserve is the central bank of the US and plays a critical role in shaping the US economy. It is considered to be the most powerful economic institution in the United States and the most influential Central Bank in the world. It sets the monetary policy in the US and ensures stability in the functioning of the US financial system by setting interest rates and influencing the supply of money into the economy. The Fed takes the responsibility for setting the policy as per the Federal Reserve Act of 1913. The Fed controls open market operations, the discount rate, and reserve requirements, according to the US Fed website. Get the latest US Federal Reserve news, videos, headlines, opinions and special reports here.