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A: The three main tools of monetary policy used by the Federal Reserve are open-market operations, the discount rate and the reserve requirements. Through the use of these three tools, the Fed can manipulate market movements to exercise control over the economy.
The main instruments of monetary policy. Open market operations. Open market operations are used for steering interest rates in the economy. Open market operations are mostly executed in the form of repo operations (based on a general agreement on trading on the financial market). The main monetary policy instrument takes the form of repo tenders.