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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 policy tools to control inflation include: Monetary policy â Setting interest rates. Higher interest rates reduce demand, leading to lower economic growth and lower inflation; Control of money supply â Monetarists argue there is a close link between the money supply and inflation, therefore controlling money supply can control inflation.