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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 second major monetary policy implementation tool is the discount rate. The discount rate--the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--is established by the Board of Directors of the Federal Reserve Banks subject to review and determination by the Board of Governors.