Authority and currency
About this authority
- Publisher
- Board of Governors of the Federal Reserve System
- Standing
- Primary authority
- Version
- Page last updated July 29, 2021; verified August 7, 2026
- Relevant parts
- Statutory goals; policy tools; effects on financial conditions, spending, employment, and inflation; lags
- Currency
- current · checked Aug 7, 2026
The page supports a chain from policy tools to broader financial conditions, household and business spending, employment, and inflation. Its explicit treatment of uncertainty and time lags is central to the module's refusal to present transmission as immediate or mechanical.
This explainer is not a record of the current federal funds target range, a forecast, or a recommendation. A dated policy decision requires its own FOMC release and implementation notice.