Donald L Kohn: Money markets and financial stability Speech by Mr Donald L Kohn, Vice Chairman of the Board of Governors of the US Federal Reserve System, at the Federal Reserve Bank of New York and Columbia Business School Conference on the Role of Money Markets, New York, 29 May 2008.
Monetary Policy Transmission Now that you understand the Fed’s implementation tools, let’s see how the Fed uses them to achieve its two mandated goals: maximum employment and price stability. Currently, the unemployment rate is low, and the inflation rate is above the Fed’s 2 percent target.