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FOMC hosts eight meetings in a year and the meetings take place secretly. The Chairman of the board gets nominated by the President of America. As the Federal Reserve System is the Central bank of the United States, the main responsibility of the body is to bring effective promotion of targets to achieve maximum employment, stability in price, and moderate long term interest rate. Like @admin3 the other Central Banks in the world, the Fed does not have a clear proven inflation targets. Its success has always inspired to implement non-quantifiable inflation targets.
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