What are the function of the Fed?

The Federal Reserve, or the Fed, serves as the central bank of the United States, with key functions including conducting monetary policy to influence inflation and employment, supervising and regulating banks to ensure financial stability, and providing financial services to the government and financial institutions. Additionally, the Fed acts as a lender of last resort to prevent systemic failures in the banking system. It also plays a crucial role in maintaining the stability of the financial system and facilitating the smooth operation of payment systems.