The Federal Reserve (Fed) has adopted the policy framework in which it manipulates both the price of money and quantity of money, expecting better outcomes for economic growth and employment. This policy framework began during the last half of Alan Greenspan’s chairmanship of the Fed and was greatly expanded by each Fed chair following him. Under the framework monetary policy can include a zero-interest rate policy (ZIRP) and the unrestricted creation of money through the purchase of securities across the yield curve, quantitative easing, or QE. The effect of this framework has been to balloon the Fed’s balance sheet and commercial bank reserves. The policy evolved as the Fed expanded its focus beyond price stability to financial stability and full employment. It also specifically narrowed its inflation focus to price inflation of goods and services, ignoring asset inflation, which enabled the expansionary policy to run longer than it otherwise would have.