Locate a recent article (published within the last year, include reference) that discusses the objectives of the Federal Reserve Banking System, monetary policy tools and how they work, and whether the Federal Reserve Banking System is using expansionary or contractionary monetary policy.

• Define the term monetary policy tools.
• Explain how each monetary policy tool is used.
• Provide an example of a real-life application in which the Federal Reserve Banking System would use contractionary monetary policy over expansionary monetary policy.
• Discuss which monetary policy is used most often and why.