?The Federal Open Market Committee decided today t o establish a target range for the federal funds rate o f 0 t o % percent. Since the Committee?s last meeting labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further.? a. Identify whether the topic relates t o fiscal o r monetary policy actions. b. Identify if the policy goal is expansionary or contractionary. c. Who conducts the policy, U.S. Congress and The President or The Federal Reserve?