What tools did the Federal Reserve Board take into consideration before they decided on adopting current monetary policy in response to the Covid-19 pandemic?

United States economic policy does not develop in a vacuum. It is shaped and molded by the ups and down of the business cycle; the short-term and long-term economic outlook; ideological biases; the stress of the global economy that influences exports, imports, job creation, and the value of the dollar; and the policies of the Federal Reserve Board.

Because the United States economy is experiencing challenging times due to the COVID-19 pandemic, the Federal Reserve Board has utilized a full range of tools to keep the economy stable.

REQUIRED:

1. What tools did the Federal Reserve Board take into consideration before they decided on adopting current monetary policy in response to the Covid-19 pandemic?
2. What are the main components of monetary policy?
3. What were the fiscal measures passed by the U.S. Congress and signed into law by President Donald J. Trump to ease the impact of the Covid-19 pandemic on the United States economy?
4. What are the main components of fiscal policy?
5. What steps can be taken to ensure the compatibility of fiscal and monetary policy?