I. ˌFederal Reˈserve ˌBank, the BrE AmE ( also FRB ) ( also the Fed informal )
the US ↑ central bank which is divided into twelve banks each operating in a different area of the US according to the Federal Reserve System. The ‘Fed’ has an important influence on US economic policy, because it fixes the rate of ↑ interest that banks must pay when they borrow money.
II. ˌFederal Reˈserve ˌSystem, the BrE AmE ( also the Fed informal )
the national banking system in the US, according to which the Federal Reserve Bank operates