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When the Fed increases interest rates, it is said to be ?tightening? monetary policy. A higher interest rate may help control high inflation because, the theory suggests, access to credit becomes more expensive (i.e., financial conditions tighten), which reduces consumption and investment.

?Synchronised tightening of monetary policy globally has progressively increased the risk of a hard landing, i.e., a recession to tame inflation.

The tight monetary policy impact includes boosting interest rates curbing money flow between individuals and banks, and reducing credit. It absorbs extra capital from an economy.

One sense of front-loading is that by tightening more expeditiously now, central banks will not have to do as much later. In other words, a front-loaded tightening is associated with an expected path with relatively larger interest rate increases at the outset, followed by smaller ones.

The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently. When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances.

When reporting foreign financial accounts on FinCEN Form 114 (FBAR), all amounts must be reported in US dollars. FinCEN requires you to use the US Treasury foreign exchange rate as of December 31st of the year in question. The US Treasury publishes this rate here.

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