During a contractionary phase of the business cycle, declining growth in the real GDP and after the peak of a business cycle. During this phase, the entire economy is slowing declining. There was just a huge peak in business and then it falls. Eventually, the economy comes back around but during this time, it's tough.
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The Federal Reserve System, the central bank of the United States, conducts the nation's monetary policy<span>, supervises and regulates banks, and provides a variety of financial services to the U.S. government and to the nation's banks. The Federal Reserve System is supervised by the Board of Governors.</span>
