Top 10 cities to visit europe for Once set, the bond traders at the New York Federal Reserve Bank would make the appropriate open market operations to achieve the desired growth rate. Since the mid 1980s, however, the monetary policy in the United States has focused on setting and maintaining a short-term interest rate (i.e., the federal funds rate). Again, open-market operations are used to achieve this goal. BIBLIOGRAPHY. J. Top 10 cities to visit europe 2016.