What is the policy directive, and who carries it out?
O A policy directive is established by the government and submitted the Fed. The chair of the Fed must ensure that the directive is achieved.
O A policy directive is established by the Fed and submitted to the Federal Open Market Committee. One of the members of the FOMC must ensure that the directive is achieved.
O A policy directive is established by the Fed and submitted to the Trading Desk. The manager of the Trading Desk must ensure that the directive is achieved.