1. (Fed Tools of Monetary Control) Review the Fed's online brochure on the Federal Open Market Committee (FOMC) at http://www.federalreserve.gov/pubs/ frseries/frseri2.htm, especially the sections titled "The Decisionmaking Process" and "Reports."What informa- tion does the FOMC consider as it plans open-market operations? Look at the minutes of the most recent meeting to determine what kinds of open-market operations are going on now.

2. (Case S tudy: Banking on the Net) The Journal of Internet Banking and Commerce at http://www.arraydev.com/ commerce/JIBC/current.asp is a Web-based magazine devoted to Internet banking and related issues.Take a look at the current edition and see whether you can determine what effect electronic banking is having on the Fed's ability to control the U.S. money supply. Also, see what you can learn about the status of Internet banking outside the United States.