The article is devoted to the analysis of the activity of the US Federal Reserve System (FRS) during the first two decades of the 21st century. The evaluation of the Federal Reserve System as one of the most important institutions of macroeconomic policy is given. The evolution of the Fed monetary policy is analyzed. The issues of rethinking the experience of the anti-crisis and stimulating monetary and credit policy over the past decade, the problems and possible consequences of the so-called normalization policy are treated with special awareness. As a conclusion, the international transmission of monetary policy of the USA is considered.