I. ˌFederal Reˈserve ˌBank, the (also FRB) (also the Fed informal)
the US central bank which is divided into twelve banks each operating in a different area of the US according to the Federal Reserve System. The ‘Fed’ has an important influence on US economic policy, because it fixes the rate of interest that banks must pay when they borrow money.

[TahlilGaran] Dictionary of Contemporary English ▲

II. ˌFederal Reˈserve ˌSystem, the (also the Fed informal)
the national banking system in the US, according to which the Federal Reserve Bank operates

[TahlilGaran] Dictionary of Contemporary English ▲