Monetary policy of the Central Bank of the Russian Federation in the global economy

The US Federal Reserve System manages the largest economy in the world, therefore it has an effect on consumer prices in the international economy and the world economic system. The Central Bank of the Russian Federation should take into account the impact of the monetary policy of the US Federal Reserve System on economic conditions in Russia, often characterized by increased consumer inflation. Therefore, the topic of studying the influence of the US Federal Reserve System on the actions of the Central Bank of the Russian Federation is relevant. The scientific article is devoted to studying the impact of identical, tight and soft monetary policies of the US Federal Reserve System on the consumer price index in Russia and the activities of the Central Bank of the Russian Federation. The methodological basis is the theoretical approaches of central banks to monetary policy in the context of changing consumer prices. The methods of work are ADF test, KPSS test, correlation and regression analysis, economic and mathematical modeling, forecasting, tabular, graphical. The information base of the study was made up of data: the US Federal Reserve System on the federal funds rate, the M2 monetary aggregate in the USA; the US Bureau of Labor Statistics on the US consumer price index; the Central Bank of the Russian Federation on the key rate, M2 monetary aggregate in Russia, consumer price index in Russia. The results of the study showed: 1) the identical policy of the Central Bank of the Russian Federation and the US Federal Reserve System allows the Central Bank of the Russian Federation to maintain control over consumer prices in Russia; 2) under the conditions of a tight monetary policy of the US Federal Reserve System, the Central Bank of the Russian Federation can pursue an expansionary policy aimed at reducing the key rate and expanding the money supply in Russia; 3) the soft monetary policy of the US Federal Reserve System increases the consumer price index in Russia and forces the Central Bank of the Russian Federation to increase the key rate. In the course of the work, the following conclusions were made: during periods of a tight monetary policy of the US Federal Reserve System, it is advisable for the Central Bank of the Russian Federation to reduce interest rates to minimum values and maximize the money supply in our country; during periods of soft monetary policy by the US Federal Reserve System, it would be advisable for the Central Bank of the Russian Federation not to rush to raise the key rate and to make it clear to the US Federal Reserve System, as a world leader, about the need to target inflation in the international and global economy.