The article discusses the phases of U.S. monetary policy from 1987 to 2001. Despite efforts to control inflation in the 1980s, more work was needed for price stability. The 1990s saw economic growth, but monetary policy remained challenging. The Fed faced different issues in each phase, from inflation after the stock market crash to the recession in 2001. The article shows how interest rate policies were used to support the economy's goals throughout the period.