re: Does the Federal Reserve have objective tools to raise and lower rates?

Yes. They simply do it. It's called manipulation of currency and it's the most diabolical thing a government can do against its people. Past administrations (especially democrat) have used Federal Reserve money policy to fund massive social spending, fight wars (remember Viet Nam) and create the illusion of wealth. As long as our dollar was the world reserve currency and as long as foreign countries bought our treasuries everything was peachy. But now the party is over.....time to pay the fiddler.

This will not be pretty to watch.