In the USA: "The Fed" (singular) almost always, but especially in this context, means the Federal Reserve. "The Feds" (plural) usually refers to some or anoth

In the USA: "The Fed" (singular) almost always, but especially in this context, means the Federal Reserve. "The Feds" (plural) usually refers to some or another branch of federal law enforcement, especially the FBI. It occasionally refers to a non-law enforcement federal agency.