Understanding the Federal Reserve

The Fed is the US central bank. The US has a fairly complex history of central banking (see here for the official version); the Fed was officially created by Congress in 1913 but did not really get the independence that it enjoys today until 1951. The following essays address the structure of the Fed, the mandates (or objectives set by Congress) of the Fed, the tools with which the Fed tries to achieve those objectives and the methods with which the Fed communicates with the market,

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