Thread by @axios

💰 DEEP DIVE: The U.S. Federal Reserve

👇A look at the growing role of the U.S. Federal Reserve — one of the most important economic stories in the world.
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We're not in the throes of a "Greater Depression," and we're not facing a tsunami of bankruptcies. The stock market is hitting record highs and employment is rising.

For all of these things, thank one institution above all others: the Federal Reserve. axios.com/the-federal-re…

Historically untouchable issues — like climate change and race — are now on the table for the Federal Reserve, as it wades further into uncharted territory.
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Not all instances of easy money cause asset-price bubbles — but all asset price bubbles for the past 250 years have been associated with loose monetary policy.
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For all it's impact on the U.S. economy, more than three-fourths of Americans say they know "a little" or less about how the Fed operates and what it does, according to a new Ipsos poll conducted for Axios.
axios.com/poll-not-trust…

The modern Fed is designed to operate free of political pressures, as codified in a 1951 agreement with the U.S. Treasury Department. That gives monetary policy to the Fed and fiscal policy to Treasury. axios.com/fed-politiciza…

Federal Reserve watchers eager to know what President Biden has planned for the agency's top job will likely have to wait until at least this summer since Jerome Powell's current term as chair does not expire until early 2022. axios.com/biden-fed-chai…

🎧 @AxiosReCap goes deeper into the Fed's mission and why it matters more than ever, as part of our special Deep Dive on America's central bank.
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