Ever wonder how tiny shifts in interest rates affect your mortgage or savings? You're about to learn how the Federal Reserve wields immense power over the economy, often without you even realizing it.
The Federal Reserve, or "the Fed," is the central bank of the United States, established in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system.
Unlike central banks in many other countries, the Fed has a unique structure with both private and public components, including a Board of Governors, 12 regional Federal Reserve Banks, and the Federal Open Market Committee (FOMC).