Decisions from the Federal Reserve have far-reaching implications, yet it remains one of the most misunderstood government institutions. A new book provides an examination.
Key Details
- Jeanna Smialek’s book Limitless dives into how the Fed transformed into the banking institution we know today and how that institution directs the lives of Americans.
- The New York Times business reporter explains how the Fed’s role has changed over the years as citizens expected greater transparency and more activism from their government institutions.
- Over time, the Fed has become an increasingly transparent institution, yet understanding how it operates and maneuvers can still be complex.
Why it’s important
The Fed has become more prominent in the lives of everyday Americans as its decisions affect pricing on everything from produce to housing.
Its transition from a secretive financial institution to the more transparent version we see today has lasting effects on the typical American.
Simailek’s book tells a modern and historical tale, looking at current Fed Chair Jerome Powell along with past chairs such as Marriner S. Eccles. Looking through the history of the Fed, Simailek details the Fed’s inner workings and functions, explaining how it guides the nation through crucial points in history.
Smialek has covered the Federal Reserve during her time as a reporter for The New York Times. She has also written for Bloomberg News and Bloomberg Businessweek, MarketPlace radio, and Wharton Business Daily and contributed to CNN, BBC, C-SPAN, AND CBSN.
Limitless was published on February 28, 2023, by Knopf.