Federal Reserve
Some of the key events about Federal Reserve
- 1913Established as the central banking system of the United States to provide a safer, more flexible financial system
- 1913Established a centralized banking system, reducing state and local control over monetary policy
- 1929Failed to prevent the stock market crash that led to the Great Depression
- 1933Implemented emergency banking measures to restore public confidence during the Great Depression
- 1933Contributed to the deepening of the Great Depression by contracting the money supply
- 1937Tightened monetary policy prematurely, contributing to a recession within the Great Depression
- 1951Reached an accord with the Treasury Department to regain independence in monetary policy
- 1970sFailed to effectively control inflation, leading to a period of stagflation
- 1977Given a dual mandate by Congress to promote maximum employment and stable prices
- 1979Adopted monetary targeting to combat high inflation
- 1979Implemented aggressive interest rate hikes, contributing to a recession in the early 1980s
- 1987Provided liquidity to markets during the stock market crash, preventing a potential financial crisis
- 1999Did not prevent the formation of the dot-com bubble, which burst in 2000
- 2007Failed to foresee and prevent the subprime mortgage crisis
- 2008Implemented unprecedented measures to stabilize financial markets during the global financial crisis
- 2008Bailed out large financial institutions, potentially encouraging moral hazard
- 2010Launched the 'Comprehensive Capital Analysis and Review' to assess the capital planning processes of large banks
- 2010Implemented quantitative easing, leading to concerns about long-term inflation and economic distortions
- 2012Announced a 2% inflation target to help anchor long-term inflation expectations
- 2020Took swift and extensive actions to support the economy during the COVID-19 pandemic
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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