Limitless

Jeanna Smialek — who reports on the Federal Reserve and the US economy for The New York Times — offers an intriguing look into the Fed, highlighting political controversies centered on the its actions during the 2008 financial crisis and the COVID-19 pandemic.

The US Federal Reserve

Financial crashes occurred regularly in the United States in the 19th and early 20th centuries. Lawmakers created the Fed in 1913. By its willingness to intervene in a crisis, a central bank can calm markets and unwind its backstopping purchases when the situation calms, with little or no cost to taxpayers.