Earlier I mentioned that I don’t understand exactly how the Fed works, so I have started reading up. This link has a very good explanation for those who want the long winded version, for those less patient, I’ll sum it up here:
The Federal Reserve is made up of independent banks and receives no budget appropriations […]
How the Federal Reserve works and why the interest rate on my savings account dropped
February 7th, 2008 · 3 Comments
Tags: macroeconomics