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What the Federal Reserve Actually Does
The US central bank has a dual mandate and a small set of tools. Understanding what it controls directly, and what it only influences, removes most of the confusion around it.
Foundations5 min read
Macro
The Federal Funds Rate
One overnight rate between banks, and the single lever from which almost every other rate in the economy is derived.
Foundations4 min read
Macro
CPI: The Consumer Price Index
The best-known inflation measure and one of the highest-impact scheduled releases. What moves markets is the surprise against expectations, not the level.
Foundations4 min read
Macro
The Jobs Report
Monthly employment data from two separate surveys that regularly disagree. Along with CPI it is the highest-impact scheduled release of the month.
Foundations4 min read