The Federal Reserve and Critical Moments in U.S. Monetary Policy

A short history

In 2021, the U.S. missed a once-in-a-generation opportunity to refinance its national debt at near zero-rates. With soaring interest rates and a looming debt storm approaching, the actions of the Treasury and Federal Reserve have never been more important. We decided to look back at the history of monetary policy from the establishment of the Federal Reserve in 1913 until today to put what’s happening into historical context. Here’s the story: Subscribe now 1. The Need for a Central Bank Before the creation of the Federal Reserve, the U.S. had a fragmented banking system that often faced…

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