The US Federal Reserve System is the most powerful central bank in history and the dominant force in the US economy today. The Fed is often described as having a dual mandate to provide price stability and to reduce unemployment. The Fed is also expected to act as lender of last resort in a financial panic and is required to regulate banks, especially those deemed “too big to fail”. The Fed also represents the US in central bank meeting venues such as the G20 and the Bank for International…
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