How much power does the Federal Reserve really have?

The Federal Reserve is the central bank of the US

No institution wields more power in US finance than the Federal Reserve—but opinion polls indicate that most Americans don't know what it does. Curious about the country's central bank? 1440's got your breakdown of how the Federal Reserve works.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Get the inside story of the duck hunt that birthed the Federal Reserve

Pseudo-duck hunters, private train cars in Hoboken, and a thrilling work week over Thanksgiving 1910—all and more are featured in the wild story of how a group of fed-up bankers and lawmakers tried to create an enduring central bank for the US. Records of the meeting managed to remain hidden for decades.

The Federal Reserve didn't institute an official no comment period before meetings until 2011

Although Fed governors have largely practiced some version of a blackout period before Federal Open Market Committee meetings where the board decides where interest rates should be since the 1980s, the official blackout period wasn't formalized until 2011. During the blackout, members of the Federal Reserve generally aren't allowed to speak publicly on macroeconomic or monetary policy in order to avoid any confusion over the board's decisions.

See a chart of public trust in the Federal Reserve

An illuminating chart shows the percentage of Americans who trust the current Fed Chair, going back to 2005. See how we went from Alan Greenspan’s 74% trust level to Janet Yellen’s 38%.

Listen to a podcast episode that goes inside the 2017 Equifax credit bureau hack

This podcast episode details a 2017 credit bureau hack in which Equifax data about millions of Americans was compromised. It dives into the history of credit bureaus, specifically how they became legally allowed to access Americans' financial information without Americans actually volunteering it themselves.

Hear about the secret room where your rights are decided

A court designed to be the least powerful branch became one of the most influential institutions in history. 1440 Explores host Sony Kassam dives inside the Supreme Court of the United States, with help from Yale law professor Akhil Reed Amar, to uncover how it gained extraordinary authority, what really happens behind closed doors, and why its power has become one of the most fiercely contested questions in modern democracy.

Spellcaster: the rise and fall of Sam Bankman-Fried

The rapid collapse of FTX, one of the world's largest cryptocurrency exchanges, in late 2022 shocked the world. At the center of the fiasco was Sam Bankman-Fried, a 29-year-old wunderkind who had entranced politicians, journalists, financiers, and others with his melding of altruism and digital currency. The sordid details revealed as the empire fell captured public attention—venture into the death spiral with this in-depth podcast from Bloomberg.

The US national debt has become more important in recent months

In a moment of deep economic uncertainty, the national debt now matters more than ever. Listen to this podcast to find out why and also explore answers to questions like, "Who does the US owe money to and why?"

Governments are arguably very dependent on consulting firms like McKinsey and Deloitte

This podcast episode discusses the consultancy industry’s rise and how these firms make billions of dollars, even amid significant scandals.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

Bank runs, explained

A major feature of the modern financial system is trust: if an institution loses it, customers will quickly withdraw deposits and stockholders will sell their shares. This digestible animated video looks into the nature and history of bank runs and...

In the aftermath of the 2008 financial crisis, the Fed began a program of quantitative easing

This program injected trillions of dollars of new money into financial markets to stimulate the economy. The move catalyzed an 11-year bull run and was repeated during the pandemic. Experts argue such power could worsen wealth inequality and contribute to bubbles in housing and finance.

Listen to scholars debate abolishing the Electoral College

In this 2016 podcast episode, Harvard's Alex Keyssar and UVA's James Ceaser debate why the Electoral College was created, how parties reshaped it, and what reforms—national popular vote, runoffs, district allocation—could replace it.

Behind the scenes on tariff politics

Economist Gene Grossman joined the Trade Talks Podcast to discuss why tariffs really happen. The episode digs into how voters, politicians, lobbyists, and even campaign cash can affect when protectionist trade policies are put forward. Produced in 2019, the podcast also discusses how populist trade policies and identity politics accounted for Donald Trump’s victory in the 2016 Presidential election.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

Critics argued Hamilton prioritized central power over popular sovereignty

This podcast examines Hamilton's belief in expansive federal power and why he was repeatedly labeled a monarchist—tracing how his calls for a strong executive, his life-tenure proposals at the Constitutional Convention, and his admiration for British stability fueled accusations that he favored centralized power over republican rule.

A Wall Street Journal podcast examines allegations inside the WEF

In this episode of "The Journal," WSJ reporter Shalini Ramachandran investigates claims from current and former employees that the organization behind Davos fostered a toxic workplace, sparked by an anonymous whistleblower letter in 2025 and internal accounts.

A legal scholar argues that the existing war powers framework may collapse in the event of a major power conflict

The legal tests presidents have used to avoid seeking congressional authorization were designed for weaker adversaries. This piece argues that those tests fail against similarly armed competitors, where even limited strikes risk significant escalation, potentially triggering a constitutional crisis over who has the authority to respond.

The Federal Reserve targets 2% inflation

It’s an arbitrary number originating from an offhand comment made by a New Zealand policymaker. The real objective is to maintain predictable prices for businesses and families to plan around while avoiding the dangers of deflation.

A podcast unpacking Pakistan’s political turmoil

Pakistan has been immersed in political crises for over 20 years. Despite being one of the world’s few nuclear powers, Pakistan’s internal instability has caused experts to question whether the country is, in fact, a failed state. Deep divisions...

The global horse market is worth about $400B

In this podcast episode from a new series on horses, Freakonomics explores the market around buying and selling some of the world's top sport horses, and the nebulous forces that make them so valuable.

Because of their size, sovereign wealth funds create anxiety about foreign undermining of financial systems

Across the board, sovereign wealth funds have an immense amount of capital, and, therefore, influence in global financial markets. Critics argue that this influence could enable a foreign country to harm another country's financial market by either investing adversely in competitive markets or by withholding critical capital.

In 13 years, Hitler transformed a fringe sect into Germany’s dominant political force

The BBC Radio 4 podcast Nazis: The Road to Power chronicles Hitler’s meteoric rise—from fewer than 100 followers in 1910s Bavaria to absolute control by 1933—highlighting key conspiracies, political deals, brutal street violence, and forgotten figures that paved the way for Nazi tyranny.

How did China go from an empire to a republic?

In the 1800s, as China's economy was in flux, foreign imperialist powers began appearing on the horizon, leading China to lose land and influence in the region. This 48-minute podcast episode explores how this destabilization set the stage for the...

Commodity traders are the most powerful people you've never heard of

Just beneath the surface of the global economy is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity—they're called commodity traders. Their power partly stems from the fact that commodities are essentially the building blocks of the economy at large.

Understanding the power grid and how renewable sources fit in

The power grid is evolving to include ever-higher levels of solar and wind, which don’t provide inertia. Should system planners and operators panic?

Will AI kill us all? A debate

As AI becomes a bigger part of our lives, what does that mean for the future of humanity? The podcast Entanglements hosts a pessimistic former OpenAI employee and an optimistic Princeton professor to discuss whether AI brings dystopia or a brighter future.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Listen to an in-depth conversation on the links between Parkinson's disease and herbicide exposure and the challenging pace of scientific investigation.

Hear about the 250-year history of the United States Postal Service, complete with some of its strangest deliveries, important innovations, and the figures that made it an American institution.

How fusion—which releases energy when two lighter atoms combine to form a heavier atom—differs from fission

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

Radioactive elements can introduce software errors because the ionizing radiation they produce can detach electrons from atoms, and computer code relies on the distribution of electrons.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Exploring the Larry Bird punch that almost changed March Madness

Explore chaos in this simulation of two double pendulums, where small differences in the release angles produce wildly different outcomes.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

After NASA's Voyager 1 captured Earth as a single pixel as it left the solar system in 1990, astronomer Carl Sagan used the image to reflect on humanity's fragility and the responsibility to protect 'the only world we've ever known.'

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution

Search a massive database of over 4 decades of clues from the TV quiz show 'Jeopardy!'

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.