33% of Americans say they don’t know very much about what the Fed does

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 central bank was designed to operate free of short-term political influence to prevent the Fed from making disastrous policy decisions

Although the Fed Chair and the six other Governors of the Board are appointed by the US president and approved by Congress, the Fed is not funded by congressional appropriation, and its board members are appointed to lengthy 14-year terms.

Central bank independence is correlated with lower inflation on average

Executives may seek to influence the central bank to reduce interest rates for political points. Since its creation in the early 20th century, the US' Federal Reserve saw the most interactions from the president during the Nixon and Ford administrations.

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.

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%.

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

While the Fed is involved in issuing new generations of cash, the way it adds to the money supply does not involve printers

The majority of money in circulation is credit, not cash. This credit, which acts similarly to direct deposit from employers, is added to bank accounts by the Federal Reserve. The Fed also employs tools like the federal funds rate and open market operations to expand or contract credit.

America's most misunderstood dollar

The $2 bill isn't rare; it's just hiding. First printed in 1862, stopped in 1966, and revived in 1976, there are still 1.6 billion in circulation. People just don't spend them.

The Fed operates within the open market as a competitive bidder of interest rates

Because it’s viewed as a risk-free platform to earn interest, whatever rate it sets becomes the default benchmark. To maintain its target rate prescribed by the Federal Open Market Committee, the Fed has various tools it offers both commercial banks and home loan institutions.

Inflation explained in under 3 minutes

Keep seeing inflation in the news, but don't have a great grasp on what it means or how it works? This overview from 1440 breaks down how economists think about inflation, what it means for the average consumer, and how governments attempt to keep rising prices in check through various policies.

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.

Americans think being informed is a priority for voting, but don't prioritize reading the news

Many Americans report feeling "news fatigue," finding much of the news they encounter irrelevant. Still, being informed is recognized as a major civic duty. Many Americans have stopped seeking out the news or are far more selective about where they receive it, and an increasing sense that its up to individuals to confirm the facts they're being told.

Ten lesser-known duties of the US president

The president of the United States is one of the most powerful positions in the world, but what exactly do they oversee? In addition to the obvious tasks of commanding the military, signing laws, and shaping national policy, this article highlights the lesser-known responsibilities of the American president. Naming national monuments and managing the White House beehive are just a few of the jobs you may be surprised to learn about.

Some argue that stablecoins are unnecessary due to the ubiquity of the US dollar

Others have criticized fiat-backed stablecoins for their lack of decentralization, believing that digital currencies not controlled by central banks will become more popular in the future.

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.

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

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

A third of Americans don't have the cash they need to cover a $500 emergency

That's according to a 2023 Federal Reserve survey. So what does the average American in this camp do when, say, their car breaks down? This video compares six of the most common ways Americans get money when they don't have it. As it turns out, some of them opt for payday loans, which this video argues are predatory.

The market share of institutional investors in the US housing market is less than 1%

Institutional investors have drawn negative media attention for their purported role in limiting housing supply and driving housing unaffordability. This report separates myth from fact in the nuanced discussion around institutional investors' role in the US housing market.

One reason Americans are bad at math

The president of Barnard College explains why we need to better understand the links between math anxiety, math avoidance, and the US’s dismal test scores.

Only 28% of Americans think restaurant prices are fair

Seven in 10 Americans dine out at least once a month, but only 28% of diners think menu prices are fair, a 2025 YouGov survey found. That changes only slightly by income, with 44% of higher-income Americans finding the prices fair.

35% of polled Americans said they'd view people differently if they knew they had a mental illness

In April 2025 polling, mental health remained highly stigmatized in the US. Though 88% of US adults say a mental health disorder is nothing to be ashamed about, 84% of them think the term "mental illness" carries a stigma and only about half of respondents said they'd feel comfortable sharing their mental health struggles with others.

The mysterious Fort Knox houses much of America’s gold reserves

This fortified vault, built in 1936, is part of the US Mint, but it doesn’t create any currency. Only a presidential order can open Fort Knox—there has not been an audit of its contents since 1953.

Why the employment report matters to Wall Street

On the first Friday of every month, the US Bureau of Labor Statistics releases the infamous "jobs report." The report essentially tracks how US employment is doing, from the unemployment rate to the number of people in the US currently on payroll. But most importantly, the jobs report has major implications for the economy at large. To find out how this monthly report impacts Wall Street, read this article.

62% of independent workers said they would prefer permanent or non-contract work

In the consulting firm McKinsey’s 2022 “American Opportunity Survey,” 36% of employed respondents (about 58 million Americans) classified themselves as “independent workers.” But they’re not all thrilled about their current professional status.

Roughly 40% of basic US research is federally funded

Basic research aims to produce new knowledge for it's own sake, as opposed to applied research, which seeks direct application. Private businesses make up the bulk of the rest of the funding.

Some economists argue the national debt is not a critical concern

The US has the largest national debt and one of the highest debt-to-GDP ratios. These vitals have long been considered a sign of poor fiscal health, but economists are beginning to shift their attention to interest rates to evaluate national debt.

Despite being favored by 87% of Americans, Congress does not have term limits.

This is the longest the US has gone without a minimum wage increase since 1938

The US government hasn’t increased the federal minimum wage in more than a decade. Some people argue it's wrong that Congress needs to debate whether or not to raise the minimum wage—and that perhaps these raises should be tied to inflation.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

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

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

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

44% of Americans say they pray at least once a day—discover how your state's religiosity stacks up against the rest of the country.

Lesser-known phobias include turophobia, or the fear of cheese, and nomophobia, the fear of being without your cell phone.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

The Mona Lisa's celebrity status and repeated restorations have obscured what made the painting so revolutionary for its time

20,000 letters to the advice columnist 'Dear Abby' provide insight into prevailing sex, religion, and LGBTQ fears, anxieties, and concerns from the 1950s onward.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

Researchers believe the brain consolidates memories, processes emotions, and plans for the future during dream states

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

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