See how the level of public trust in the Federal Reserve Chair has changed over time, from Alan Greenspan's 74% trust level to Janet Yellen's 38%.

See all 16 Fed Chairs ranked by stock market performance

Sixteen people have held the office of Fed Chair since 1913, with varying results. From the Fed’s first leader, Charles Hamlin, to Jerome Powell, see in a ranked list how stocks fared for each chair within distinct macroeconomic conditions.

The best (and worst) Federal Reserve chairs since 1914

No institution wields more power in US finance than the Federal Reserve, the central bank of the US—but opinion polls indicate that most Americans don't know what it does.

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

While most Americans grasp the central bank’s impact on curbing inflation, they don’t know that the Fed is tasked with what is called a “dual mandate” to provide price stability and maximum employment. Furthermore, few understand the Fed is independent—it does not answer to Congress or the US president.

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's decisions can impact your money

Car loans, mortgages, business investments—these and more can be drastically impacted by the adjustment of the Federal Reserve’s federal funds rate. Alternatively, savers can earn higher, low-risk yields on their savings when the Fed’s target rate is higher.

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.

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.

Read former Fed chair Ben Bernanke's 2002 speech about preventing deflation

Very low inflation rates in the early 2000s in the United States and a worsening recession in Japan sparked some domestic concern over the threat of deflation. While Bernanke wasn't Chair at the time of the speech, he emphasized the Fed's role in preventing deflation.

Visualizing 40 years of interest rates

The history of interest rates are a proxy of macroeconomic conditions, with higher interest rates indicating periods of decline requiring artificial central stimulation. In a series of charts illustrating rates and their background conditions, you can see the movement of the economy over a forty-year period ending in 2020. Dive into the data here.

The Federal Reserve is the most powerful financial institution in the US

The Fed controls the money supply, determines interest rates, and regulates the banking system. Established in 1913 after a volatile series of financial panics, the central bank has managed to retain its legitimacy despite broad critiques against its obscure and independent decision process.

How much power does the Federal Reserve really have?

Although mechanisms for transparency exist, it wouldn’t be difficult for the incredibly powerful institution to go rogue in the wrong hands. In this podcast episode, analysts game out how such a scenario would go.

The CME FedWatch Tool predicts the likelihood of future rate changes

It's based on federal fund futures contract prices. At a Fed meeting in July 2024, for instance, Chair Jerome Powell once again decided not to lower rates, though he said cuts could be on the table in September.

The US dollar has served as the world's reserve currency for 80 years—but is its dominance coming to an end?

Since the establishment of the Bretton Woods economic system, about 90% of global foreign exchange transactions have involved USD. Although no viable alternative exists yet, the dollar's share of central bank reserves has decreased from 73% to 58% from 2001 to 2024, and President Trump's 2025 tariffs have sped up this trend.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

Visual Capitalist shows the top 50 countries by central bank reserves

As of 2024, China, Japan, and the United States held the top three spots in terms of the value of their respective central bank reserves.

Of the 12 voting policymakers at every Federal Open Market Committee meeting, 4 are present on a rotating basis

To allow for diverse regional perspectives in the votes on monetary policy, heads of regional banks hold voting power on two- or three-year cycles.

The Federal Reserve Act's foundation was laid in a secretive meeting disguised as a duck hunt at the world's most prestigious club, the exclusive Jekyll Island Club in Georgia.

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.

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.

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.

Federal Reserve chair Jerome Powell is a Deadhead

For the uninitiated, that means Powell is an avid fan of the band The Grateful Dead. Powell is also a musician, cyclist, and dog park kerfuffle survivor.

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.

Average three-month CD rates reached a historical high of 18.65% in December 1980

Comparatively, average three-month CD rates reached a low of 0.09% in June 2021 amid the economic turmoil of the COVID-19 pandemic. When inflation began to rise in 2022, the Fed began initiating rate hikes to incentivize saving.

The Chernobyl disaster prompted a sharp decline in public confidence in nuclear power

A Gallup poll from two months after the disaster showed 73% of respondents opposed building a nuclear plant near their homes—up from 45% in 1976. Chernobyl and other nuclear accidents remain in the public consciousness today in debates about nuclear power.

The Federal Reserve follows the health of the US economy by tracking the money supply

That includes all of the physical and electronic money in circulation. It tracks not only US coins and bills, but also the money that moves through bank deposits. The Fed uses metrics called trackers to follow different types of transactions through the money supply.

US inflation can generally be split into to two periods—before and after the Federal Reserve

A central bank itself does not mean significant inflation will occur, but economists generally point to factors like two world wars and the printing of money to finance the US federal deficit as primary drivers of price increases.

The median trust fund contains roughly $285K

That’s according to data from the US Federal Reserve. There isn’t a specific net worth that can help determine whether or not someone needs a trust—but contrary to popular belief, trust funds can be great estate planning tools, even for people who aren’t ultra-wealthy.

Dive into the fascinating journey of a Federal Reserve note

Ever wondered how long an individual dollar bill lasts? After cash is designed and produced, money circulates in the economy, with $100 bills staying in use for the longest on average—roughly 15 years—and the $10 lasting just less than five.

Views on the Nixon pardon softened over time

Americans initially rejected Ford's September 1974 pardon of Nixon—38% approved it versus 53% disapproved—but by 1986, a slim majority (54%) believed it was the right call, showing that public sentiment softened over more than a decade after the controversy.

In recent decades, Supreme Court nominations have grown increasingly contentious and partisan

This video examines the historical shift from bipartisan, civil confirmation hearings to the deeply divisive process seen today. It focuses on the 1987 nomination of Robert Bork, the most recent nominee to be rejected, as an important moment in this transformation.

A dollar bill's value relies on two elements: people believing it will be accepted in exchange for goods and services, and how much demand for the currency there is.

Kevin Warsh married Estée Lauder's granddaughter in 2002

The newest Chairman of the Federal Reserve, Kevin Warsh, is married to Jane Lauder, who served as Estée Lauder Companies' chief data officer until late 2024. Her stake in Estée Lauder Companies is part of what makes Warsh the richest Fed chair on record.

The US dollar became the world's reserve currency, backed by gold, after 44 nations gathered in Bretton Woods, New Hampshire, in 1944 with the intention of rebuilding the global economy.

How the stock market performed under every US president

It's worth noting that the stock market as we know it today didn't exist under the leadership of earlier presidents, such as George Washington and Thomas Jefferson.

How JPMorgan Chase became America's biggest bank

From the railroad and steel consolidations brokered by John Pierpont Morgan on Wall Street more than a century ago, to the repeal of Glass-Steagall, the financial crisis, and Jamie Dimon’s leadership, J.P. Morgan Chase has been at the center of finance for more than a century.

The Yale model of investment allocation, explained

College endowment managers long held to the traditional allocation of 60% domestic stocks and 40% bonds. But Yale’s David Swensen developed a new approach: deprioritizing low-risk fixed income and liquid assets in favor of alternative investments to leverage endowments' long-term investment horizons and capture the “liquidity premium.”

Read about the 'gatekeeper' of the stock market, former index chair at S&P Global

David Blitzer, the former index chair at S&P Global, earned the nickname "gatekeeper" of the stock market after helping decide which companies made it into the S&P 500 for 24 years. Blitzer became a legend in the world of indexing and has a reputation for being even-tempered and always wearing a bow tie.

'Trust is one of the greatest economic forces on earth' - Charlie Munger

Climate change skepticism and business interests politicized environmental protection

The EPA was created under a Republican administration with bipartisan support in response to overwhelming public demand during a time of visible pollution and environmental crises. Beginning with President Reagan, the agency was recast as burdensome, and environmental regulations have been gradually rolled back.

Dr. Martin Luther King Jr. was unpopular with most Americans during his lifetime

Polling shows that public opinion of Dr. King shifted dramatically after his death: viewed unfavorably by most Americans in the mid-1960s, more than 80% of the public now believes he had a positive impact on our country, according to data from Pew and Gallup.

In President Trump's first year of his second term, inflation fell from 3% year-over-year in January 2025 to 2.7% in December

While the price of eggs and bread went down over Trump's first year in office during his second term, coffee and beef prices rose. Utility bills and home insurance continued to surge, but mortgage rates, rent, and home prices began to stabilize in 2025.

How partisan is your district?

The highly-respected Cook Political Report rates how partisan--and therefore, how safe--every district in the US is. Hover over your home district to see the score.

Why the SEC was started

The Securities and Exchange Commission was created during the Great Depression to restore public trust in financial markets after the 1929 crash. Established in 1934, it enforces transparency, investigates fraud, and protects investors by requiring companies to disclose accurate information and holding violators accountable.

Raising interest rates can help control inflation

While controlling a complex and dynamic economy is difficult, interest rates—more specifically, the rate at which banks lend each other money overnight—are a powerful tool. Generally, raising the rate makes purchases more expensive and cools an overheated economy.

Hear a finance professor answer questions about investing

From stocks and index funds to gold, a business professor at Duke University answers questions from the internet about investing.

Relive the biggest swings in the Dow’s history

From the 1929 crash to the Coronavirus Pandemic in 2020, this piece spotlights five of the most dramatic single-day moves in the Dow’s 125-year history.

See checks signed by US presidents

One bank has made it a point to conserve checks from US presidents. Peruse this gallery of signed checks from Washington, FDR, JFK, Lincoln, and more.

Some institutional investors are growing wary of private equity, as certain investments underperform traditional market indices

Private equity often attracts investors who can afford to tie up capital for long periods of time in exchange for higher returns than traditional investments. For many years, private equity at least tracked with the S&P 500 in terms of returns to investors, but in 2024 and 2025, it underperformed and posted declining returns.

Why private credit has faced challenges in recent years

The factors that some experts say are driving what could be private credit's most challenging era since the 2008 financial crisis include global economic uncertainty around trade and tariffs, investor fears about the amount of money being spent on artificial intelligence, and more.