Episode 222: "What You Need to Know About Your Money and the Federal Reserve" with Cato's Norbert Michel
Is the Federal Reserve a godlike Zeus able to control our money and the economy, preserve financial stability and keep a lid on inflation?
Or is it like the Wizard of Oz? A little man behind the curtain pulling levers to create smoke and noise to terrify and control people, but in the end only one market participant among many worldwide.
If you're a bond trader in New York, trying to predict minute day to day changes in interest rates, it's more like Zeus. For the rest of us, I believe, it's like Oz.
Trying to figure out the Fed is a complicated business and I'm delighted to be joined again…
The skinny
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