The Fed’s main job is to help keep the U.S. economy humming along. You don’t have to be an economist to understand why that’s a good thing. investinyou (In partnership with acorns.)
What does that mean? And more important,"First, we have to look at how bad policy affects households and small businesses," said CNBC contributor Sarah Bloom Raskin, a Duke University professor and former deputy Treasury secretary and Federal Reserve governor. "It's a critical function and a critical insight.Despite her substantial background, Raskin keeps it real.
Among other things, the Fed determines interest rates, how costly it is to borrow money. People borrow money for all sorts of things — to buy houses, cars, for education. That rate — the federal funds rate — has the effect of trickling through into other borrowing rates. If the federal funds rate is higher, it means banks have to pay more for funds that they are borrowing. And that will, of course, make them charge more when they are lending.
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