... Understanding the financial data that is presented (i.e., reading in between the lines of FOMC's statement) 2. Two perspectives: Consumers and Businesses The Federal Reserve System (the Fed) is the central bank of the United States which was founded by Congress in 1913. Its primary responsibilities are conducting the nation's monetary policy; supervising and regulating banking institutions and protecting the credit rights of consumers; maintaining the stability of the financial system; and providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions (www.federalreserve.gov). The Fed consists of twelve administrative districts and banks inclusive of major cities across the United States. Each of these Federal Reserve Banks gathers information regarding the current economic conditions for their respective areas which is summarized by district and sector in the Beige Book. The Beige Book is published eight times a year and the overall report from the twelve ...

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