Unlocking the Secrets of the Fed: How Monetary Policy Affects the Economy and Your Wealth-Creation Potential

Unlocking the Secrets of the Fed: How Monetary Policy Affects the Economy and Your Wealth-Creation Potential

Unlocking the Secrets of the Fed: How Monetary Policy Affects the Economy and Your Wealth-Creation Potential

Unlocking the Secrets of the Fed: How Monetary Policy Affects the Economy and Your Wealth-Creation Potential

Synopsis

Written by America's most respected Fed watcher-Dr. David Jones-Unlocking the Secrets of the Fed gets inside the world of monetary and fiscal policymaking and explains how understanding and anticipating the actions of the Federal Reserve is critical to your investment success. This straightforward and well-rounded guide offers a wealth of practical information on the leading economic policy institution in the world-the Federal Reserve. This unique book: Addresses the impact of Federal Reserve actions on the economy and the average American's wealth-creation potential Closely examines the Fed's policy objectives, operating techniques, and favorite financial and economic indicators Reviews the modern-day Fed's main challenges Underscores the important role that psychology plays in our nation's economic expansions and contractions Explains asset price bubbles and the implications for the economy Assesses the performance of contemporary Fed leaders such as William McChesney Martin, Paul Volcker, and Alan Greenspan As one of the pioneers of "Fed watching," Dr. Jones knows all there is to know about the Federal Reserve. Take this opportunity to learn how the Federal Reserve's decisions affect your investments as well as the economy as a whole.

Excerpt

As one of the pioneers of “Fed Watching, ” I have an eternal affinity for the mystery and power of central banking. In the past, a veil of secrecy has shrouded central bank deliberations and policy intentions. In contrast, the watchword today is transparency regarding goals and tactics. In my 33 years of closely observing our Federal Reserve (the “Fed”) from the outside (preceded by five years as an economist at the New York Fed on the inside), I have never seen central banking more in the spotlight than at this moment.

This book is aimed at helping finance professionals— including portfolio managers and bank and nonbank assetliability decision-makers—along with conscientious individual investors gain insight into the Fed's behavior, with a view to forecasting future monetary policy actions and related movements in interest rates and the stock market. I will examine closely the Fed's policy objectives, operating techniques, and favorite financial and economic indicators. Also, I will thoroughly review the modern-day Fed's main challenges and concerns in order to gain greater insight into its policy actions.

Contributing to higher central bank visibility, in addition to a deliberate Greenspan Fed effort at greater transparency, has been the founding of the European Central Bank (ECB) and the launching of the euro, scheduled to be fully phased in as a single currency originally for 11 (now 12) major European countries by 2002. Also, there was the much-publicized need for central bank cooperation in coping with the 1998 global financial crisis and, of course, in dealing with the fall-

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