Limitless, by Jeanna Smialek
Whether staving off total economic collapse during the 2008 financial meltdown, countering the shocks of the covid-19 pandemic, or, most recently, struggling to lower inflation, the Federal Reserve has taken its emergency powers to new lengths. Jeanna Smialek, who covers the Fed for The New York Times, describes this expanded activism and makes clear the result has been a fundamental change in the Fed’s purpose and function in America’s economy. In telling the story of how the U.S. central bank is wrestling to define itself in a changing world, Smialek not only recounts the inside debates, but provides revealing portraits of key players, among them current Fed chairman Jerome Powell. All in all, an engaging and informative narrative.