About the US Federal Reserve:
- The US Federal Reserve, often referred to in short as “The Fed”, is the central banking system of the United States of America, created in 1913.
- Events such as the Great Depression (1930s) and the Great Recession (2000s) have resulted in its roles and responsibilities expanding over time.
- It consists of three major entities – the Board of Governors, the Federal Reserve Banks and the Federal Open Market Committee (FOMC).
- The Fed takes the Monetary policy actions (such as raising or reducing the benchmark interest rate) to influence the availability and cost of money and credit to help promote national economic goals.
Q1) When was the great depression?
The longest and deepest downturn in the history of the United States and the modern industrial economy lasted more than a decade, beginning in 1929 and ending during World War II in 1941.
Source: US Federal Reserve hikes interest rate by 25 basis points to check inflation
Last updated on June, 2026
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