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Alan Greenspan, the economist who led the Federal Reserve for nearly two decades and rose to become one of the most powerful figures in global finance, died Monday morning at the age of 100.
His passing marks the end of a career that defined how a generation of investors, policymakers, and central bankers understood the role of monetary authority in a modern economy.
What the Federal Reserve Is — and Why Its Chair Commands Markets The Federal Reserve is the central bank of the United States, the institution responsible for setting the short-term interest rates that ripple through every corner of the global financial system.
Its chair does not merely manage a government agency; the position functions as the single most consequential monetary policymaker on the planet. When the Fed chair speaks, bond markets move.
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