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Financial institutions and the Federal Reserve System are powerful forces in our lives. What are some...

Financial institutions and the Federal Reserve System are powerful forces in our lives. What are some of the major concepts in which may impact your personal or work life?

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Financial institutions and the Federal Reserve System affect our everyday lives as it acts behind the scenes to touch the lives in several aspects. It has strong influence to squeeze and stretch our spending by increasing or decreasing the money supply. It has a control on the prices stability, keeping employment high and long-term interest rates in check. Therefore our lives are affected in direct ways, from the cost of borrowing money to finance a car, how much interest the savings accounts earn, making a decision on home purchase or starting a new business. Even the cost of groceries and daily use items are affected by the financial institutions and the Federal Reserve System. These also influence the ability of organisations to hire employees and impact our professional lives.

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