How the Fed Really Works

It’s arguably the most important number in the US economy: the federal funds rate, better known simply as the Federal Reserve’s “interest rate.” The Fed picks a rate eight times a year, which dictates how easy it is for consumers and businesses to borrow money for entrepreneurship, home buying, credit cards, and more. But Susan Collins, president of the Federal Reserve Bank of Boston — the first woman of color to lead any regional federal reserve bank — says the Fed’s job goes way beyond setting interest rates. On today’s episode, she talks about traveling across New England to meet families struggling with the high cost of housing and child care, and how their stories influence decisions made by the nation’s central bank. Email us at saymore@globe.com.

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