The Fed: Everything Everywhere All at Once

Did the Fed just guarantee every bank deposit in America? That's really not the Fed's job; it's up to the FDIC to insure deposits up to a maximum of $250,000. By law, the Fed's job is to keep unemployment and inflation down.

In addition to its legal "dual mandate," the Fed is ultimately responsible for maintaining financial stability. Our central bank was established in 1914 to do just that as the so-called "lender of last resort." On Sunday, the Fed effectively agreed to guarantee 100% of deposits for 100% of all depositors. That was in response to the bank run on Silicon Valley Bank last week.