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<p>Annual report of the Federal Reserve Bank of Richmond, 1966 (via <a href="">FRASER</a>)</p>
Economic expansions are characterized by growing employment and economic output.

Front row, L-R:&nbsp;Charles Hamlin, William McAdoo, Frederic Delano. Back row, L-R:&nbsp;Paul&nbsp;Warburg, John Skelton Williams, W.P.G. Harding, A.C. Miller.
Fed’s Formative Years

The Fed came into its own in the two decades following the signing of the Federal Reserve Act in 1913

Federal Reserve Board Chairs Ben Bernanke,&nbsp;Paul Volcker, and Alan Greenspan.
Great Moderation

This period of relative macroeconomic stability lasted from the mid-1980s to 2007

Federal Reserve Board Chairman William McChesney Martin, pictured beside President Lyndon Johnson, discusses the Board’s action on raising the discount rate at a December 1965 news conference.
After the Accord

The Fed used its newly gained independence to create a new kind of monetary regime