Learn how the economy works
Plain-language guides to the ideas behind the headlines. No jargon, no finance degree required. For quick definitions, see the glossary.
How the Federal Reserve works
A plain-language guide to the US central bank: what the Fed does, how it sets interest rates, and why its decisions move markets around the world.
Read the guideWhat is a recession?
A recession is a broad, sustained fall in economic activity. Who actually decides when one starts, why the two-quarter rule is a rule of thumb rather than the definition, and how long they typically last.
Read the guideWhat causes inflation?
Inflation has two broad causes, demand running ahead of supply and the cost of production rising, and central banks can only really act on one of them. Why the headline number describes almost nobody.
Read the guideWhat moves oil prices
Why crude oil prices swing so much: supply and demand, OPEC, geopolitics, the dollar, and how it all feeds into inflation and your fuel bill.
Read the guideHow inflation is measured
What inflation really is, how the CPI is calculated, why 'core' inflation matters, and why a single monthly number can move markets.
Read the guideHawkish vs dovish: what the words actually mean
Hawkish and dovish describe how a central banker weighs inflation against jobs. What each term means, why tone can move markets before any rate changes, and how to read a policy statement.
Read the guideHow the stock market works
What a stock actually is, how prices are set, what indices like the S&P 500 measure, and why the market moves on news, earnings, and interest rates.
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