# A version of this story

By [ObduliaShearha](https://paragraph.com/@creazioni) · 2022-07-25

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_A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up_ [_right here_](https://edition.cnn.com/specials/investing/before-the-bell)_. You can listen to an audio version of the newsletter by clicking the same link._

New York (CNN Business)Since its founding in 1913, the US Federal Reserve has fought to achieve three goals: maximum employment, stable prices and moderate long-term interest rates. But that's about all that's remained consistent in the central bank's 109-year legacy of monetary policy.

Economists at the Fed work hard to maintain the institution's reputation as a stoic pillar of economic wisdom — unperturbed by politics or the whims of the day, all-knowing and, most importantly, effective. This image obsession serves an important purpose: The central bank's dependability hinges on Americans believing that it's ... dependable.

That's no secret. In their [June meeting minutes](https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20220615.pdf), officials noted strong credibility and communication had "been helpful in shifting market expectations of future policy and had already contributed to a notable tightening of financial conditions that would likely help reduce inflation pressures by restraining aggregate demand."

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*Originally published on [ObduliaShearha](https://paragraph.com/@creazioni/a-version-of-this-story)*