tour the federal reserve nyc

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How to Tour the Federal Reserve in NYC

**Note that public tours are suspended indefinitely. Check back with us, or the Federal Reserve

**School Groups are running and can be scheduled here . **

This post explains how to take a free tour of the Federal Reserve Building in NYC which is one of the top free things to do in NYC .

We include tips on hours, how to get here, as well as other tips to help you plan your visit.

• Reservations

Plan Your Visit

Nearby attractions, what will you see.

• Things to Do in Lower Manhattan

Tour Reservations

Guided tours of the Federal Reserve are offered every weekday (excluding bank holidays).

Currently, this is the only way to get into the Federal Reserve and see the Vault and other exhibits.

Although they have provided a self-guided option in the past, this is no longer an option as of August 2018.

That said, you should definitely check and see if this is still the case because there’s always a chance that they will bring self-guided tours back.

The best part about the guided tour is that it is entirely free. All you have to do is sign up ahead of time in order to make sure you get a spot.

Each tour is limited to a max of 25 guests, so it will be important to make reservations as soon as possible.

Spots for these tours fill up so quickly that you will need to be ready when they are made available, which is 30 days in advance.

So, if 30 days from today is any day from Monday-Friday, tickets will go live today.

Your best bet is to have the reservation calendar open before tickets go live at 9 am EST and be prepared to fill out the forms as quickly as possible.

With an average of 50 openings available per day, it won’t take more than 15 minutes for them to be taken.

As you can see in the image above, taken at the end of August, there is almost no availability for September.

Printed tickets are required for entry and visitors over the age of 16 will need an ID such as a driver's license or passport.

The name on the ID must match the name printed on the ticket. For more details on requirements such as these, check the security details section .

Although most spots for this tour will fill up weeks in advance, there’s always a chance that you’ll be able to sign up on short notice.

TIP: Cancellations are quickly processed, so you might be able to take those spots when they show up. If you’re trying to get tickets on short notice, make sure to keep your eyes peeled on their reservation calendar .

This section will provide all the details you need in order to ensure that you don’t miss anything.

We include information such as tour hours, when to arrive, how long the tour will take, and how to get here. 

This tour is offered twice a day during weekdays unless otherwise stated on their reservation calendar.

Every now and then, they will offer up to 4 tours per day, but these are the typical tour hours you can expect.

Monday - Friday

• 1 PM and 2 PM

Each tour lasts for approximately 1 hour. Federal Reserve tours are limited to 25 people per group.

Due to limited availability, it will be important to sign up as far ahead of time as possible.

If you manage to get a ticket for this tour, try to arrive at least 30 minutes ahead of time to ensure that you can get through security before your tour begins.

This tour starts promptly at the hour and they will not wait for you if you are late.

As a matter of fact, you may want to consider arriving early, because visitors will typically be given the opportunity to walk around the museum before the tour.

TIP: On Mondays and Fridays, our pay-what-you-wish Lower Manhattan tour actually ends near the Federal Reserve at approximately 12 pm.

If you manage to get tickets for a 1 pm tour on either of these days, this would put you in the right place at the right time to arrive a little early and get a good look around the museum beforehand. 

Security Details

As we mentioned in the reservations section, anyone over the age of 16 will need to provide a valid government-issued ID w/ photo to get in.

This can be a state ID, driver’s license, or passport.

Visitors who are under the age of 16 will need to be accompanied by an adult with a valid ID.

Although you are not forbidden from bringing small bags and belongings with you, it is recommended to limit the number of items you bring to the Federal Reserve.

This recommendation ensures that everyone can get through security quickly and efficiently.

It is important to note that there is no storage available for this tour.

If you bring something that is either not allowed or too big, it cannot be held for you and you may be kept from entering the Federal Reserve.

Visitors who are looking for somewhere to store their belongings should check our post about where to find storage lockers in NYC .

In addition to these details, you should keep the following factors in mind before heading to the Federal Reserve:

• Strollers are not allowed.
• Photography is not allowed.
• The building is wheelchair accessible.
• Wheelchairs are not provided.

For more information, check out the NY Fed's FAQ page .

Where is the New York Federal Reserve?

All visitors must enter the Federal Reserve at 44 Maiden Lane. You can reach this location in a number of different ways.

It's best to use this Google map for directions to the Federal Reserve Building .

Car: The Liberty Plaza parking garage is right across the street from the Federal Reserve. If you want to drive, this will be one of the closest places to park.

Subway: The Fulton Street subway station is one block North of Maiden Lane, where you will find the Federal Reserve. You can reach this station riding the 2, 3, 4, 5, A, C, J, Z trains.

Bus: The closest bus stops are roughly one block West on Broadway.

Many hop-on-hop-off bus tours also provide a stop at this location.

Thanks to its location in Lower Manhattan, there are a lot of different things to see and do in the area either before or after your trip to the Federal Reserve.

Here are a few nearby attractions you may want to see.

Walking Tours

We offer a couple of different pay-what-you-wish walking tours near the Federal Reserve.

Visitors may want to consider either our Lower Manhattan Tour or GPS-enabled audio tour because they both end near the Federal Reserve on Mondays and Fridays at 12 pm, giving you more than enough time to arrive early for a 1 pm tour.

Our Brooklyn Bridge, Brooklyn Heights and DUMBO tour is another excellent option due to the proximity of this landmark. We also have a self-guided tour of Wall Street .

Wall Street

Located just a few blocks from the Federal Reserve, you will find Wall Street and its many famous sites.

In addition to strolling down the historic street itself, you can also visit important locations nearby such as the Wall Street Bull and the New York Stock Exchange.

Brooklyn Bridge

Just 6 blocks North of the Federal Reserve, this world-famous bridge should be pretty easy to visit.

Not only do we offer a walking tour of the Brooklyn Bridge , but we also provide a GPS-guided audio tour .

If you want to take things a step further, consider taking a bike tour over the bridge .

9/11 Memorial

The memorial and museum which were erected at the former location of the Twin Towers are about 3 blocks from the Federal Reserve.

We offer a pay-what-you-wish walking tour of Ground Zero , but you can also take a GPS-enabled audio tour as well.

During the Museum & Gold Vault tour led by the Federal Reserve, you will see and learn about a lot of interesting subjects.

Here are a few of the things you will experience while taking the tour.

One of the most popular highlights of this tour is the Vault, where all the gold bars are kept.

During your tour, you’ll see where all of this gold is kept and learn about the protective items worn while handling it.

Shredded Money

The Federal Reserve plays a big part in the circulation of legal tender around the United States, and part of that process is actually destroying old, defaced, and/or devalued money.

Not only will you have the opportunity to see some of this process for yourself, but they will also let you take some shredded money home with you!

In addition to the Vault, there is also a museum at the Federal Reserve which provides a lot of historical information about the location.

Not only will the tour guide walk you through this museum, but if you arrive early, you can take a good look at it for yourself beforehand. 

While on the tour, you’ll have the opportunity to see and learn about rare coins from throughout the history of the United States and other parts of the world.

This exhibit includes coins from China, Greece, Rome, and other notable locations.

While some visitors indicate that they appreciated the opportunity to walk around the museum on their own, many guests note that the tour guide will take you around to see the same exhibits during the tour.

If you want to get as much out of your visit as possible, feel free to arrive early and enjoy the museum beforehand.

Just keep in mind that you’ll see it all again on the actual tour.

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Your Guide to the Federal Reserve Bank of New York

Tips for visiting the Federal Reserve Bank in NYC

TripSavvy / Alfonso Sjogreen

Located in the heart of Manhattan's financial district, the Federal Reserve Bank of New York offers free tours to visitors. The tours include an introduction to the banking system of the United States and the role of "The Fed" in the U.S. economy. It also gives you a chance to visit the Gold Vault located five stories below street level. The building itself is impressive, combining detailed wrought ironwork with features from the Renaissance palaces of Florence.

About Federal Reserve Bank of New York

The Federal Reserve Bank of New York is one of 12 regional banks in the Federal Reserve System. Its main role is to implement monetary policy, regulate financial institutions, and make sure the nation's payment systems are running in tip top shape. Of all 12 regional banks it is considered the first most influential, no doubt because New York City's role as a financial capital.

The building, located at 33 Liberty Street, occupies a full city block. It's located in the Financial District, a neighborhood at the southern tip of Manhattan. It was built from 1919 to 1924. It has 14 stories with five additional floors underground. The exterior mirrors an Italian Renaissance palace. The building was so beautiful other bank around the United States tried to emulate it.

What You'll See on the Federal Reserve Bank of New York Tour

Located in Manhattan's financial district, free tours of the Federal Reserve Bank of New York offer visitors the unique opportunity to view the Gold Vault, as well as a chance to learn more about the Federal Reserve System and its role in the U.S. economy.

After clearing security, your bags will be secured in a locker and you will be given time to explore "Drachmas, Doubloons and Dollars: The History of Money." The exhibition features over 800 coins from the American Numismatic Society's collection, spanning over 3000 years. Especially interesting is the 1933 Double Eagle coin on display. With a face value of $20, it was sold at auction for over $7 million dollars.

The tour guide then leads you through some interactive exhibits. You'll see a gold bar as well as a display of shredded $100 bills. The goal is to learn how money is made in the United States.

Since the Federal Reserve Bank of New York doesn't do cash processing in Manhattan, there is a short video that illustrates how cash is processed at the Federal Reserve, as well as how new currency is introduced into circulation and older bills are destroyed.

The highlight of the visit is descending five stories below street level to see the Gold Vault. You will be surprised to discover that nearly all the gold at the bank is actually owned by foreign central banks and international monetary institutions.

On the tour it's easy to forget to look around to observe the beautiful architecture of the bank. So be sure to take some time to notice the elements of the building that were inspired by the Renaissance palaces of Florence and the wrought ironwork.

Planning Your Visit

Reservations are essential for taking a tour of the Federal Reserve Bank of New York  Visitors without a reservation can check out the museum , but won't be able to see the vault. Reservations can be made online . If you have questions, contact them by email ( [email protected] ) or phone 212-720-6130 for immediate information about availability.

There is typically a 3-4 week wait for tickets, so call once you've finalized your travel dates to secure your tickets.

Tours last approximately an hour and begin on the hour from 9:30 a.m. - 3:30 p.m. daily.

Security at the Federal Reserve Bank of New York

Arrive approximately 10-15 minutes before your tour to clear security All visitors must pass through a metal detector and have their bags x-rayed before entering the building Visitors will be required to lock up their cameras, backpacks and any other packages they have with them before beginning the tour

No note taking or photographs are allowed during the tour.

Federal Reserve Bank of New York Basics

• Phone: 212-720-6130
• Subway: R to Rector Street; A/C, 4/5, 2/3, J/M/Z to Fulton Street
• Hours: open Monday-Friday except bank holidays; public access only with tour reservations.
• Website: http://www.newyorkfed.org
• Admission: Admission is free, but you must reserve at least five business days in advance.

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Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.

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The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.

The New York Fed offers several specialized courses designed for central bankers and financial supervisors.

The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.

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Federal Reserve Bank of New York

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Federal Reserve Bank of New York Tours

New york federal reserve tours, how to visit federal reserve bank of new york, what to expect, new york fed tour highlights, security measures, educational resources.

The Federal Reserve Bank of New York is probably the most famous building in the whole world. It has to be considered that it holds the reputation for being the largest gold repository in the world. Even if this fact cannot be confirmed, owing to the secrecy of the Swiss Banks regarding their gold reserves, it is still impressive that the Federal Reserve Bank holds approximately 5,000 metric tons of gold bullion. This translates into $270 billion worth of gold, far more than what you would find in Fort Knox. Of course, the gold is not owned by the bank. It is simply a guardian of the property of various foreign nations, international organizations, and central banks, that too at no charge. However, each time a bar is moved, a handling fee is levied.

The bank, located at 33 Liberty Street between Nassau and William Streets in downtown Manhattan was built from 1919 through 1924. This huge building occupies an area equivalent to an entire city block and has fourteen stories with five additional floors underground. The massive size of the bank and its fortress-like appearance went on to inspire several other upcoming banks.

The Indiana limestone and Ohio sandstone exterior of the bank were designed to look like an early Italian Renaissance palace. The lanterns you see hanging outside the main entrance of the bank are the original works of metalworker Samuel Yellin, belonging to the time when the bank was built . Yellin also crafted the impressive-looking metal clock that is mounted on the wall of the first floor of the bank.

The vault, which generates the maximum curiosity among visitors and tourists alike, is located 50 feet below sea level and rests on Manhattan ’s bedrock. The combined weight of the vault and the gold inside is more than the weight limits of any other foundation.

Recently, the Federal Reserve Bank of New York received a much-deserved renovation that had been pending for a long time now. More than $150 million were spent on sprucing up the building and giving it every kind of upgrade that is required for a building of the 21st century. Now, the building has got fire alarms, air conditioning, modern lighting, sprinkler systems, and updates to its Internet connection and phone lines. In addition, the exterior and interior walls were thoroughly scrubbed and cleaned of all the pollution and soot that had accumulated on them.

If you want to get an inside peek into the Federal Reserve Bank, there are 60-minute tours that are offered to visitors. These tours must be booked at least five days in advance and all visitors are required to carry photo identification with them. In addition to learning about the bank’s gold vault, you can also enjoy an interactive multimedia exhibit called FedWorks, which explains the role of the bank in the economy. You can also participate in virtual monetary policy simulations. Tours are given Monday through Friday, except Bank holidays, at 9:30 a.m., 10:30 a.m., 11:30 a.m., 1:30 p.m., and 2:30 p.m.

Federal Reserve Bank of New York 33 Liberty St, New York, NY 10045 Phone: (212) 720-5000

Visiting the New York Federal Reserve Bank is an awe-inspiring experience for anyone interested in finance and economics. From the moment you walk through the doors, you will be immersed in a world of knowledge and sophistication. On a tour of the Federal Reserve Bank of New York, visitors can expect to see interactive exhibits about monetary policy, observe traders on the floor of their Financial Markets Operations Division and view historic artifacts.

During your tour, you will gain insight into how the Federal Reserve works to ensure stability in financial markets while regulating currency activities throughout the nation. The knowledgeable guides will provide details on how decisions are made at this powerful institution that influences our economy every day.

The Federal Reserve Bank of New York offers daily one-hour guided tours to visitors who want to learn about the role of the central bank in our nation’s economic system. The tour provides an inside look at what it takes for the Federal Reserve to plan and execute its monetary policy decisions. On this tour, visitors can explore a variety of exhibits that provide information on how the Fed works and its history, as well as a chance to see up close the Gold Vault which holds more than $200 billion worth of gold reserves.

The tour begins with an introduction by knowledgeable staff members who will explain how the Federal Reserve uses tools such as interest rates and balance sheet management to help foster price stability and full employment.

The New York Federal Reserve is one of the most important financial institutions in the world and it’s no wonder why they take security seriously. Recent changes to their tour policy show that they are dedicated to ensuring visitors have a safe and secure experience while learning more about the inner workings of monetary policy.

Their new security measures include bag inspections, metal detectors, and increased staff presence throughout the building. All guests must pass through a scanning station before being allowed entrance into the main facility. Cell phones are also prohibited on-premises, as well as all recording devices such as cameras or audio recorders. The goal is to ensure everyone has an enjoyable and educational time while remaining mindful of possible risks to their safety or security.

The Federal Reserve Bank of New York is an educational resource for anyone looking to get a better understanding of how the nation’s central banking system works. For those in the area, a visit to their physical headquarters gives an insight into the inner workings and processes of one of the most influential financial institutions in the world.

The New York Fed offers tours to provide visitors with a chance to explore its rich history and mission. From its gold vaults, where hundreds of millions in bullion are stored, to its trading desk, where monetary policy decisions are made daily, these tours offer invaluable insight into what makes this institution so important. Visitors will get an understanding of how their money is managed and learn about economic research conducted by experts on-site.

The New York Fed tour is a great opportunity to learn more about the Federal Reserve, its role in our nation’s economy, and the many services it provides. It provides visitors with an inside look at the day-to-day operations of the New York Fed and how it helps keep our economy running smoothly. From seeing behind-the-scenes operations to hearing from experts on monetary policy, this tour offers a unique way to gain insight into the workings of one of America’s most important institutions.

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Federal Reserve Bank of New York

"The Fed at 100" features a gallery dedicated to the Federal Reserve Bank of New York, which plays a special role in the Fed System, including implementation of monetary policy and supervision of some of the largest banks in America.

The New York Fed, located two blocks from the Museum on Liberty Street, is also home to the world's largest known store of gold and is the only Reserve Bank that conducts international affairs and operations.

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Federal Reserve Bank of New York

Go on a tour of the Federal Reserve Bank Museum and Gold Vault! Built during the early 1920s, the vault serves as gold storage for the U.S. government, foreign governments, central parks, and various international organizations. It remains the world’s largest known depository of monetary gold. Visitors can enjoy a free tour of the building designed to educate them on the Federal Reserve System, the history of currency, monetary policy, and more. Additional educational resources are online for school groups planning a visit.

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Feliciano Economics Students Visit New York Federal Reserve

Posted in: Economics

Edmond Berisha, Associate Professor of Economics at the Feliciano School of Business, recently brought Economics Honors Society members for a visit to the New York Federal Reserve Bank.  The students learned about the role of the New York Fed as well as the Federal Reserve System in general.  Discussion centered around the structure of the Federal Reserve system and the process of monetary policy decisions.  Students were also introduced to the cash services that the NY Fed offers to banks in the area.

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Is the Boom-and-Bust Business Cycle Dead?

There is a growing view that the U.S. business cycle has changed (for better) in a more diversified economy. To some, that sounds like tempting fate.

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By Talmon Joseph Smith

For much of modern history, even the richest nations have been subject to big perennial upswings and crashes in commercial activity almost as fixed as the four seasons.

Periods of economic growth get overstretched by increased risk-taking. Hiring and investment crest and fall into a contraction as consumer confidence wanes and spending craters. Sales fall, bankruptcies and unemployment rise. Then, in the depths of a recession, debts are settled, panic abates, green shoots appear, and banks begin lending more easily again — fueling a recovery that enables a new upswing.

But a brigade of academic economists and prominent voices on Wall Street are asking if the unruly business cycle they learned in school, and witnessed in practice, has fundamentally morphed into a tamer beast.

Rick Rieder, who manages about $3 trillion in assets at the investment firm BlackRock, is one of them.

“There is a lot of ink spilled on what type of landing we will see for the U.S. economy,” he wrote in a note to clients last summer — employing the common metaphor for whether the U.S. economy will crash or achieve a “soft landing” of lower inflation, slower growth and mild unemployment.

“But one point to keep in mind,” Mr. Rieder continued, “is that satellites don’t land and maybe that is a better analogy for a modern advanced economy” like the United States. In other words, dips in momentum will now happen within a steadier orbit.

And there is some evidence that the current spurt of economic growth may have not just months but several years to run, barring an external disruption (what economists call an “ exogenous shock ”) or a return of high inflation that prompts the Federal Reserve to push the economy into recession.

“Financial reporters and market strategists often argue about whether we are ‘early-cycle,’ ‘mid-cycle’ or ‘late-cycle,’” David Kelly, the chief global strategist at J.P. Morgan Asset Management, wrote in a March 11 note to investors that closely aligned with Mr. Rieder’s “satellite” thesis. “However, these perspectives are based on an outdated model of how the U.S. economy behaves.”

According to the National Bureau of Economic Research, the U.S. economy between the 1850s and the early 1980s experienced 30 recessions lasting an average of 18 months, with intervening periods of economic growth averaging only 33 months.

Helping drive this pattern, Mr. Kelly and other economists explain, were highly cyclical industries: Manufacturing and agriculture, now only a fraction of overall output, were once mainstays of the U.S. economy.

Today, manufacturing accounts for about $2.3 trillion of gross domestic product, employs about 12 million people and indirectly supports other local jobs. (Every manufacturing job, for instance, spurs seven to 12 new jobs in related industries, according to a McKinsey estimate.)

But the consumer-driven U.S. economy, mostly made up of services (health care, auto repair, nail salons, customer service, administration and so on), is almost $30 trillion in size. Uptrends and pullbacks in the production of goods have less impact now. The relative stability of total household spending in recent years is a key part of why the United States has avoided a recession.

America’s contemporary economy, Mr. Rieder argued in his note to clients, is less vulnerable to the boom-and-bust cycles of old — mainly because its prosperous consumers are service-oriented, less dependent than ever on factories or farms. Consumption spending makes up about 70 percent of the economy.

“Consumption doesn’t really adjust that dramatically without some major form of economic stress,” he added.

One piece of data in favor of Mr. Rieder’s “satellite” theory is the absence of any widespread weakness before the pandemic crippled economies worldwide.

That was consistent with a developing trend: Since the early 1980s, there have been only four recessions, lasting an average of nine months, with economic expansions averaging 104 months.

The current period of job growth is in its 40th month.

“You don’t want to jinx it,” Ann Harrison, the dean of the Haas School of Business at the University of California, Berkeley, said in an interview — noting that peak confidence in economic expansions frequently arrives right before their downfall. (Talk has picked up of a new “ Roaring Twenties ,” an era that didn’t end well.)

As ever, there are reasons to worry. The emergence and rapid growth of “shadow banks” operating in private markets with little oversight of their lending has concerned many economists and old-school regulators. And a range of industry insiders in commercial real estate say the negative effects of lower office occupancy rates — for local economies and government budgets — have only just begun.

Yet Mr. Kelly of J.P. Morgan lists various reasons that periods of U.S. economic growth may be elongated and less chaotic going forward. Federal deposit insurance, introduced after the Depression, sharply reduced bank panics and failures. Vastly improved information on inventory levels among goods-producing businesses, he said, has “tamed” the inventory cycle, preventing mismatches between supply and demand that can cause mass layoffs.

The rise of international trade, Mr. Kelly added, can often offset slowing domestic demand since businesses, enabled by the internet, can find customers throughout the globe. And the service sector’s growth, he concluded, has “made the economy more stable and, importantly, less sensitive to interest rates.”

Across the economics profession, many are not feeling as reassured.

When weighing recession risks, Thomas Herndon, a professor of economics at John Jay College of the City University of New York, doesn’t take much long-term solace in the growing sophistication of big business. There are, he said, “many, many, many causes” for downturns — some of which are not directly linked to financial instability.

Mr. Herndon noted the work of the 20th-century Polish economist Michal Kalecki, who argued that business leaders feel “undermined” by the maintenance of full employment. Using their substantial influence over policy, Kalecki argued, they can help institute restrictive economic policies that bring times of economic expansion to an end and reset them with softer, more tolerable labor power.

And Mr. Herndon said he thought old-fashioned “bubble” manias and “credit cycles” remained a danger, too.

Eliminating the longstanding economic cycle would be “the holy grail of central banking,” said James Knightley, chief international economist at ING, the global bank. “The Fed’s willingness to use innovative tools” — like its off-the-cuff creation of lending facilities to keep credit flowing on Main Street and heal bank balance sheets since 2020 — gives it “more levers to wiggle to help reduce the chance of a downturn,” Mr. Knightley said.

“Phrases like ‘This time it will be different’” generally have a bad track record, he said. “But maybe it will.”

In several ways, this time has been different so far.

Typically, the housing sector — and its interconnected industries, from construction and home improvement to real estate finance — accounts for nearly 20 percent of U.S. output . The Federal Reserve has more than quadrupled its interest-rate levels since the spring of 2022, bringing its key policy rate to over 5 percent from near zero. That drove mortgage rates to unaffordable highs and made financing new home building difficult. And the residential real estate sector, highly sensitive to interest rates, ground to a halt. But the economy as a whole continued to grow.

When in-person services plummeted during the pandemic, e-commerce and goods-buying picked up the slack. By the time millions of households were sated with goods purchases and manufacturing fell off, the in-person economy was reopening and in-person services began a booming recovery.

There are some market analysts, such as Jim Bianco of Bianco Research, who believe that the U.S. economy — in its dynamism, diversity and size — has in some respects begun to resemble the global economy itself, which typically contracts only when colossal shocks to output occur.

The global financial crisis and the Covid-19 pandemic — which were separated by only 10 years and did cause global recessions — show that while rare, such maelstroms can coincidentally occur back to back. So, long expansions are no guarantee. On the flip side, Australia went about three decades without a recession until Covid ended the streak .

Nina Eichacker, a professor of economics at the University of Rhode Island and the author of two recent papers about government responses to crises, cited another influence: a powerful school of thought that government interventions, even amid downturns, add “frictions and inefficiencies to markets” and “make us worse off overall.”

The robust federal response to the pandemic shock was enabled by a general view that it was an act of nature. Future financial stresses are more likely to have villains, which means proposed solutions are more likely to face division in Congress even if unemployment is notably rising.

But Ms. Eichacker thinks that those political limits to consensus may soften if this expansion rolls on and public opinion of the hefty federal response that helped foster it grows fonder.

“I am sometimes freaked out by how optimistic I feel about the state of things,” she said. “Economically anyway.”

Talmon Joseph Smith is a Times economics reporter, based in New York. More about Talmon Joseph Smith

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