
2021
Technical Guide
by
Joseph J Wang
This book is an insider's explanation of how central banks, especially the Federal Reserve, operate in today's modern financial system. The author, a former trader on the open markets desk at the Federal Reserve, shares his unique perspective on how the monetary system really works. This is a practical explanation of the foundational aspects of central banks and the plumbing of the financial system.

September 2023
This book helped me better understand how the Federal Reserve and other central banks operate. I found Wang’s chart ranking the importance of the Fed’s various communication tools especially useful. He also explains how the rise of passive investing is reshaping equity markets—funneling capital into mega-cap companies and driving their valuations higher, often regardless of fundamentals, which is altering overall market structure.