Atlanta Fed and your money

Source: WGCL

The Federal Reserve Bank of Atlanta is this big white building that takes up an entire city block of Peachtree between tenth and 11th.

And in its monetary museum, eight months on the job President Dr. Raphael Bostic shows CBS46 an American currency oddity. One hundred-thousand, ten thousand, and 500 dollar bills.

"So you can't get any of these, there are still some that are in circulation, but it's a very small number and they are very old bills, don't look for a five thousand dollar bill because you're not going to get it," Dr. Raphael Bostic.

We talk about another rarity...the Dow's biggest one day drop Monday.

"It was something that we hadn't seen in a long time and it's a big number, 12-hundred points, that's real, but if you place it into context, the 12-hundred points from the Dow is a 4.6 percent drop. The drop that happened in 2007, the big drop then was 7 percent. So if from a percentage scale perspective, this was big, but it wasn't the biggest we've ever had," said Bostic.

The decisions of the Fed can have an affect on what you pay for credit cards, auto loans, and house payments.

"If we continue to see the robust growth, if we continue to see the wage increases, we're going to be a slow gradual pace of raising interest rates," said Bostic.

One area metro Atlanta isn't doing well in is economic mobility meaning the likelihood that if you're born into poverty that you can get out of it.

Copyright 2018 WGCL-TV (Meredith Corporation). All rights reserved.


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