Why the Fed could lose $1.5 trillion

This NPR podcast episode from Planet Money's "The Indicator" discusses the Federal Reserve's significant financial losses, estimated at $1.5 trillion, resulting from its quantitative easing program during the COVID-19 pandemic. The episode contrasts this massive loss with the relatively smaller controversy surrounding renovation cost overruns at the Federal Reserve building. The podcast features interviews with Loretta Mester, former head of the Federal Reserve Bank of Cleveland, and Andrew Levin, a professor of economics at Dartmouth College, who offer differing perspectives on the necessity and consequences of the quantitative easing program. The discussion also touches upon the Federal Reserve's independence from political influence and the importance of transparency in its decision-making processes.