The author's book review of In Fed We Trust takes the place of our usual National Overview feature, which will return in the next issue.

Formal data don't tell policy-makers everything they need to know about the economy. The Federal Open Market Committee also pays attention to anecdotes gathered from the front lines of business.

To protect the economy in the short run, the Fed acted quickly on five fronts to provide emergency liquidity. But in the long run, no major change in monetary policy should be needed because the fundamentals of the economy remain solid.

If given broader regulatory authority, the Fed will probably face new challenges in executing its traditional responsibilities and in preserving its independence against political pressure.

We all know the size of the Fed chairman's briefcase as a policy indicator is a joke. But would knowing what's inside the briefcase be of real help?