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What is FRED?
What is FRED? Short for Federal Reserve Economic Data, FRED is an online database consisting of more than 61,000 economic data time series from 48 national, international, public, and private sources. FRED, created and maintained by Research Department at the Federal Reserve Bank of St. Louis, goes far beyond simply providing data: It combines data with a powerful mix of tools that help the user understand, interact with, display, and disseminate the data. In essence, FRED helps users tell their data stories. The purpose of this article is to guide the potential (or current) FRED user through the various aspects and tools of the database.
A Brief History…
FRED began in the early 1990s as an offshoot of the long-running legacy at the Federal Reserve Bank of St. Louis of providing monetary data to help better understand the Fed’s policy decisions. Before the popularization of the World Wide Web, the data were provided in list form on a dial-in, electronic, bulletin board system. The data were organized into categories containing roughly 300 data series and expanded from there. Perhaps surprisingly, FRED did not begin as part of a grand scheme or strategic objective. Rather, it grew over time in a very organic way. St. Louis Fed staff who were involved either directly with the FRED project or working on the periphery developed tools for the database in an independent, ad hoc manner. One example was in 1995 when a member of the Research Department staff decided to write the code that would officially take FRED “online.” Further work would bring the following FRED developments:
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