Federal Reserve System
Fed's Bernanke on productivity
In the speech 'Productivity' given on 31 August Ben Bernanke of the Federal Reserve said America's productivity probably will keep growing solidly for some time to come, an important force in bolstering living standards.
Central bankers are more like Santa than Scrooge
This recent article from Bloomberg says that Alan Greenspan changed the image of central bankers during his eighteen year term running the Federal Reserve and even made the job seem glamorous.
Frederic Mishkin sworn in as Fed board member
Frederic S. Mishkin on Tuesday 5 September took the oath of office as a member of the Board of Governors of the Federal Reserve System.
Chicago Fed National Activity Index, July 2006
The Chicago Fed National Activity Index for July 2006, published 23 August, was -0.12 in July, down from +0.43 in June. Two of the four broad categories of indicators in the index made small positive contributions.
Philadelphia Fed Business Outlook Survey, Aug 2006
According to the firms surveyed for the Philadelphia Fed's August 2006 Business Outlook Survey, activity in the region's manufacturing sector continued to expand. The indicator for general activity improved notably this month, and indicators for new…
Inflation outbreaks unlikely says Fed's Poole
Outbreaks in inflation are unlikely, especially with recent readings suggesting that price pressures have reached a plateau, St. Louis Federal Reserve President William Poole on Thursday 31 August.
Fed seeks to reassure over housing slowdown
Overall rises in disposable income should offset a possible increase in the saving rate due to a softening housing market, Federal Reserve chairman, Ben Bernanke, said in a letter to a congresswoman released on Wednesday 30 August.
Fed minutes indicate a "close call"
Minutes of the Federal Open Market Committee showed a 9-1 vote on 8 August in favour of keeping interest rates on hold.
Bernanke's opening speech at Jackson Hole
A speech by Ben Bernanke notes that, as in the past, the social and political opposition to openness can be strong.
Chicago Fed on home ownership
The Chicago Fed has published and article explaining recent high levels of residential investment and rates of home ownership.
Chicago Fed reviews explicit inflation targeting
The Federal Reserve Bank of Chicago president and CEO, Michael Moskow, considers whether the Fed should now adopt explicit numerical guidelines or targets for inflation.
SPEED: the new journal for financial plumbers
SPEED - short for Settlement, Payment, E-money and E-trading Development - is a new journal aimed at all those policy-makers in banks, central banks and system operators who are trying to ensure that the financial infrastructure, often called the …
Lucas critique & the stability of empirical models
This Federal Reserve Bank of Richmond Working Paper, published 14 August, re-considers the empirical relevance of the Lucas critique using a DSGE sticky price model in which a weak central bank response to inflation generates equilibrium indeterminacy.
San Francisco Fed's Economic Letter
The Federal Reserve Bank of San Francisco's Economic Letter "Would an inflation target help anchor U.S. inflation expectations?" published Friday 11 August says countries with explicit inflation targets have done a better job at anchoring inflation…
Fed chief wants to improve communication
According to this article from the Associated press, published Sunday 13 August, Federal Reserve chairman Ben Bernanke wants to improve the central bank's communication, but it's not clear how he wants to do it.
Report says US considering inflation gauge change
The US Bureau of Labor Statistics is contemplating a change in the consumer price index that may have an impact on how markets and policymakers interpret inflation data, the Wall Street Journal reported on Monday 14 August, citing a government official.
Phil Fed's Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia published its Third Quarter 2006 Survey of Professional Forecasters on 14 August. Growth in U.S. real output over the near term looks a bit slower and inflation a bit higher than they did just three months ago,…
Fed probably will skip rate increase next month
According to this article published Wednesday 9 August, by John Berry of Bloomberg, the best guess is probably that there won't be a rate increase in the US next month.
Communications breakthrough reaps reward for Fed
According to this article from the Financial Times, published Wednesday 9 August, Ben Bernanke will probably be pleased with the muted market reaction that followed the FOMC's latest interest rate decision.
Richmond's Lacker first to dissent under Bernanke
This article published Tuesday 8 August by Bloomberg notes that Federal Reserve Bank of Richmond president Jeffrey Lacker disagreed with the Fed's decision to forgo an interest-rate increase.
How Greenspan gave Stevens a master class
According to this article, published Tuesday 8 August by The Australian, the elevation of Glenn Stevens to governor of the Reserve Bank of Australia barely raised a ripple on Wall Street.
New York Fed's Foreign Exchange Operations Report
According to the Federal Reserve Bank of New York's Treasury and Federal Reserve Foreign Exchange Operations quarterly report for April-June 2006, published 3 August, the U.S. monetary authorities did not intervene in the foreign exchange markets during…
Mishkin sees benefits in inflation target range
According to this article by Reuters, published Wednesday 2 August, a new study by incoming Federal Reserve governor Frederic Mishkin says inflation target ranges can help central banks sidestep political pressure to let prices rise and achieve low…
Revised Bank Secrecy Act Manual
A revised "Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual" has been issued. The manual, effective 1 August, provides current and consistent risk-based guidance for banking organizations to comply with the BSA and safeguard operations…