Federal Reserve System
Gramlich: Update on the Predatory Lending Issue
In his speech 'An Update on the Predatory Lending Issue' Edward Gramlich of the Federal Reserve said the effect of local laws aimed at stopping predatory lending - high-cost home loans to unsophisticated borrowers with spotty credit - was still unclear. …
Fed's Bies on the Current State of the Economy
In her speech 'Comments on the Current State of the Economy' given on 8 October, Susan Schmidt Bies of the Federal Reserve said recent indicators suggest the pace of economic activity has picked up, the banking system is healthy, corporate financial…
Bernanke on Monetary Policy and the Stock Market
In a speech on 'Monetary Policy and the Stock Market: Some Empirical Results' Ben Bernanke of the Federal Reserve said that monetary policy was not a good tool to use for deflating stock-price bubbles, because doing so might hurt the whole economy. "A…
Fed's Gramlich on Maintaining Price Stability
In the speech 'Maintaining Price Stability' given on 1 October Edward Gramlich of the Federal Reserve said on inflation targeting, "To me the verdict on theoretical grounds alone has always been a close call. I can see the advantages of transparency and…
Fed's Greenspan on Financial Education
In a speech on 'Financial Education' given on 26 September Alan Greenspan of the Federal Reserve said the financial marketplace has grown increasingly complex since the era four decades ago when all Americans needed to know was how to write a check and…
Chicago Fed National Activity Index, August 2003
The latest Chicago Fed National Activity Index for August 2003 was published on 25 September indicates that economic activity slowed in August. The CFNAI was -0.28 in August, a deterioration from the upward revised July reading of +0.05.
Fed's Kohn on Productivity and Monetary Policy
In a speech on 'Productivity and Monetary Policy' given on 24 September Donald Kohn of the Federal Reserve said our challenge as economists and policymakers remains to analyse ongoing developments and to judge the likely course of productivity and…
St Louis Fed's Central Banker, Fall 2003
The Fall 2003 edition of the St. Louis Fed's Central Banker magazine has been published. The latest issue carries a report on what community bankers said at a recent meeting with the St. Louis Fed and other regulatory agencies on reducing regulatory…
Philadelphia Fed Business Outlook Survey, Sep 2003
Manufacturing firms reported an increase in new orders in September according to firms surveyed for the Philadelphia Fed's Business Outlook Survey, September 2003. New orders and shipments grew again this month, but employment declined, the survey said.
Olson on the need for improved financial literacy
In a speech on 'Increased Availability of Financial Products and the Need for Improved Financial Literacy' given on 22 September Mark Olson of the Federal Reserve said interagency guidance was issued to banks on managing risks relating to subprime and…
FOMC statement on decision to hold rates steady
In its statement following the decision to hold interest rates steady at 1 per cent on 16 September the FOMC said it judged that, on balance, the risk of inflation becoming undesirably low remains the predominant concern for the foreseeable future and…
Fed's Gramlich on Economic and financial education
In a speech on 'Economic and financial education' given on 4 September Edward Gramlich of the Federal Reserve thanked the Federal Reserve Bank of Atlanta for hosting the conference and bringing together the group of educators. Success in increasing…
Fed's Ben Bernanke on the economic outlook
In a speech on 'The Economic Outlook' given on 4 September Ben Bernanke of the Federal Reserve said the Fed had "no reason" to raise short-term interest rates so long as price pressures remained at bay. "In my view, the Federal Open Market Committee has…
Federal Reserve Board - Beige Book, September 2003
The Federal Reserve Beige Book released on 3 September said that the US economy improved in July and August but the jobs market was stubbornly weak. "Labour markets remain slack across the nation, with few reports of occupational shortages," the report…
Gramlich speaks at the 25th anniversary of the NRC
In a speech given on 18 August Edward Gramlich of the Federal Reserve said the Neighbourhood Reinvestment Corporation (NRC) has a history of effective problem solving. At a very early stage it recognized that a secondary mortgage market would be…
Chicago Fed National Activity Index, July 2003
The latest Chicago Fed National Activity Index published on 28 August indicates economic activity improved again in July. The CFNAI was -0.20 in July, a small improvement from the June reading of -0.32.
Boston Fed launch Operational Risk & Capital site
The Boston Fed has launched a web site dedicated to Operational Risk and Capital. The site contains information related to the proposed new international capital accord, Basel II.
Greenspan on monetary policy under uncertainty
In a speech on 'Monetary Policy under Uncertainty' given on 29 August Alan Greenspan of the Federal Reserve said he preferred to set economic policy by managing possible risks rather than obeying formal rules. "That any approach along these [formal…
Fed's Bies on effective corporate governance
In a speech on 'Effective Corporate Governance and the Role of Counsel' given on 10 August Susan Schmidt Bies of the Federal Reserve said in today's environment, regulators, lawmakers and shareholders are looking for providers of legal services to be…
Why central banks need capital
While in theory central banks do not need capital, in practice they do. But there is no agreement yet on how to target or access their capital requirements. Robert Pringle reports.
Central bank transparency - As clear as mud
Being open and being predictable are rather different things, this article in The Economist finds. Using statistics from polls conducted before central banks' policy meetings it says that the Fed's interest rate changes are the most predictable at 95%,…
Fed's Bies on strengthening corporate governance
In a speech on 'The Role of Community Bank Directors in Strengthening Corporate Governance' given on 7 August Susan Schmidt Bies of the Federal Reserve said corporate governance and audit failures over recent months demonstrate how quickly trust can be…
Rethinking on monetary policy
The world over, central banks are undergoing an open evaluation of their past policies, this article in the Fiunancial Express, India, says. It looks at current policies of the world's major central banks and their views on asset price bubbles.
Atlanta Fed's Guynn on the economic outlook
In a speech on 'The Economic Outlook: Building Momentum on the Road to Stronger Growth', given on 31 July, Jack Guynn of the Federal Reserve Bank of Atlanta said that as far as he can see, it looks like the road to stronger growth is opening up, and it's…