Federal Reserve System
Greenspan not worried over oil price
In a speech titled 'Oil' given on 15 October Fed chairman Alan Greenspan said the current surge in energy prices is likely to have far less of an impact on the economy than the oil shocks of the 1970s.
Fed's Bernanke says floating exchange rates best
In a speech to the Cato Institute 22nd Annual Monetary Conference on Thursday 14 October Ben Bernanke said that the best course is generally to let exchange rates float freely and to make low and stable inflation a principal focus of monetary policy,…
St Louis Fed's Regional Economist, October 2004
The Quarterly Review of Business and Economic Conditions, The Regional Economist, October 2004 edition from the St Louis Fed includes the article "U.S. Stays Out of the Way of Entrepreneurs" which says for those starting a business in this country,…
Ferguson on free trade: What do economists know?
In a speech on 'Free Trade: What Do Economists Really Know?' given on 7 October, Roger Ferguson of the Federal Reserve said he sees the current account deficit as a risk if it ends in a wrenching adjustment that strains Americans and spills over to other…
Fed's Bernanke: What have we learned since 1979?
In the speech 'Panel discussion: What Have We Learned Since October 1979?' given on 8 October, Ben Bernanke of the Federal Reserve said by doing what was necessary to achieve price stability, the Volcker Fed laid the groundwork for two decades, so far,…
Fed's Bernanke on cb talk and monetary policy
In a speech on 'Central Bank Talk and Monetary Policy' given on 7 October, Ben Bernanke of the Federal Reserve said the Federal Reserve should take additional steps to be more transparent because monetary policy is more effective when the Fed gives the…
Fed's Greenspan on monetary policy after Oct 1979
In a speech on 'Monetary policy twenty-five years after October 1979' given on 7 October, Federal Reserve chairman Alan Greenspan praised former central bank chief Paul Volcker's "decisive action" against rising prices at a landmark meeting of the…
Growth impact from oil 'modest' says Fed's Hoenig
Record oil prices will only have a moderate impact on U.S. growth which looks set for a solid performance over the next 18 months, Federal Reserve Bank of Kansas City President Thomas Hoenig said on Wednesday 6 October .
Resolving large financial intermediaries: Update
In this updated article, the authors examine issues surrounding the possible failure of Fannie Mae or Freddie Mac. Finding parallels between resolving insolvent large banks and insolvent housing enterprises, the authors suggest improvements to the…
Philadelphia Fed Business Review, 3rd Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2004. In this issue President Santomero talks about 'Banking in the 21st Century'. There is also an article 'Managing the Recovery in Uncertain Times…
Fed's Ferguson on the personal saving rate
In a speech on 'Questions and reflections on the personal saving rate' given on 6 October, Roger Ferguson of the Federal Reserve said the large US current account deficit brings with it risks that a sharp adjustment in overseas demand for US assets could…
Fed's Bernanke on the implementation of Basel II
In a speech on 'The implementation of Basel II: Some issues for cross-border banking' given on 4 October, Ben Bernanke of the Federal Reserve said obviously oil prices are a drag at the current time, but we think the economy can accommodate them at their…
Greenspan: The man who does the opposite
This article looks at what it says is the recurring pattern in Alan Greenspan's life of saying the opposite of what he is thinking/doing. Giving the example of his obscure but now famous essay, "Gold and Economic Freedom" published in 1966 it asks why he…
Fed's Bies on developments in financial markets
In a speech on 'Developments in Financial Markets and Financial Management' given on 30 September, Susan Schmidt Bies of the Federal Reserve said both the household and business sectors appeared to be in good shape.
Fed's Bies::challenges for accountancy
In the speech 'Challenges Facing the Accounting Profession Today' given on 28 September Susan Schmidt Bies of the Federal Reserve said the U.S. labour market "looks like it is picking up again," after slowing in June and July.
Chicago Fed National Activity Index, August 2004
The Chicago Fed National Activity Index was +0.19 in August, down sharply from an upwardrevised +0.53 in July. The drop in the monthly index was due to smaller positive contributions from production-related data and, to a lesser extent, housing and…
Philadelphia Fed Business Outlook Survey, Sep 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, September 2004, activity in the region's manufacturing sector continues to improve. Although the indicator for general activity fell from its August reading, indicators…
Fed's Gramlich at the 30th anniversary of the NHSA
In introductory remarks to an event honouring the 30th anniversary of Neighbourhood Housing Services of America (NHSA) given on 10 September, Edward Gramlich of the Federal Reserve said that there's a need to expand homeownership for lower-income…
Fed's Gramlich on Oil shocks and monetary policy
In the speech 'Oil shocks and monetary policy' given on 16 September Edward Gramlich of the Federal Reserve said the current spike in oil prices is unlikely to deter the Federal Reserve from continuing to raise interest rates.
Fed's Olson: Protecting financial infrastructure
In testimony 'Protecting the financial infrastructure' given on 8 September Mark Olson of the Federal Reserve said that as a result of careful planning and considerable investment by both the private and public sectors, the financial sector is one of the…
St Louis Fed's Central Banker, Fall 2004
The Fall 2004 edition of the St. Louis Fed's Central Banker magazine has been published. The latest issue includes articles "Federal Reserve To Close More Check Processing Sites" and "Federal Reserve Takes a Lead Role in Supporting Check 21" which…
Greenspan says US economy regaining some traction
In testimony to the U.S. House of Representatives on Wednesday 8 September, Federal Reserve Chairman Alan Greenspan said the economy has "regained some traction" following a late spring slowdown that was instigated by a sharp rise in oil prices.
Regulatory agencies warn on internet 'phishing'
The Federal bank, thrift and credit union agencies on Wednesday 8 September announced the publication of a brochure with information to help consumers identify and combat a new type of Internet scam known as "phishing."
Chicago Fed National Activity Index, July 2004
The Chicago Fed National Activity index rose to +0.35 in July from a downward-revised reading of -0.19 the previous month. Most of the increase in July's CFNAI resulted from a big swing in the contribution from production-related indicators, from -0.25…