Federal Reserve System
Bernanke on inflation in Latin America: A new era?
In the speech 'Inflation in Latin America: A new era?' given on 11 February, Ben Bernanke of the Federal Reserve said he could not gauge the chances for the Fed adopting a numerical target for inflation.
Fed's increase is case of perfect transparency
The FOMC's recent action to raise interest rates had been fully anticipated with not a single point move on the yield curve, from two years to 10 years. This article describes the move as a case of perfect transparency.
Atlanta Fed's Guynn says FOMC language may change
Federal Reserve Bank of Atlanta President Jack Guynn said in an interview with the Wall Street Journal that the bank may soon need to remove the word "measured" from its policy statement regarding interest-rate increases.
Fed's Bies: Behind the scenes at the FOMC
In a speech 'Behind the scenes at the FOMC: How the Federal Reserve determines monetary policy' given on 7 February, Susan Schmidt Bies of the Federal Reserve said interest rate policy may need to be more accommodative than expected to ensure the economy…
Fed's Greenspan on Adam Smith
In a speech titled 'Adam Smith' given on 6 February Alan Greenspan of the Federal Reserve said that 18th-century philosopher Adam Smith was "a towering contributor to the development of the modern world."
Fed's Greenspan on the current account
In a speech on 'Current account' given on 4 February, Alan Greenspan of the Federal Reserve said the dollar's decline and fiscal restraint by the US government may soon begin to reduce the US current account deficit, which stood at a record in the third…
Fed's Bies on the economy and retirement savings
In a speech on 'The economy and challenges in retirement savings' given on 18 January, Susan Schmidt Bies of the Federal Reserve said she foresaw a moderation of inflationary trends, which would allow the Fed to continue being "measured" in raising…
Chicago Fed National Activity Index, Dec 2004
The Chicago Fed National Activity Index (CFNAI) for December 2004 was +0.39, up markedly from +0.05 in November. Three of the four broad categories of indicators that comprise the index made positive contributions in December, while the employment…
Philadelphia Fed Business Outlook Survey, Jan 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, January 2005, manufacturing activity in the region continues to expand, but at a slower pace than reported at the end of 2004. Many of the indicators, including general…
Fed's Consumer Advisory Council appointments 2005
The Federal Reserve Board on Friday 7 January named eleven new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2005.
PBOC, modelled on Fed, bows to politics
When China's top policy makers set out to streamline the country's 57-year-old central bank system six years ago, they chose the U.S. Federal Reserve as a model, this article says. But while the People's Bank may be gaining clout as China's economy grows…
Philadelphia Fed Business Outlook Survey, Dec 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2004, activity in the region's manufacturing sector continues to grow. In this months survey the participants were asked about the impact of the weak dollar on…
Fed's Bernanke on productivity
In a speech on 'Productivity' given on 19 January, Ben Bernanke of the Federal Reserve said that there is an emerging consensus that productivity growth could remain at its current elevated level.
Cleveland Fed says US trade gap may hit growth
The massive trade deficit in the United States will eventually be reversed and implies a weaker dollar and higher interest rates, a Cleveland Fed report said, warning this could quell growth unless US exports grow.
Philadelphia Fed Business Review, 4th Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Fourth Quarter 2004. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting,…
Boston Fed's Minehan warns of slow recovery
Cathy Minehan, president of the Federal Reserve Bank of Boston, said on Friday 14 January that businesses continue to hoard cash, making the current economic recovery among the weakest of the past half-century if measured by job growth.
Fed's Ferguson on recessions and recoveries
In a speech on 'Recessions and recoveries associated with asset-price movements: What do we know?' given on 12 January, Roger Ferguson of the Federal Reserve said detecting asset-price overvaluations and undervaluations is controversial in hindsight and…
St Louis Fed's Regional Economist, January 2005
The Quarterly Review of Business and Economic Conditions, The Regional Economist, January 2005 edition from the St Louis Fed includes the article "What is driving oil prices?" which looks at the recent rise in oil prices and asks how much has speculation…
The Fed's muddled minutes
Drawing the correct conclusions from the Federal Reserve's minutes is tricky, according to this article. The minutes are meant to portray the nuanced discussions that led to the FOMC's policymaking statement. In that sense, the minutes can be said to…
New York Fed's Economic Policy Review, Dec 2004
The Federal Reserve Bank of New York's December 2004 edition of its Economic Policy Review includes the article, Are home prices the next "bubble"? It assesses two measures frequently cited to support a bubble - the rising price-to-income ratio and the…
Fed's Kohn on central bank communication
In a speech on 'Central bank communication' given on 9 January, Donald Kohn of the Federal Reserve said the Federal Reserve is moving toward giving the public a better understanding of the central bank's behaviour, but these steps are likely to take…
Fed's Ferguson on labor market statistics
In a speech on 'Interpreting labor market statistics in the context of monetary policy' given on 7 January, Roger Ferguson of the Federal Reserve said it is possible there is less slack in the U.S. job market than thought, and this could lead to a pickup…
Bernanke: Transition from academic to policymaker
In the speech 'The transition from academic to policymaker' given on 7 January, Ben Bernanke of the Federal Reserve reflects on his two and a half years as an academic turned policymaker. Since moving to Washington Bernanke said he noticed that people…
Fed's Kohn on crisis management
In a speech on 'Crisis management: The known, the unknown, and the unknowable' given on 6 January, Donald Kohn of the Federal Reserve said although some critics have argued that the FOMC's policy adjustments in response to financial instability encourage…