Federal Reserve System
McTeer commencement address to economics graduates
In his 'Commencement Address to Economics Graduates' Bob McTeer of the Federal Reserve Bank of Dallas said Alan Greenspan is an excellent example of someone making a big difference by applying good economics. I'll just remind you how much the inflation/…
Hoenig on leadership, change and progress
In a speech on 'Leadership, Change and Progress' Thomas Hoenig of the Federal Reserve Bank of Kansas City said leadership is necessary to convert the energy of change into progress but the talent to lead guarantees nothing. Leaders can harm. Leaders can…
Philadelphia Fed Business Outlook Survey, Jul 2003
Activity in the region's manufacturing sector increased in July, according to the firms surveyed for the Philadelphia Fed's July 2003 Business Outlook Survey. Many of the current indexes showed improvement -- especially indexes for new orders and…
Greenspan: Risking it all for a legacy?
A State Street Investment Letter suggests that US inflation expectations are unambiguously on an upward trend and are being put at risk to preserve Alan Greenspan's legacy. It is with some irony, it says, that the next Federal Reserve Chairman is likely…
Time 'not right' for yuan float
Responding to comments Wednesday by U.S. Federal Reserve Chairman Alan Greenspan that China eventually will need to float its currency, the yuan, a Chinese foreign ministry spokesman said the current exchange rate helps China's development and the rest…
Philadelphia Fed survey rises sharply in July
The Philadelphia Fed's Business Outlook Survey improved modestly in July, BizWorld reported. Company executives polled for the survey remain "generally optimistic" that business conditions will improve over the next six months, the survey showed.
Philadelphia Fed's Santomero on economic education
In a speech entitled 'Knowledge Is Power: The Importance of Economic Education' Anthony Santomero of the Federal Reserve Bank of Philadelphia said economic education programs developed and promoted by the Philadelphia Federal Reserve Bank help consumers…
Cleveland Fed's Monetary Theory Workshop
Details of the Federal Reserve Bank of Cleveland, Central Bank Institute's Monetary Theory Workshop 14-18 July. Discussions include "The Friedman Rule and the Nature of Monetary Transactions in Alternative Models" and "Mechanism Design and the Role of…
Greenspans testimony to Congress
In testimony on 15 July Alan Greenspan presented the Federal Reserve Board's semiannual monetary policy report to Congress. Greenspan said the Fed was prepared to leave interest rates at low levels "for as long as it takes". He said the Fed remained…
Greenspan testimony on Natural gas supply
In the speech 'Natural gas supply' Alan Greenspan of the Federal Reserve said growing U.S. demand for natural gas to fuel factories and electricity plants may outweigh environmentalists' desire to preserve wilderness areas that contain energy reserves.
Greenspan enters his surrealist period
Salvador Dali has apparently taken over as chairman of the Federal Reserve. An article in the Financial Times suggests the Fed's recent behaviour indicates a sudden conversion to surrealism in the conduct of monetary policy.
A double bubble of the Fed's own making
This article suggests that the Fed's decision to reduce interest rates by only a quarter point misled markets and casts doubt on the Federal Reserve's reputation as a "paragon of virtue" and undermined the popular myth that it is Mr Duisenberg and the…
Fed Reserve Bank of St Louis Review, Jul/Aug 2003
The latest edition of the St Louis Fed's Review for July-August 2003 includes proceedings of the Twenty-Seventh Annual Economic Policy Conference of the Federal Reserve Bank of St Louis. The Review includes articles titled "The Real Effects of U.S…
Alan Greenspan opens Philadelphia Fed mini-museum
Alan Greenspan opened the Philadelphia Fed's new "Money in Motion" mini-museum on Wednesday 2 July, Dow Jones reports. The displays aim to make the complex history of American monetary policy visitor-friendly for tourists and local visitors.
Fedspeak with the Fed rate cut
An article in the Washington Times suggests that to understand what the Federal Reserve does, it's best to start with reasonably low expectations about what any central bank can do. It also suggests that the Fed's "balance of risk" assessment of the…
''The Fed has not avoided danger''
An article in the Financial Times argues that the Federal Reserve's decision to cut interest rates last week was a missed opportunity. Quantitative easing through an expansion of the money supply is needed, it argues, or the economic recovery could be…
Olson on bank challenges with low interest rates
In a speech on 'Bank Management Challenges in a Low-interest-rate Environment' Mark Olson of the Federal Reserve said the most pronounced effect of the current climate has not been prominent in the headlines but is well known to the industry. We have…
Chicago Fed National Activity Index, May 2003
CFNAI Indicates Economic Activity Improved in May - The Chicago Fed National Activity Index (CFNAI ) was -0.39 in May, a marked improvement from the downward-revised April level of -1.04. Most of the increase reflected better readings on the output…
ECB won't follow Fed on rates - Duisenberg
Speaking on German TV, Wim Duisenberg said euro zone interest rates were currently appropriate, Reuters reports, and that the ECB would not follow the lead of the US Federal Reserve by cutting interest rates soon.
Fed should focus on systemic risk from banks-Stern
Minneapolis Fed President Gary Stern said in an article on regulatory reform this week that "Risk is not evenly distributed across banks", according to a report from Reuters, and that the largest banks, or those focused on payments system processing,…
Minutes show some on FOMC wanted rate cut in May
Minutes from the Fed's May 6 policy meeting, reported by the Washington Post, showed that members would not wait indefinitely for the clouds to clear before lowering rates again in response to falling inflation rates and sluggish economic growth. The…
'Money in Motion' from the Philadelphia Fed
"Money in Motion" is a new financial and historical exhibition that is free, fun, and interactive. The exhibit's 16 displays feature interactive games, rare artifacts, and historical narrative that trace the history of money and central banking in the U…
Fed cuts funds rate to lowest level since 1958
The Federal Reserve's 13th rate cut on Wednesday 25 Junecould be the last in a cycle that began in January 2001, analysts said, according to Associated Press. However, the Fed signalled its intention to avoid the threat of deflation, suggesting rates…
Philadelphia Fed Business Review, 2nd Quarter 2003
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Second Quarter 2003. In the first article President Anthony Santomero asks: What is the root of the corporate governance problems that have recently gained the…