Federal Reserve System
Fed's Ferguson on Basel II updates
In a speech on 'The Proposed U.S. Approach to Regulatory Capital: An Update', given on 13 November Roger Ferguson of the Federal Reserve said we do not expect to slacken the high standards expected of banks operating under the advanced approaches for…
Chicago Fed's Moskow: Rates to stay low
Michael Moskow said on Thursday 13 November, according to Reuters, that the Federal Reserve plans to keep interest low for a considerable period of time. The Chicago Fed President, who is a voting member of the FOMC, told a panel discussion "All of the…
Moskow: No reason to change accommodative stance
Michael Moskow, the Chicago Fed president, said on Monday US jobs growth was encouraging and it was important to continue the relaxed monetary stance the FOMC currently holds, to provide some "insurance" against an unwelcome bout of disinflation, Reuters…
Greenspan on the outlook for the US economy
In a speech to the Securities Industry Association annual meeting on 6 November Alan Greenspan of the Federal Reserve said soaring government budget deficits threaten the US economy in the long term and must be brought under control. But striking an…
Fed's Bernanke on the jobless recovery
In the speech 'The Jobless Recovery' given on 6 November Ben Bernanke of the Federal Reserve noted "a few encouraging signs" have appeared that a lengthy jobs slump was easing. "So far these signals of recovery remain tentative; on the basis of the…
Fed Reserve Bank of St Louis Review, Nov/Dec 2003
The latest edition of the St Louis Fed's Review for November-December 2003 includes an article by St Louis Fed President William Poole "Fed Transparency: How, Not Whether", "Burgernomics: A Big Mac Guide to Purchasing Power Parity", and "Banking…
Fed chief Greenspan hints end near for low rates
Fed Chairman Alan Greenspan suggested on 6 November that the end may be in sight for very low interest rates. Greenspan gave an optimistic assessment of the US economy's prospects for strong growth and appeared to depart from the FOMC's commitment to…
Fed's Pianalto says US jobs lag unusual
Speaking Wednesday 5 November Federal Reserve Bank of Cleveland president Sandra Pianalto said normally it would be expected to take only around two years for the US to recover the number of jobs lost in recession, Reuters reported.
Greenspan on the payments system in transition
In the speech 'The payments system in transition' given on 29 October Alan Greenspan of the Federal Reserve said in the area of electronic payments, there will be a variety of views on the development of services, designs, and infrastructure for the next…
Fed's Bernanke on Friedman's monetary framework
In a speech on Milton Friedman's monetary framework given on 24 October, Ben Bernanke of the Federal Reserve said that one can hardly overstate the influence of Friedman's monetary framework on contemporary monetary theory and practice. He identified the…
Ferguson's testimony before the US Senate
In testimony before the US Senate given on 14 October, Roger Ferguson of the Federal Reserve said "During my years on the Board of Governors, I have done my best to contribute positively to all aspects of the Federal Reserve's many responsibilities. I…
Ferguson at the New England Economic Adventure
In a speech at the opening of the New England Economic Adventure at the Federal Reserve Bank of Boston given on 8 October Roger Ferguson of the Federal Reserve said "While I would like to think that all of the Federal Reserve System's economic education…
Philadelphia Fed Business Outlook Survey, Oct 2003
Activity in the region's manufacturing sector improved in October, according to firms polled for the Philadelphia Fed's Business Outlook Survey, October 2003. Most of the current indicators increased this month, the report finds, and manufacturers' six…
Federal Reserve Board - Beige Book, October 2003
The Federal Reserve Beige Book released on 15 October suggests that, on balance, the pace of economic expansion has picked up since the last report. Ten of the twelve districts indicate that activity has been expanding, while two--Boston and Cleveland-…
Ferguson: Future of Financial Services--Revisited
In the speech 'The Future of Financial Services--Revisited' given on 8 October Roger Ferguson of the Federal Reserve said the need for Basel II arises because modern risk measurement and management practices, including the increasing ability to…
Bernanke's statement on renomination to the Board
In testimony before the US Senate on 14 October Ben Bernanke of the Federal Reserve said although economic forecasting is far from an exact science, private-sector forecasters broadly agree that the economy should grow at nearly a 4 percent rate in 2004…
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…