Federal Reserve System
Chicago Fed National Activity Index, April 2004
The Chicago Fed National Activity Index April 2004 increased sharply in April, to +0.64, from an upward-revised +0.23 in March. Each of the four broad categories of indicators that comprise the index made positive contributions in April, with production-…
The extraordinary Greenspan
This editorial from The Washington Times says it is quite unlikely that the American and world economies would have experienced such good fortunes as they have over the past 20 years were Mr. Greenspan not leading the world's most powerful central bank…
Fed's Ferguson on economics and ethical behaviors
In a speech on 'Economics and Ethical Behaviors' given on 22 May, Roger Ferguson of the Federal Reserve said that acting morally and ethically pays dividends while not doing so imposes costly regulation on society as a whole. Economic outcomes are…
Fed's Gramlich on subprime mortgage lending
In a speech on 'Subprime Mortgage Lending: Benefits, Costs, and Challenges' given on 21 May, Edward Gramlich of the Federal Reserve said a relatively high rate of defaults on subprime mortgages raises warning flags, but expanding credit to those who…
Philadelphia Fed Business Outlook Survey, May 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, May 2004 activity in the region's manufacturing sector continues to expand. Indicators for employment and prices received were up from their April readings, the survey…
Greenspan on acceptance of the Eisenhower Medal
In a speech on 'Acceptance of the Eisenhower Medal for Leadership and Service' given on 20 May, Alan Greenspan of the Federal Reserve said fears that the 2001 terrorist attacks could halt the growth of international commerce have proven groundless as the…
Fed's Bernanke on gradualism
In a speech on 'Gradualism' given on 20 May, Ben Bernanke of the Federal Reserve said the Fed should be able to push short-term interest rates up at a gradual pace, but the speed of expected rate hikes will be dictated by economic events.
Fed's Gramlich on workplace financial education
In a speech on 'Workplace Financial Education' given on 20 May, Ed Gramlich of the Federal Reserve said a financially smart worker is often a better worker.
Fed's Bies on corporate governance
In a speech on 'Corporate Governance: Where Do We Go From Here?' given on 19 May, Susan Schmidt Bies of the Federal Reserve repeated on Wednesday that banks involved in setting up structured finance deals need to ensure they are undertaken for proper…
Bies on corporate governance and community banks
In a speech on 'Corporate governance and community banks' given on 17 May, Susan Schmidt Bies of the Fed said a Federal Reserve review of corporate governance practices at smaller banks found most of them in good shape.
Fed's Ferguson on the role of central banks
In a speech on 'The Role of Central Banks in Fostering Efficiency and Stability in the Global Financial System' given on 17 May, Roger Ferguson of the Federal Reserve said the Federal Reserve's dual responsibilities for ensuring economic stability and…
Greenspan on financial literacy
In a speech on 'Financial literacy' given on 13 May, Alan Greenspan of the Federal Reserve said in an increasingly complex economy, the skill level that you reach in your 20s will surely be inadequate for the needs of our economy when you reach 40. His…
Fed's Bies on U.S. - EU regulatory dialogue
In a speech on 'U.S. - EU regulatory dialogue' given on 13 May, Susan Schmidt Bies of the Federal Reserve said major US banks have more work ahead to get their internal risk management models up to standard for judging capital adequacy.
Olson on the competitive edge of community banks
In the speech 'The competitive edge of community banks' given on 6 May Mark Olson of the Federal Reserve said the wave of consolidation in the U.S. banking industry hasn't led to the extinction of smaller banks.
Fed's Bies: Financial innovation & risk management
In a speech on 'Financial Innovation and Effective Risk Management' given on 6 May, Susan Bies of the Federal Reserve said banks should take care to safeguard their reputations when considering whether to be involved in complex deals aimed at helping…
Olson: The FOMC & the formation of monetary policy
In a speech on 'The Federal Open Market Committee and the Formation of Monetary Policy' given on 5 May, Mark Olson of the Federal Reserve said multiple policy objectives of maximum employment, price stability and moderate long-term interest rates make…
Philadelphia Fed Business Review, 2nd Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Second Quarter 2004. In this issue, President Santomero talks about the role of beliefs in economics and monetary policy. Other articles cover the benefits of…
Fed's Greenspan on globalization and innovation
In a speech on 'Globalization and innovation' given on 6 May, Fed Chairman Alan Greenspan said continued globalization and innovation are helping reduce the dangers of a disruptive correction of the U.S. international trade imbalance.
Fed's Bies on innovation in financial markets
In the speech 'Innovation in financial markets and banking relationships' given on 27 April Susan Bies of the Federal Reserve said the credit swap market must prevent inside information on lending customers leaking to trading desks. A credit swap…
Bies on current issues in corporate governance
In a speech on 'Current issues in corporate governance' given on 26 April, Susan Bies of the Federal Reserve said it was important for banks to ensure their processes for determining loan-loss reserves were solid.
Fed's Ferguson on global imbalances
In a speech on 'Global Imbalances' given on 23 Apri,l Roger Ferguson of the Federal Reserve said the probability of a disorderly decline in the value of the U.S. dollar is low and the American economy in general appears to be on track to remain in a …
Request for comment on payments system risk policy
The Federal Reserve Board on 21 April requested comment on proposed revisions to Part II of its Policy Statement on Payments System Risk (PSR Policy), which addresses risk management in payments and securities settlement systems.
Fed's Greenspan on energy
In a speech on 'Energy' given on 27 April, Alan Greenspan of the Federal Reserve said the likelihood of persistently high energy prices would help check US energy use and lead businesses to rethink energy-related investment decisions.
Chicago Fed National Activity Index, March 2004
The Chicago Fed National Activity Index (CFNAI) March 2004 was published on 22 April. The CFNAI decreased somewhat from February to March, but remained above zero for the seventh month in a row.