Federal Reserve System
Philadelphia Fed Business Outlook Survey, Mar 2003
Activity in the region's manufacturing sector weakened in March, according to firms surveyed for March's Business Outlook Survey. This represents a deterioration from the basically flat performance in February. Indexes for general activity and new orders…
Split over Iraq may hit new Basel bank rules
A report in the Financial Times suggests the new Basel 2 rules update may suffer damage from the transatlantic war split and signs exist of a loss of patience with the long drawn out discussions. The result could be a degrading of the accord, the report…
Richmond Fed top discount-rate hawk
Recent analysis of FOMC voting between 1993 and 2002 has shown that the Richmond Fed is the most hawkish of the regional Fed banks whilst the Dallas Fed was the greatest dove, according to a Reuters report. The research also showed that recommendations…
Greenspan on Global Finance, Is it slowing?
SPEECH - In the speech 'Global Finance: Is It Slowing?' Alan Greenspan of the Federal Reserve said a diversified and innovative global financial system has helped the U.S. economy weather a string of jolts and that despite terrorist attacks and fears…
Fed's Gramlich: Iraq impact 'imponderable'
Ed Gramlich of the Federal Reserve said on Thursday that a conflict with Iraq would have consequences for the US and world economy but that the effects were impossible to predict.
Kohn testimony on Business Checking Freedom Act
SPEECH - The Fed backs paying interest on checking accounts, Fed Governor Donald Kohn said in testimony before Congress on 6 March. "Unnecessary restrictions on the payment of interest on demand deposits at depository institutions and on balances held at…
Parry on prospects for local and national economy
SPEECH - In the speech 'Prospects for the National and Local Economies: A Monetary Policymaker's View' Robert Parry of the Federal Reserve Bank of San Francisco said "If it were called for we still have room to give a boost to the economy, even in the…
Guynn on the road to recovery
SPEECH - In the speech 'The Road to Recovery and an Atlanta Perspective' Jack Guynn of the Federal Reserve Bank of Atlanta said that this recovery was different from previous ones. The big difference in this recovery, Guynn said, is that there has been…
Federal Reserve Board - Beige Book, March 2003
REPORT - The Federal Reserve Beige Book released 5 March said the U.S. economy "remained subdued" in the past two months as the prospect of war with Iraq constrained consumer and business spending, the Federal Reserve said in its latest survey of…
Fed's beige book - growth 'subdued' in early 2003
The Federal Reserve Beige Book released Wednesday showed that growth remained subdued in January and February. The evidence contained in the report forms a major part of the Fed's decision making process on the interest rate setting FOMC.
Kohn on the strength in consumer durables
SPEECH - In the speech 'The Strength in Consumer Durables and Housing: Policy Stabilization or Problem in the Making?' Donald Kohn of the Federal Reserve said it seems likely that as the economy strengthens and interest rates rise in response, household…
Fed's Parry: Fed has room to ease again
San Francisco Fed president Robert Parry has said there may still be room to reduce interest rates, if it were called for, as the risk of sparking an inflation increase was low.
St. Louis Fed wears many banking hats
ARTICLE - This article takes a look inside the St Louis Federal Reserve Bank and examines its operations including payment systems.
Greenspan on the Home Mortgage Market
SPEECH - In the speech 'Home Mortgage Market' Alan Greenspan of the Federal Reserve said borrowing against home equity has been a staple of household finance for decades, but that it has been only in the past decade or so that such practices have been…
St Louis Fed's Poole - Whither Investment?
SPEECH - In the speech 'Whither Investment?' William Poole of the Federal Reserve Bank of St. Louis said questioned whether monetary policy can encourage investment spending in the current environment. In terms of risk premiums and incentives to postpone…
Bies on retirement savings, equity ownership
SPEECH - In the speech 'Retirement Savings, Equity Ownership, and Challenges to Investors' Susan Schmidt Bies of the Federal Reserve said the importance of longer-term trends in pension plans and equity ownership has been highlighted by tumbling stock…
Chicago Fed National Activity Index, January 2003
REPORT - CFNAI Shows U.S. Economy Improved in January - In January, the Chicago Fed National Activity Index (CFNAI) moved above zero for the first time since last July. The January reading was +0.38, a substantial improvement from December and the…
Regional Fed banks prepare for aging of the guard
ARTICLE - This article looks at a possible 'seismic' shift in the make up of the Federal Reserve's policy making board. Both the Richmond and San Francisco Fed governors are due to step down next year while Alan Greenspan may not stay beyond 2004.
Greenspan on Aging global population
SPEECH - At a time when demographic factors are strongly affecting economic policy in many countries, Alan Greenspan yesterday told the Senate's Special Committee on Aging that at some point policy-makers will have to face up the fact that as the baby…
US Fed's Ferguson backs new world bank rules
Roger Ferguson said on Thursday that criticism of the Basel II rules have not convinced the Federal Reserve that the agreement should be scrapped.
Fed's McDonough praises Brazil's new government
Brazil's new economic plan received support from William McDonough on Tuesday at a Latin American forum. New York Fed chief also praised Brazil's central bank head Henrique Meirelles.
Greenspan testimony on deposit insurance
SPEECH - In testimony titled 'Deposit insurance' Alan Greenspan of the Federal Reserve reiterated the central bank's opposition to raising the $100,000 limit on deposit insurance coverage, saying there would be no "clear public benefit" to the move.
Survey of Professional Forecasters
SURVEY - The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the First Quarter 2003. The economy will grow slowly over the first half of the year, according to 37 forecasters surveyed. However, the…
Santomero on corporate governance & responsibility
SPEECH - In the speech 'Corporate Governance & Responsibility' Anthony Santomero of the Federal Reserve Bank of Philadelphia said good corporate governance is critical to the health of the corporate system, our financial system, and our economy. The US…