Federal Reserve System
ECB refuses to join Fed rate cut for now
GERMANY - The European Central Bank left interest rates unchanged on Thursday, opting not to join the U.S. Federal Reserve in monetary easing aimed at propping up the faltering global economy.
Following the Fed
ARTICLE - The Federal Reserve has its foot over the gas pedal. An attempt today to speed up the US economy seems almost certain; rarely does the Fed send signals to the financial markets that it is about to cut interest rates, only to disappoint. Whether…
Banking Bunkum
ARTICLE - The Asia Times takes a look at central banks and suggests they have similar characteristics to libraries, where books and money serve the same purpose. They also tell us that ex Federal Reserve chairman Paul Volcker once said "central bankers…
Gary Stern on economic literacy
SPEECH - In the speech 'Economic Literacy Leads to Better Grasp of Public Policy Issues' made on 24 October, Gary Stern of the Federal Reserve Bank of Minneapolis said it doesn't hurt to remind ourselves and others that economics has a lot to say about…
The Fed should cut next week
ARTICLE - The US economy is growing around trend, unemployment is at its lowest post-recession peak for decades, the housing market is firing on all cylinders - and the financial markets are expecting the Federal Reserve to cut interest rates to a 40…
Chicago Fed National Activity Index September 2002
REPORT - CFNAI Indicates Economic Growth Remained Slow in September - The Chicago Fed National Activity Index (CFNAI) remained below zero for a second month in September, coming in at -0.35 in September, up from -0.45 in August.
Moskow on the Economy and Free Trade
SPEECH - In the speech 'The Economy and Free Trade' made on 29 October, Michael Moskow of the Federal Reserve Bank of Chicago said during the last 20 years or so, we've deregulated financial markets, developed more flexible labor markets and made major…
Santomero on Process & Progress in Risk Management
SPEECH - In the speech 'Process & Progress in Risk Management' made on 28 October, Anthony Santomero of the Federal Reserve Bank of Philadelphia said the financial sector has come a long way in its risk management efforts. Basel II offers an unusual…
Fed Chairman Alan Greenspan on education
SPEECH - In the speech 'Education' made on 29 October, Alan Greenspan of the Federal Reserve said empirical economic research has identified a complex set of factors as key determinants of how successful any country will be in transforming its physical…
Fed's Ferguson on productivity growth
SPEECH - In the speech 'Productivity Growth: A Realistic Assessment' made on 24 October, Roger Ferguson of the Federal Reserve said although no one can see the future, he feels cautiously optimistic that the U.S. economy can continue to enjoy strong…
The Fed's Mark Olson on Urban Revitalization
SPEECH - In the speech 'Urban Revitalization: Shared Responsibilities' made on 22 October, Mark Olson of the Federal Reserve Board said that the history of community development policy and finance has been characterized as difficult, but it provides…
Alan Greenspan on productivity
SPEECH - In the speech 'Productivity' made on 23 October, Alan Greenspan of the Federal Reserve said given the difficult adjustments that the US economy has been undergoing, long-term productivity optimism may currently seem a bit out of place. But, he…
Federal Reserve Board - Beige Book, October 2002
REPORT - The Federal Reserve Beige Book released 23 October showed that the US economy is struggling to get out of the sluggishness which has now infected retail sales. The report shows the housing market to be the one bright spot in an otherwise weak…
Federal Reserve Board Press Release, 22 October
PRESS RELEASE - The Federal Reserve Board, along with the Federal Reserve Banks of Chicago, Minneapolis, Kansas City, and San Francisco, will sponsor a conference this fall to explore ways to encourage banking opportunities in tribal communities.
Moskow with a perspective on the current economy
SPEECH - In the speech 'A Perspective on the Current Economy' made on 17 October, Michael Moskow of the Federal Reserve Bank of Chicago said that although the near term poses some uncertainties, the long-term prospects for the US economy are remain good…
Modest growth in slow recovery - Fed's Poole
US - St. Louis Federal Reserve Bank President William Poole said on Wednesday the U.S. economy is growing modestly as it recovers slowly from recession.
McDonough on financial resilience
SPEECH - In the speech 'Promoting Financial Resilience' made on 17 October, William J. McDonough of the Federal Reserve Bank of New York said a general agreement exists that in order for countries to enjoy sustained and stable growth, a sound and stable…
Ferguson - the third Fed Branch building, Houston
SPEECH - In a speech at the groundbreaking ceremony for the new Houston Branch building made on 16 October, Roger Ferguson of the Federal Reserve said as Houston has grown both in size and in economic importance, so have the operations of the local…
Gramlich on methodology of benefit-cost analysis
SPEECH - In the speech 'The Methodology of Benefit-Cost Analysis' made on 16 October, Edward Gramlich of the Federal Reserve said scandals and outrages in the newspapers could easily lead one to be cynical about public policymaking and skeptical that the…
Fed's McTeer says U.S. recovery so far jobless
US - Dallas Federal Reserve President Robert McTeer said on Thursday the U.S. economic recovery had so far been jobless, but the unemployment rate here still has stayed well below Europe's.
Ferguson on financial stability, central bank role
SPEECH - In the speech 'Should Financial Stability Be an Explicit Central Bank Objective?' made on 17 September and published on 16 October, Roger Ferguson of the Federal Reserve said that financial stability is and always will be of vital interest to…
Fed member warns on inside analysis
US - Evaluations of public policy should be handled independently of the agency responsible for the policy, a member of the Federal Reserve Board said Wednesday at Western Michigan University.
Ben Bernanke on asset price bubbles
SPEECH - In the speech 'Asset-Price "Bubbles" and Monetary Policy' made on 15 October Ben Bernanke of the Federal Reserve said the Fed lacked the knowledge, foresight or precision tools to pre-empt a stock market bubble, "and even if it could identify…
Fed's Stern sees steady growth for near term
US - Gary Stern, president of the Federal Reserve Bank of Minneapolis, sees the economy growing at a relatively firm rate in coming months before growth accelerates in the second half of 2003.