Federal Reserve System
Greenspan testimony-unsure about consumer optimism
Federal Reserve Chairman Alan Greenspan offered a gloomier assessment of the U.S. economic outlook when he testified to the House Financial Services Committee on Feb 28, 2001, suggesting he no longer is sure that consumer confidence is strong enough to…
Understanding financial consolidation-Fed Ferguson
US Federal Reserve vice chairman Roger Ferguson gave a speech on Feb 27 titled "Understanding Financial Consolidation" at a conference sponsored by the Securities Industry Association. In the speech, he presented the results of a major study commissioned…
Fed executive picked for position with US Treasury
In a widely expected move, Peter Fisher, the executive vice president in charge of markets for the Federal Reserve Bank of New York, has been appointed as the Domestic Finance Official at the US Treasury.
Central bankers discuss e-commerce at NY Fed
International central bankers on Feb 23, 2001 discussed how greater use of the Internet might affect monetary policy but said no definitive conclusions had been reached
'Risk Management in Diversified Banks'-Fed Cumming
In the latest issue of the New York Fed "Economic and Policy Review" there is a article on "The Challenges of Risk Management in Diversified Financial Companies," by Christine M. Cumming and Beverly J. Hirtle. Christine Cumming is the director of…
Fed's Parry sees U.S. rebound after rough patch
The U.S. economy may hit a rough patch in the next few months but should rebound to a modest growth rate by year-end, Federal Reserve Bank of San Francisco President Robert Parry said on Feb 21, 2001.
Cbanks should be pre-emptive - Fed's Gramlich
U.S. Federal Reserve Governor Edward Gramlich said on Feb 20, 2001 central banks had to move preemptively given the time it took for their actions to feed through to the economy. He advocated the use of forward-looking, flexible, inflation targetting as…
New FRBNY research on exchange rates and wages
New research from the Federal Reserve Bank of New York by Linda Goldberg and Joseph Tracylooks at the effects of exchange rate fluctuations across the population - important in increasingly globalized economies. They offer an explanation of the…
Financial innovation conference at the FRBNY
The Federal Reserve Bank of New York is holding a conference on financial innovation and monetary transmission on April 5-6, 2001
'Suing the BIS'- by William Hall
William Hall of the Financial Times reports on the difficulties the Bank for International Settlements has got into as it struggles to counter the accusation that the price it has offered to buy back its shares from the private sector is "absurdly low".
Fed's Broaddus-Odds high US economic recovery near
The odds that the U.S. economy will recover soon are "reasonably high," Federal Reserve Bank of Richmond President Alfred Broaddus said on Feb 15, 2001. Broaddus told reporters after addressing a forum sponsored by Bennett College and the Greensboro…
Fed Poole- forecasts subject to significant error
The consensus view of private sector economists that U.S. gross domestic product will grow 2.1% in 2001 is "reasonable," but also subject to significant error, Federal Reserve Bank of St. Louis President William Poole said on Feb 15, 2000. Thus it's…
Fed's Stern sees improved economy in Jan 2001
Federal Reserve Bank of Minneapolis President Gary Stern said on Feb. 14, 2001 that slower growth in business inventories in December 2000 and improved retail sales and employment data in January 2001 were constructive indicators for the economy. "It…
Ferguson speech-US undergoing inventory adjustment
The U.S. economy "is clearly undergoing a stock adjustment" to reconcile the supply and demand of capital goods, Federal Reserve Vice Chairman Roger Ferguson said on Feb 14 at a speech at Vanderbilt University. Ferguson said it is unclear how long the…
Dollar mood jittery ahead of Greenspan remarks
The dollar's near-term fate hung in the balance on Feb 13, 2000 ahead of potentially market-movingcomments by Federal Reserve Chairman Alan Greenspan in Congress. Dealers generally expect Greenspan to adopt a cautiously optimistic tone on the U.S…
Greenspan-Fed may expand debt types in portfolio
The Federal Reserve continues to explore its options for implementing monetary policy as the stock of its preferred instrument, U.S. Treasury debt, declines, Fed Chairman Alan Greenspan said on Feb 13, 2001. Two of the options on the table include debt…
Greenspan said the U.S. was not in recession
Federal Reserve Chairman Alan Greenspan said on Feb 13, 2001 the U.S. economy was not in a recession but may face a rocky transition as it downshifts from super-charged growth rates of the past several years. When asked point-blank in a Senate Banking…
Asia response to revised Basel Accord
Asian countries have responded well to proposals for a new regulatory framework strengthening the global banking system and allowing banks more independence in assessing capital risk, according to New York Federal Reserve President William McDonough. …
Fed's Minehan sees 2001 U.S. growth near 2 pct
Boston Federal Reserve President Cathy Minehan said on Feb 12, 2001 she expects U.S. economic growth to start accelerating again later in 2001, helped by the central bank's January 2001 rate cuts."I expect activity to increase later in the year, and…
US plan to widen euro debt holding is logical-ECB
The European Central Bank said on Feb 9, 2001 plans by the U.S. monetary authorities to widen their holdings of government securities in the euro zone to include countries other than Germany were a logical step following the arrival of the euro. "This is…
Slowdown in the US Economy- HKMA's Joseph Yam
The suddenness of the recent slowdown in the US economy has taken many by surprise. But policymakers have plenty of scope for turning this inevitable adjustment into a more sustainable growth path. By Joseph Yam, chief executive of the Hong Kong Monetary…
Information Technology and US Productivity Revival
Information Technology and the U.S. Productivity Revival: What Do the Industry Data Say? byKevin J. Stiroh at the New York Federal Reserve. This paper examines the link between information technology (IT) and the U.S. productivity revival in the late…
'Greenspan stirs a tempest' - John Berry
"Mr Greenspan sauntered up to the Hill and wasn't bashful about putting the Fed smack in the middle of the most controversial issue of the day", complained Senator Byron L. Dorgan of North Dakota. Whatever the wisdom of Greenspan's support for big…
Treasury's O'Neill courts Wall Street on tax cuts
U.S. Treasury Secretary Paul O'Neill courted Wall Street support on Feb 7, 2001 for President George W. Bush's $1.6 trillion tax cut plan, saying huge budget surpluses left ample room to give taxpayers a break. Bush is due to propose the cuts on Feb. 8…