United States
Bernanke's Capitol Hill testimony
Ben Bernanke, the chairman of the Federal Reserve, testified before the US House of Representatives' Committee on Financial Services on 20 September. In this testimony he discusses the Fed's response to the subprime-mortgage crisis and possible…
Fed unveils new $5 bill
The Federal Reserve, the American central bank, today unveiled a new, more secure design for the $5 banknote that will be issued and enter circulation in early 2008. A new $100 bill will follow.
New assurances from Bernanke and Paulson
Ben Bernanke, chairman of the Federal Reserve, told the American Congress today that "significant market stress" had been caused by the credit crisis, but reiterated his assurances that regulators would move to curb fallout from the subprime mortgage…
Former Fed governor seeks gainful employment
In his memoirs, The Age of Turbulence, Alan Greenspan presents himself very much as a global leader; he hobnobs with former UK prime ministers Margaret Thatcher and Tony Blair, features the current prime minister, Gordon Brown, the president of China,…
Bernanke's boost for global stock markets
Shares around the world surged on news of the Fed's half-point cut in interest rates.
Fed cuts rates by half a point
The Federal Reserve cut interest rates by 50 basis points at its Tuesday meeting in a bid to limit the impact of recent financial turmoil on the economy.
Fed unveils new website
The Federal Reserve's new website went live on Monday.
The Maestro defines a bubble
At last we know what a bubble is. Alan Greenspan, who never used the dreaded word while in office to refer to market conditions, always insisted on talking about "froth" in markets.
Fed looks set to lower interest rates
Ben Bernanke, the US Fed chairman, and his central bank colleagues meet on Tuesday to make their next decision on interest rates, and appear set to lower the 5.25% federal funds rate to prevent a housing collapse and credit crunch from forcing the US…
Allan Meltzer dismisses calls for Fed action
The following article by Allan H. Meltzer, university professor of political economy at Carnegie Mellon, and a member of Central Banking's editorial board, was published in the Wall Street Journal on September 15. It provides an incisive analysis of the…
Bernanke discusses US deficit
Ben Bernanke, the chairman of the Federal Reserve, explained why he thought the US current account deficit had grown so rapidly before saying that the deficit was likely to decrease in the years ahead.
Real economy under threat - Fed's Mishkin
Frederic Mishkin, a member of the Board of Governors at the Federal Reserve, reiterated his view, expressed earlier this month at Jackson Hole, that the subprime crisis will drive down real economic growth.
Subprime reaction mirrors past crises - Greenspan
Alan Greenspan, a former chairman of the Federal Reserve, has said that the reaction of bankers to the subprime crisis is identical to their behaviour during the 1987 crash and the near-collapse of the Long Term Capital Management hedge fund in 1998.
A case for hedge fund regulation
The unique nature of hedge funds could lead to market failures that counterparty credit risk management (CCRM) practices cannot easily assess, according to an article published by the New York Federal Reserve.
Fed's Kroszner on the 1997 Asian crisis
Randall Kroszner, a governor of the Federal Reserve, said that he would "offer some thoughts about ways to analyse and assess the impact of banking crises on real economic activity."
Ex-Fed governor Gramlich dies
Former Federal Reserve governor Edward Gramlich has died of leukemia. He was 68. Gramlich served the Fed from 1997 to 2005.
Fed's Beige Book published
"Outside of real estate, reports that the turmoil in financial markets had affected economic activity during the survey period were limited," the Fed said in its latest "Beige Book" on economic conditions, featuring reports from the 12 regional Fed…
Fed's Lacker "unconvinced" of need for cut
Jeffrey Lacker, the president of the Richmond Federal Reserve intimated that he was not yet convinced of the necessity for a cut in the Fed's overnight policy rate, and said that, although he would back a cut if necessary, he remained wary of inflation.
Fed Board's Mishkin writes on housing crisis
In a timely paper, Frederic Mishkin, one of five current members of the Federal Reserve's Board of Governors, has emphasised the importance of the housing industry on the US economy. Mishkin said: "The housing market is of central concern to monetary…
Bernanke keeps markets guessing
In a wide-ranging review of the causes of the turbulence in financial markets and the role of housing finance in triggering it, Ben Bernanke, the chairman of the Federal Reserve, committed the Fed to take action as needed to promote financial stability.
Notes on surviving illiquidity
The Cleveland Federal Reserve Board has published a paper that examines crashes and recoveries in illiquid markets.
Minutes highlight Fed's attitude shift
Minutes of the Federal Open Market Committee's (FOMC) last rate-setting meeting reveal optimism that the economy could weather turmoil in the money markets.
Borrowing from Fed at highest level since 9/11
Banks have borrowed an average of $1.2 billion a day from the Federal Reserve's discount window for the week ending 22 August. This is the third highest weekly amount of borrowing ever.
Ford chief joins Wall Street's calls for Fed cut
Alan Mulally, the chief executive of motor company Ford, voiced his support for a cut to the federal funds rate on Friday.