United States
Phil Fed president recognized as global citizen
The Global Interdependence Center (GIC) has presented Dr. Anthony M. Santomero, president of the Federal Reserve Bank of Philadelphia, with its 2005 Global Citizen Award for his contributions to the global economy in the areas of public policy, business,…
Bernanke sees 'healthy and sustainable' US growth
In his first speech as chairman of the Council of Economic Advisers on Tuesday 12 July, Ben Bernanke presented an upbeat outlook for the US economy.
Federal Reserve Bulletin, Spring 2005
The Federal Reserve's Bulletin for Spring 2005 includes the article 'Background on FOMC meeting minutes' outlines previous changes to the release schedule for the minutes and provides a brief overview of the content of the minutes and the way they are…
Fed's Hoenig says US rate moves to depend on data
Kansas City Fed President Thomas Hoenig said on Friday 8 July that the U.S. Federal Reserve's policy is currently accommodative and how fast official rates move to neutral will depend on incoming economic data.
Fed's Lacker says too early to foresee Fed pause
Richmond Federal Reserve President Jeffrey Lacker said on Monday 11 July it was too soon to say when the U.S. central bank would end its year-long campaign of interest-rate rises and indicated more increases were likely.
Philadelphia Fed Business Review, 2nd Quarter 2005
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Second Quarter 2005. In this quarter's message, President Anthony Santomero shares his views on the U.S. economy and outlines some of the "Lessons learned from the…
White House considering Kroszner for Fed job
The White House is considering former Bush administration official Randall Kroszner for a vacant seat on the Federal Reserve's Board, reports said this week.
US's Snow spoke to Greenspan following bomb blasts
U.S. Treasury Secretary John Snow spoke with Federal Reserve chief Alan Greenspan and other top U.S. officials about how global and U.S. financial markets were reacting to Thursday's bomb blasts in London, a spokesman said according to Reuters.
The Federal Reserve System: Purposes and Functions
The book "The Federal Reserve System: Purposes and functions" was published on Tuesday 5 July. The book includes chapters titled, 'Overview of the Federal Reserve System,' 'Monetary Policy and the Economy,' 'The Implementation of Monetary Policy,' 'The…
Poole: After Greenspan Whither Fed Policy?
In the speech 'After Greenspan: Whither Fed Policy?' given on 6 July, William Poole, President of the Federal Reserve Bank of St. Louis, said Alan Greenspan's eventual successor faces a stiff credibility test from markets but could ease the transition by…
St Louis Fed's Regional Economist, July 2005
The Regional Economist, July 2005 edition, from the St Louis Fed includes the article "Do we have a saving crisis?" Theoretically, the decline in saving jeopardizes the US economy because savings are lent to businesses for investment. In reality, the US…
Fed's Olson on US mortgage products
In the speech 'Revisiting traditional paths to ownership' given on 23 June, Mark Olson of the Federal Reserve said an explosion in mortgage products that lowers payments in the early years of a loan has helped to extend U.S. home ownership, but carries…
Fed Reserve Bank of St Louis Review, Jul/Aug 2005
The latest edition of the St Louis Fed's Review for Jul/Aug 2005 includes the proceedings from the 29th economic policy conference of the Federal Reserve Bank of St. Louis, "Productivity, labor, and the Business Cycle."
Federal Reserve raises interest rates to 3.25%
The Federal Open Market Committee decided to raise its target for the federal funds rate by 25 basis points to 3-1/4 percent on Thursday 30 June. In its statement the FOMC maintained its "measured" stance and said that although energy prices have risen…
US Senators delay China currency bill vote
U.S. Senators Charles Schumer and Lindsey Graham have delayed a vote on their bill to impose tariffs on Chinese imports after Federal Reserve Chairman Alan Greenspan and Treasury Secretary John Snow persuaded them China will make its exchange rate more…
The politics of central bank independence
This New York Fed Staff Report proposes a theory to explain why, and under what circumstances, a politician endogenously gives up rent and delegates policy tasks to an independent agency.
Dallas Fed's Fisher on trade
In the speech given on 14 June Richard Fisher of the Federal Reserve Bank of Dallas said trade with China is helping raise our productivity and lower our prices.
Philadelphia Fed head receives Italian civic honor
The Consul General of Italy recently presented the prestigious Italian recognition of "Cavaliere," an honorary knighthood, to Anthony Santomero, president of the Federal Reserve Bank of Philadelphia.
Bernanke sworn in as White House adviser
Ben Bernanke was sworn in as chairman of President George W. Bush's Council of Economic Advisers on Tuesday 21 June, leaving his post as a Federal Reserve member.
Chicago Fed National Activity Index, May 2005
The Chicago Fed National Activity Index for May 2005 was +0.10, up from +0.05 in April. Two of the four broad categories of indicators that make up the index - production and income and consumption and housing - made positive contributions.
Cleveland's Pianalto: Our future in manufacturing
In the speech 'Our future in manufacturing' given on 16 June, Sandra Pianalto of the Federal Reserve Bank of Cleveland said the fundamentals of the US economy are strong and the expansion should continue.
Fed's Olson on regulatory relief
In testimony on 'Regulatory relief' given on 21 June, Mark Olson of the Federal Reserve said that Congress should give the Federal Reserve more flexibility in setting reserve requirements and allow it to pay interest on balances held by depository…
Greenspan warns against trade sanctions on China
Fed chairman Alan Greenspan told Congress in testimony on Thursday 23 June that no credible evidence exists that a move by China to revamp its exchange rate system would benefit US manufacturing or jobs.
Philadelphia Fed Business Outlook Survey, Jun 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, June 2005, activity in the region's manufacturing sector weakened. This represents a decline from the moderate performance in May.