United States
Fed McTeer: Econ helped by monetary, fiscal policy
Dallas Fed chief Bob McTeer said Tuesday "we would do whatever is necessary" to stimulate growth but he didn't think there was any likely scenario in which the Fed would be forced to adopt extraordinary measures such as heavily increasing purchases of…
Meltzer magic
Allan Meltzer and the dear old Bretton Woods twins haven't always been on the best of terms. As he told Central Banking journal barely a year and a half a go: the world bank's inefficiencies were a "scandal"; in many of its activities it "contributes…
Quote of the week from Hormats
"Had there been an IMF in the 1850s to insist that the United States create a strong central bank, its advice would have been bitterly resisted by many Americans".
Chicago Fed's Moskow on U.S. Economic Forecast
In a speech on 'U.S. Economic Forecast' given on 28 July Michael Moskow of the Federal Reserve Bank of Chicago said the road to recovery has been bumpier than expected. But we believe that the monetary policy we have put in place will support demand and…
Broaddus - Update on the Economy, Monetary Policy
In the speech 'Update on the Economy and Monetary Policy' given on 25 July Alfred Broaddus of the Federal Reserve Bank of Richmond said to sum up on the current state of the economy, there are a few signs in the recently released data that the recovery…
Fed's Broaddus says US economy may be on the mend
Speaking on Friday 25 July, Richmond Fed President Alfred Broaddus said that forecasts for a 3.5 percent pace of growth over the second half of this year appeared on the mark, according to Reuters, but warned that "there is not much hard evidence that…
US economy on track for strong comeback - ECRI
The Economic Cycle Research Institute's managing director has said "The index is on fire", according to Reuters. He was referring to the ECRI's leading US growth rate index which rose to a 16-year high of 10.7 percent from 9.7 percent the previous week.
Chicago Fed - US economy should regain drive
Michael Moskow of the Chicago Fed said on Monday 28 July that on the upside, business sentiment could rebound more dramatically, while on the downside, the risk is that consumer spending could lose momentum, according to a Reuters report. He said the…
Interview with Chicago Fed chief Michael Moskow
The U.S. economy is poised to pick up speed in the second half of the year and into 2004, Federal Reserve Bank of Chicago President Michael Moskow said late Friday 25 July in an interview with YSA Today. Moskow says the threat of deflation is 'very…
Paul Krugman on Greenspan 'Dropping the Bonds'
Paul Krugman used to be a great admirer of Mr. Greenspan, he writes in his New York Times column. "But something has gone very wrong with the maestro", he suggests. He notes Greenspan's optimism in recent testimony that tax cuts and low interest rates…
Former BIS head Crockett joins JP Morgan
Sir Andrew Crockett is to join JP Morgan Chase International as an international ambassador, The Times reports. Crockett was one of the favourites to take over at the Bank of England after leaving the BIS earlier this year. The post, based in New York,…
Fed can keep rates low as growth quickens - McTeer
In a speech to the Dallas Rotary Club, Reuters reports that Dallas Fed President Bob McTeer expressed optimism the economy would soon revive, even as he admitted a lack of "hard evidence" of a pickup.
McTeer speech to the Risk Management Association
In a speech before the Risk Management Association Bob McTeer of the Federal Reserve Bank of Dallas said the main reasons for expecting a stronger recovery are the prolonged and massive monetary easing, fiscal policy's move toward expansion, lean…
Ferguson on Basel II: Scope of Application in US
In a speech on 'Basel II: Scope of Application in the United States' Roger Ferguson of the Federal Reserve said we anticipate that U.S. banking organizations that account for 99 percent of the foreign assets and two-thirds of all assets of our domestic…
Bernanke: Fed could cut rates to zero
In his speech to a University audience on Wednesday 23 July, Reuters reports that Ben Bernanke declared that the Federal Reserve was ready to keep short-term interest rates low indefinitely - even cutting them to zero - to jumpstart the economy and ward…
Greenspan proves fallible
An article in American Outlook Today, "Greenspan proves fallible", describes the pedestal upon which Alan Greenspan has been perched as "a bit shaky" saying he disappointed the expectations of the bond market with the FOMC's with only a quarter point…
Snow says U.S. economic growth accelerating
US Treasury Secretary John Snow said on Tuesday 22 July that we are seeing good signs that the US economy is beginning to take off, Reuters reports. Snow said the pace of expansion should pick up substantially in the second half of this year and during…
'Stars are aligned' for U.S. economy- Fed's McTeer
Dallas Fed chief Bob McTeer said on Tuesday 22 July that factors are in place to see a recovery in the US economy and non-inflationary growth could be as much as 5 percent, according to Reuters. "I think all the stars are aligned for the economy to pick…
Fed's Bernanke - An Unwelcome Fall in Inflation?
In the speech 'An Unwelcome Fall in Inflation?' given on 23 July Ben Bernanke of the Federal Reserve said in a world in which inflation risks are no longer one-sided, and short-term nominal interest rates are at historical lows, the success of monetary…
McTeer commencement address to economics graduates
In his 'Commencement Address to Economics Graduates' Bob McTeer of the Federal Reserve Bank of Dallas said Alan Greenspan is an excellent example of someone making a big difference by applying good economics. I'll just remind you how much the inflation/…
Hoenig on leadership, change and progress
In a speech on 'Leadership, Change and Progress' Thomas Hoenig of the Federal Reserve Bank of Kansas City said leadership is necessary to convert the energy of change into progress but the talent to lead guarantees nothing. Leaders can harm. Leaders can…
Philadelphia Fed Business Outlook Survey, Jul 2003
Activity in the region's manufacturing sector increased in July, according to the firms surveyed for the Philadelphia Fed's July 2003 Business Outlook Survey. Many of the current indexes showed improvement -- especially indexes for new orders and…
Greenspan: Risking it all for a legacy?
A State Street Investment Letter suggests that US inflation expectations are unambiguously on an upward trend and are being put at risk to preserve Alan Greenspan's legacy. It is with some irony, it says, that the next Federal Reserve Chairman is likely…
Time 'not right' for yuan float
Responding to comments Wednesday by U.S. Federal Reserve Chairman Alan Greenspan that China eventually will need to float its currency, the yuan, a Chinese foreign ministry spokesman said the current exchange rate helps China's development and the rest…