United States
Parry: Fed still has room to cut rates if needed
Robert Parry said on Thursday 4 September that the Federal Reserve still has room to cut interest rates if the US economy were to underperform, Reuters reports. But the San Francisco Fed chief, who is a voting member of the FOMC, stressed that he thought…
Fed's Ben Bernanke on the economic outlook
In a speech on 'The Economic Outlook' given on 4 September Ben Bernanke of the Federal Reserve said the Fed had "no reason" to raise short-term interest rates so long as price pressures remained at bay. "In my view, the Federal Open Market Committee has…
Fed's McTeer: US jobless rate may drop by year-end
Dallas Fed President Robert McTeer said on Thursday 4 September, that with an upturn in US growth unemployment could fall by the end of the year, according to Reuters. He told reporters "It could easily be under 6 percent by year-end".
Federal Reserve Board - Beige Book, September 2003
The Federal Reserve Beige Book released on 3 September said that the US economy improved in July and August but the jobs market was stubbornly weak. "Labour markets remain slack across the nation, with few reports of occupational shortages," the report…
Fed Reserve Bank of St Louis Review, Sep/Oct 2003
The St Louis Fed has published the latest edition of its Review for September/October 2003. Included in the Review are articles "Institutions for Stable Prices: How To Design an Optimal Central Bank Law" by William Poole and "The 2001 Recession: How Was…
Chicago Fed National Activity Index, July 2003
The latest Chicago Fed National Activity Index published on 28 August indicates economic activity improved again in July. The CFNAI was -0.20 in July, a small improvement from the June reading of -0.32.
Boston Fed launch Operational Risk & Capital site
The Boston Fed has launched a web site dedicated to Operational Risk and Capital. The site contains information related to the proposed new international capital accord, Basel II.
Alan Greenspan defends worries about deflation
Opening a two-day conference on monetary policy sponsored by the Federal Reserve Bank of Kansas City, Alan Greenspan said on Friday 29 August that the Fed was right to worry about deflation even though the threat was remote as uncertainty remained "the…
Greenspan on monetary policy under uncertainty
In a speech on 'Monetary Policy under Uncertainty' given on 29 August Alan Greenspan of the Federal Reserve said he preferred to set economic policy by managing possible risks rather than obeying formal rules. "That any approach along these [formal…
Poole on Fed Transparency: How, Not Whether
In the speech 'Fed Transparency: How, Not Whether' given on 21 August William Poole of the Federal Reserve Bank of St. Louis said transparency is a worthy goal, but improving transparency is hard work. "My thinking is still evolving, but one thing I know…
Parry on prospects for the national, local economy
In the speech 'Prospects for the National and Local Economies: A Monetary Policymaker's View' given on 21 August Robert Parry of the Federal Reserve Bank of San Francisco said downside surprises that could push the inflation rate even lower are a concern…
Global central bankers to meet at weekend
Alan Greenspan will start the "Monetary Policy and Uncertainty" meeting of top central bankers on Friday with a keynote speech. The Jackson Hole, Wyoming gathering will bring together an audience of about 100 presidents or senior officials from the 12…
Broaddus: Fed can maintain low rates
The Fed can maintain an accommodative monetary policy until the US output gap narrows, said Alfred Broaddus, president of the Richmond Fed in a television interview on Wednesday, according to a report by Reuters.
IMF Survey on global economic outlook
The latest IMF survey has been issued, which states that following its Article IV consultation with the US it concluded that "a durable economic upswing was not a foregone conclusion", raising concerns about fiscal sustainability.
Donald Winn passes away
Fed old-timer Donald Winn sadly died at the age of 66 with pancreatic cancer after faithfully serving the central bank for almost half of his life. With 30 years on the clock, Winn had proved a precious asset to no less than four chairmen, in charge of…
Balance sheet approach to financial crisis
A IMF note summarises the main conclusions from the working paper "A Balance Sheet Approach to Financial Crisis". It describes the conceptual framework of the balance sheet approach and how it has been reflected in the Fund's work.
US inflation measures compared
Keeping a close eye on changes in consumer prices is a key aspect of central banks' task to keep inflation low and stable. But measuring the changes and agreeing on the measure is not straightforward. A recent Economic Letter from the San Francisco Fed…
Fed's Bies on effective corporate governance
In a speech on 'Effective Corporate Governance and the Role of Counsel' given on 10 August Susan Schmidt Bies of the Federal Reserve said in today's environment, regulators, lawmakers and shareholders are looking for providers of legal services to be…
Federal Reserve keeps interest rate at 1 percent
Holding the federal funds rates at 1 percent Tuesday 12 August, the FOMC said the risk of inflation becoming undesirably low is likely to be the predominant concern for the foreseeable future. In these circumstances it said that policy accommodation can…
Fed's Bies on strengthening corporate governance
In a speech on 'The Role of Community Bank Directors in Strengthening Corporate Governance' given on 7 August Susan Schmidt Bies of the Federal Reserve said corporate governance and audit failures over recent months demonstrate how quickly trust can be…
Applying efficiency measurement to central banks
The working paper "Applying Efficiency Measurement Techniques to Central Banks" from the Philadelphia Fed released on 6 August reviews the standard techniques of efficiency measurement and reviews some of the literature that has attempted to apply these…
IMF urges US action on deficit as economy improves
In an annual review of the United States the IMF said the lacklustre US economy looks set to pick up speed but the record budget deficit must be tackled, according to Reuters.However, the report said the recovery has thus far been uneven and that…
Greenspan holds his own
In his recent testimony to Congress, Alan Greenspan has "reached a new low" according to a certain Congressman Sanders. By apparently suggesting that manufacturing doesn't matter, Greenspan had "insulted tens of millions of American workers".
Atlanta Fed's Guynn on the economic outlook
In a speech on 'The Economic Outlook: Building Momentum on the Road to Stronger Growth', given on 31 July, Jack Guynn of the Federal Reserve Bank of Atlanta said that as far as he can see, it looks like the road to stronger growth is opening up, and it's…