Federal Open Market Committee (FOMC)
Netherlands paper looks at market reaction to Fed forecasts
Implied forecasts of inflation affect market expectations, paper finds
Hike now to avoid more action later, says Fed’s Lacker
Richmond Fed president adds his voice to growing number of Fed officials calling for rate hike; Loretta Mester insists proximity to US election need not prevent action at next meeting
Fed’s Yellen defends Brainard against congressman’s charges of political bias
No sign of political bias from FOMC members, Yellen says, amid accusations Lael Brainard might be looking for a job in a Hillary Clinton administration
Fed members differ on monetary policy, as Trump again attacks Yellen
Rosengren calls for “modest, gradual tightening”, while Kashkari sees slack in labour market; Republican candidate questions Fed’s political impartiality
Fed holds but two more dissenters call for hike
Case for hike is building, says Janet Yellen, but economy has “a little longer to run”; two more FOMC members join Esther George in voting for hike
FOMC members disagree over need for rate hike
Lael Brainard argues labour market suffers from slack and monetary policy is weak when dealing with weak demand; Dennis Lockhart confident of recovery, despite “frustrating” inflation data
Yellen ‘should be ashamed’ – Trump
Republican nominee for US presidency attacks Fed chair Yellen and says interest rates must be raised
FOMC minutes show divisions on monetary policy
Kansas Fed president Esther George voted for an immediate rate rise at the FOMC meeting in July; other members were also hawkish but some preferred to keep monetary policy loose, minutes show
Dudley: market expectations may be ‘too complacent’
Federal Reserve Bank of New York president says the Fed will probably need to hike more than once before the end of 2017 if the economy evolves as expected; warns of "insufficient weight” on upside
Atlanta Fed president wants to ‘let the picture clarify’
Dennis Lockhart likens the UK’s vote to leave the EU to a storm that has “clouded the economic waters”; the Fed must be patient in the aftermath, he says
Fed’s Tarullo looking for more evidence on inflation
Daniel Tarullo wants to see more convincing evidence that inflation is returning to target before tightening monetary policy; headline and core PCE inflation are still below target
Fed’s Powell sees potential for ‘new headwinds’ in Brexit
Governor says global risks to US outlook have increased in the wake of the UK’s vote to leave the EU
Yellen says July hike ‘not impossible’ as Fed holds
Fed keeps policy unchanged as widely anticipated; expected path of interest rate hikes becomes more gradual while the long-run level is revised down again
June hike an option but Fed officials split on prospect
Minutes from FOMC meeting in April show “most” participants happy to hike next month if incoming data continues to improve, but some suspect gains may not come fast enough
Book notes: The power and independence of the Federal Reserve, by Peter Conti-Brown
Conti-Brown offers a call to action to fix the legitimacy of the Federal Reserve System, which is looking increasingly dated
Fed holds and drops reference to global risks
Federal Open Market Committee holds federal funds rate as widely expected; suggests growth in economic activity has slowed but concerns about global developments have eased
Fed should stay the course with gradual rate rises – Lacker
The Federal Open Market Committee should continue raising rates, suggests Richmond Fed president; oil price falls and financial markets volatility both stabilising, Lacker argues
Data dependence catching on, says San Fran Fed president
Market participants have become more responsive to economic news since 2015 in both the US and UK, research by Benjamin Pyle and John Williams finds
Some Fed officials concerned April hike would ‘signal a sense of urgency’
Minutes from March meeting reveal caution around prospect of a hike this month, given prevailing headwinds and risks; next meeting on April 26–27
Chicago and Cleveland Fed presidents back gradual path for rate increases
Charles Evans is “comfortable” with tightening implied by latest round of dot plots; he and Loretta Mester spell out outlooks for growth and inflation and risks surrounding them
Senate committee chair urged to clear backlog of nominees
Nominees to Federal Reserve board of governors among those waiting to learn fate; delay reportedly stems from disagreement over another key Fed post
FOMC members agree uncertainty over US prospects has ‘greatly increased’
Global uncertainty and financial market volatility increases downside risk for US economy, FOMC members say; committee members express different views over use of fan charts in projections
Bullard challenges ‘backward-looking’ language in Fed statement on goals
James Bullard reveals he disagreed with an element of the Fed’s statement on longer-run goals, believing it failed to capture the importance of future expectations to inflation targeting
Esther George supports further rate rises unless outlook ‘significantly shifts’
Kansas City Fed president supports further rate rises unless economic outlook changes notably; normalisation justified by job increases and economic growth, she argues