Federal Reserve System
St. Louis Fed’s Bullard: QE2 may have averted a liquidity trap
St. Louis Federal Reserve president James Bullard says second round of quantitative easing was better policy than promising an extended period of low interest rates
Plosser: stick with fed funds rate for exit
Philadelphia Federal Reserve’s Charles Plosser says federal funds rate would be more effective tool than interest on reserves in normalising monetary policy
Bernanke to brief the press
Federal Reserve to join Bank of England and European Central Bank in holding monetary policy press conferences
Central banks can avert banks hoarding liquidity: NY Fed paper
New York Federal Reserve says central banks can help prevent liquidity hoarding by supplying cash to markets
Regulators misprice assets during interventions: Richmond Fed
Richmond Federal Reserve study investigates the accuracy of monitoring bank assets during regulatory interventions
Déjà vu and monetary policy: Lockhart’s recent comments
A lack of consideration for price pressures signals that Fed officials continue to misconstrue the nature of central bank independence, Thomas Cargill writes
Fed profits soar to record $82 billion
Federal Reserve posts another record profit, trumping 2010 by $28 billion; $79 billion transferred to Treasury
Barclays shows interest in Maiden Lane II assets: reports
Reports that Barclays may consider an offer for residential mortgage-backed securities held in New York Federal Reserve’s Maiden Lane II portfolio could thwart AIG bid
US Treasury to offload $142 billion in agency MBS
US Treasury announces plans to wind down portfolio of agency securities bought from beleaguered Fannie Mae and Freddie Mac during crisis; move not expected to impact Fed policy
QE crystallised doubts surrounding dollar: US subcommittee speaker
US lawmakers and members of subcommittee on domestic monetary policy say Federal Reserve’s quantitative easing programme has reduced faith in dollar
Zimbabwe told to look to commercial banks for US coin supplies
Contrary to local media reports, Federal Reserve has not made formal arrangement with Harare
AIG makes $15.7 billion offer for Maiden Lane II
New York Fed receives formal offer for bailout vehicle containing AIG’s residential mortgage-backed securities portfolio; insurer in bid to reduce debt to Washington
NY Fed’s Krieger: liquidity backstop for shadow banks vital
New York Federal Reserve executive vice-president Sandra Krieger stresses importance of backstop measures to reduce systemic risk arising from shadow banking activities
Nobel Prizewinner not right for Fed: key Republican senator
Senate Banking Committee ranking member Richard Shelby sets out reasons underpinning party’s repeated rejection of Nobel Prizewinner Peter Diamond for Fed board seat
Underlying inflation, unemployment should ground mandate: Riksbank’s Svensson
Riksbank deputy governor Lars Svensson calls for refined monetary policy framework focusing on underlying, rather than headline, inflation and unemployment over resource utilisation
Fed’s Lockhart recommends renewed focus on monetary, credit aggregates
Atlanta Fed president also advocates Taylor-type rule to manage exit
Subprime market victim of housing bubble: Philly Fed paper
Philadelphia Federal Reserve study says bubble conditions in the housing market spurred subprime lending
Basel III reduces output volatility: NY Fed paper
New York Federal Reserve study says rise in capital buffers leads to decline in output and output volatility
Bernanke on inflationary impact of global commodity boom
Federal Reserve chairman Ben Bernanke says rise in global commodity prices may lead to temporary spell of inflation
Employment the missing component of US recovery: NY Fed’s Dudley
New York Federal Reserve president William Dudley says employment growth only missing piece in puzzle
Efficient markets’ failure hamstrung central banks: CentralBanking.com panel
Reliance on efficient markets hypothesis to develop policy frameworks must be reversed, LSE’s Brandon Davies and Fathom director Danny Gabay argue
Fed’s Yellen: managing market expectations key to QE
Federal Reserve vice-chair Janet Yellen stresses importance of market expectations to success of asset purchase programme
Richmond Fed’s Lacker on stress test disclosure
Richmond Federal Reserve president Jeff Lacker says appropriate level of stress test disclosure poses serious challenge
St Louis Fed paper denies direct Fed link to 1930s recession
St Louis Federal Reserve study says Fed’s doubling of reserve requirements was not cause of contraction in 1930s