Federal Reserve System

Latest Beige Book makes grim reading

The April edition of the Federal Reserve's Beige Book, a summation of economic conditions in the US based on reports from the 12 regional Feds, signals that events in the financial markets are beginning to have a marked impact on the real economy.

Financial literacy crucial - Bernanke

US states should consider making personal finance a requirement for all students who seek a high-school diploma, said Ben Bernanke, the chairman of the Federal Reserve.

Fed minutes point to moderate easing

The latest Federal Reserve minutes suggest that the period of rapid monetary policy easing that started in late January may be over and could be replaced by a return to a more conventional, gradualist approach.

Politicians ask Fed to clarify Bear deal

A high-ranking American politician has issued a strongly worded request for more details about the arrangement the Federal Reserve struck with BlackRock, an asset management firm, to manage a $29 billion portfolio of assets from Bear Stearns following…

Bernanke voices US growth concerns

Ben Bernanke, the chairman of the Federal Reserve, warned that the country's economy was unlikely to grow much, if at all, this year, and "might even contract slightly".

We had no choice, Bernanke tells lawmakers

The Federal Reserve had no choice but to intervene and put taxpayers' money at risk earlier this month by backing a fire sale of the assets of Bear Stearns, a leading American investment bank, its chairman said on Wednesday in testimony before US…

Treasury shake-up to grant Fed more power

The US Treasury has unveiled a series of recommendations for a major restructuring of financial services regulation, which will allot broad new powers to the Federal Reserve to attack systems risk, including the ability to send SWAT teams into any…

Fed's Mishkin makes his point on inflation

In one of his strongest advocacies of inflation targeting since joining the Federal Reserve in 2006, Frederic Mishkin argued that countries should adopt a specific point objective for price stability rather than having a target range.

Economy not policy accounts for differences: King

The marked contrast in the responses of the Federal Reserve, the Bank of England and the European Central Bank to the credit crunch is down to divergences in the economic conditions facing each central bank rather than policy stances, Mervyn King, the…

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