Federal Reserve System
New York Fed's Foreign Exchange Operations Report
According to the Federal Reserve Bank of New York's Treasury and Federal Reserve Foreign Exchange Operations quarterly report for April-June 2006, published 3 August, the U.S. monetary authorities did not intervene in the foreign exchange markets during…
Mishkin sees benefits in inflation target range
According to this article by Reuters, published Wednesday 2 August, a new study by incoming Federal Reserve governor Frederic Mishkin says inflation target ranges can help central banks sidestep political pressure to let prices rise and achieve low…
Revised Bank Secrecy Act Manual
A revised "Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual" has been issued. The manual, effective 1 August, provides current and consistent risk-based guidance for banking organizations to comply with the BSA and safeguard operations…
Words speak as loud as numbers for Bernanke's Fed
This article from Bloomberg, published Tuesday 1 August, notes that the Federal Reserve's 24-25 Oct FOMC meeting "will be expanded to two days to allow time for discussion of communications issues."
Greenspan ghost writer gives memoirs 'pace'
Dame Marjorie Scardino, chief executive of Penguin's parent company Pearson, said Monday 31 July that Alan Greenspan had agreed to allow a ghost writer to help to "make [his memoir] more pacey - because Alan is an academic".
Mishkin says forecasts are central to rate policy
Federal Reserve governor-designate Frederic Mishkin said in a letter to a lawmaker released on Friday 28 July that interest-rate policy must be based on economic forecasts and adjust as new data comes in.
What Ben Bernanke could learn from New Zealand
According to this article from Bloomberg, published Friday 28 July, while Fed chairman Ben Bernanke and the world's biggest policy makers don't often pay attention to New Zealand, they would be wise to follow Alan Bollard's progress.
Comment: Developments in July
Here is a quick look back at development affecting central bank in month of July.
Mishkin to be sworn in after Aug 8 Fed meeting
Federal Reserve Governor-designate Frederic Mishkin will not take office in time to participate in the next Fed policy-setting meeting on 8 August, a Fed spokesman told Reuters on Thursday 27 July.
Kohn says Fed policy lags may be shorter
The communication of interest-rate moves during the Fed's latest tightening campaign may mean their impact on the economy will be felt more quickly than otherwise, a top Fed official said in a letter released on Friday 28 July.
Federal Reserve Board - Beige Book, July 2006
The Federal Reserve published its July 2006 Beige Book survey on 26 July. The U.S. economy grew overall during June through mid-July but some individual regions reported slowing activity, and there were scattered reports of rising prices, the report said.
Chicago Fed National Activity Index, June 2006
The Chicago Fed National Activity Index for June 2006, published 26 July, was +0.34 in June, up from -0.14 in May. Three of the four broad categories of indicators made positive contributions to the index.
Gentle Ben - Inside the head of the Fed
This recent article published by Time says that after a few early missteps, Federal Reserve chairman Ben Bernanke is hitting his stride, but the economy may not cooperate.
Bernanke keeps own finances simple
This article from Associated Press, published Tuesday 25 July, provides details of the Federal Reserve chairman's financial disclosure form released this week.
Bernanke's fluid inflation tone bemuses Wall St.
Federal Reserve chairman Ben Bernanke seemed remarkably unruffled last week by recent signs that inflation is accelerating, according to this article by Reuters.
Philadelphia Fed Business Outlook Survey, Jul 2006
According to the firms surveyed for the Philadelphia Fed's July 2006 Business Outlook Survey, activity in the region's manufacturing sector continued to expand in July, but at a somewhat slower pace than in June.
Roseman on coin and currency issues
In testimony 'Coin and currency issues' given on 19 July Louise Roseman of the Division of Reserve Bank Operations and Payment Systems said a law requiring the Treasury Department to issue new Presidential $1 coin designs every year may not foster…
Minutes show Fed unsure on future rate path
Federal Reserve officials were uncertain about future interest rate steps at their last meeting, minutes released Thursday 20 July showed.
Federal Reserve bank pay & staffing trends
A new report from the Financial Markets Center, published Tuesday 18 July, says that the last decade has seen the Fed lose almost 20% of the jobs at its regional Reserve Banks. At the same time, it says, average pay levels have risen for the remaining…
Fed's Warsh on corporate cash balances
In the speech 'Corporate cash balances and economic activity' given on 18 July Kevin Warsh of the Federal Reserve said US companies are at last starting to borrow more and cut the cash hoards they maintained during the economic recovery, a trend that is…
Bernanke's testimony to Congress
In testimony given on 19 July Ben Bernanke of the Federal Reserve warned that stubbornly high inflation could harm the U.S. economy and that the U.S. central bank must guard against rising prices taking hold.
Federal Reserve's Monetary Policy Report, Jul 2006
The Federal Reserve published its July 2006 Monetary Policy Report to the Congress on Wednesday 19 July. The U.S. economy continued to expand at a brisk rate, on balance, over the first half of 2006, the report said.
Upset about death of Fed watching? Come to Asia
According to this article from Bloomberg, published Wednesday 19 July, the Federal Reserve has so comprehensively demystified what it does, that anyone can become a Fed watcher.
Comment: Bernanke focuses on risks
In his remarks following the delivery of the Fed's semi-annual monetary policy to Congress, Fed chairman, Ben Bernanke, adopted an approach very much in keeping with his predecessor, Alan Greenspan. What does this mean for the Fed's inflation targeting…