Federal Reserve System
Fed raises rates, maintains measured stance
The Federal Open Market Committee decided on Tuesday 9 August to raise its target for the federal funds rate by 25 basis points to 3-1/2 percent. The FOMC maintained its measured stance on monetary policy accommodation.
COMMENT BY CENTRALBANKNET
The fear that demand in many leading economies has been sustained only by a housing and real estate "bubble" is often seen as one of the biggest risks facing monetary policymakers.
Fed's Gramlich to join University of Michigan
The University of Michigan has selected Professor Edward Gramlich to serve as interim provost and executive vice president for academic affairs, effective 1 September, with approval from the university's board of regents.
White House may be considering Lindsey for Fed
The White House is expanding its search for a successor for Federal Reserve Chairman Alan Greenspan, according to a report Thursday, including former Bush adviser Lawrence Lindsey among the candidates.
New York Fed's Economic Policy Review, Aug 2005
The Federal Reserve Bank of New York published the August 2005 edition of its Economic Policy Review on 25 July. The latest Review includes proceedings of the conference "Labor market developments in the United States and Canada since 2000" cosponsored…
Greenspan may get five more years
A California congressman has said he wants to introduce legislation to give Federal Reserve chairman Alan Greenspan five more years in the job.
Buchholz named as a candidate for Fed seat
Todd Buchholz, an adviser to President Bush during the 2004 presidential campaign, is being considered by the White House for a seat on the Federal Reserve Board, reports said this week quoting sources close to the administration.
Philadelphia Fed Business Outlook Survey, Jul 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, July 2005, activity in the region's manufacturing sector increased modestly.
Fed launches online financial education project
The Federal Reserve Board on Tuesday 26 July launched a new online project with USA Today that teaches middle school and high school students about economics and personal finances by challenging them to construct a newspaper front page.
Chicago Fed National Activity Index, June 2005
The Chicago Fed National Activity Index for June 2005 was +0.28 in June, up from -0.03 in May. Three of the four broad categories of indicators that make up the index - production and income, consumption and housing, and sales, orders, and inventories -…
Fed's Kohn on monetary policy perspectives
In the speech 'Monetary policy perspectives on risk premiums in financial markets' given on 21 July Donald Kohn of the Federal Reserve said that greater transparency at the U.S. central bank may have led to less uncertainty in financial markets and…
Greenspan signals more rate rises ahead
Federal Reserve Chairman Alan Greenspan said on Wednesday 20 July that the U.S. growth outlook was solid and the Fed should keep raising interest rates.
W.House may want business experience for Fed chair
An article published this week says the White House may want to look towards the business community for a successor to Federal Reserve Chairman Alan Greenspan. None of the three potential heirs usually named as possibles to fill Greenspan's shoes meets…
Federal Reserve Bulletin, Spring 2005
The Federal Reserve's Bulletin for Spring 2005 includes the article 'Background on FOMC meeting minutes' outlines previous changes to the release schedule for the minutes and provides a brief overview of the content of the minutes and the way they are…
The Federal Reserve System: Purposes and Functions
The book "The Federal Reserve System: Purposes and functions" was published on Tuesday 5 July. The book includes chapters titled, 'Overview of the Federal Reserve System,' 'Monetary Policy and the Economy,' 'The Implementation of Monetary Policy,' 'The…
St Louis Fed's Regional Economist, July 2005
The Regional Economist, July 2005 edition, from the St Louis Fed includes the article "Do we have a saving crisis?" Theoretically, the decline in saving jeopardizes the US economy because savings are lent to businesses for investment. In reality, the US…
Fed's Olson on US mortgage products
In the speech 'Revisiting traditional paths to ownership' given on 23 June, Mark Olson of the Federal Reserve said an explosion in mortgage products that lowers payments in the early years of a loan has helped to extend U.S. home ownership, but carries…
Fed Reserve Bank of St Louis Review, Jul/Aug 2005
The latest edition of the St Louis Fed's Review for Jul/Aug 2005 includes the proceedings from the 29th economic policy conference of the Federal Reserve Bank of St. Louis, "Productivity, labor, and the Business Cycle."
Chicago Fed National Activity Index, May 2005
The Chicago Fed National Activity Index for May 2005 was +0.10, up from +0.05 in April. Two of the four broad categories of indicators that make up the index - production and income and consumption and housing - made positive contributions.
Fed's Olson on regulatory relief
In testimony on 'Regulatory relief' given on 21 June, Mark Olson of the Federal Reserve said that Congress should give the Federal Reserve more flexibility in setting reserve requirements and allow it to pay interest on balances held by depository…
Greenspan warns against trade sanctions on China
Fed chairman Alan Greenspan told Congress in testimony on Thursday 23 June that no credible evidence exists that a move by China to revamp its exchange rate system would benefit US manufacturing or jobs.
Philadelphia Fed Business Outlook Survey, Jun 2005
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, June 2005, activity in the region's manufacturing sector weakened. This represents a decline from the moderate performance in May.
Fed's Kohn on managing risk
In the speech 'Managing risk in a changing economic and financial landscape' given on 15 June, Donald Kohn of the Federal Reserve said the US current account deficit and surge in house prices may not be sustainable and urged banks to protect themselves…
Fed's Bies on current regulatory issues
In the speech 'Current regulatory issues' given on 14 June, Susan Schmidt Bies of the Federal Reserve said Federal banking supervisors are concerned that borrowers looking to buy commercial and residential real estate "could become increasingly…