Federal Reserve System
Speech by W. McDonough, New York Fed Bank, 11 Sep
SPEECH - In the speech McDonough said 'sadly, all too many members of the inner circle of the business elite participated in the over-expansion of executive compensation'. He was speaking to an audience attending a 11 September memorial service at…
Fed's McDonough has advice for SA's bankers
SOUTH AFRICA - Bank capital rules brought up to date for a global marketplace must be flexible and take into account a bank's size and its risk appetite, New York Federal Reserve President William McDonough said on Wednesday.
Testimony of Fed Chairman Alan Greenspan, 12 Sep
TESTIMONY - In testimony titled 'Current fiscal issues' to the US budget committee on Thursday Greenspan was downbeat suggesting that the most recent forecasts of Fed policymakers, released in July, would be "somewhat lower" if re-estimated today. He…
Federal Reserve Board - Beige Book, September 2002
REPORT - The Federal Reserve Beige Book released 11 September showed slow and uneven growth across the country, and that manufacturers, hit hard by the recession, continued to experience weak demand. Other findings included little job growth.
Speech by Cathy Minehan, Boston Fed Bank, 9 Sep
SPEECH - In a speech Minehan said U.S. interest rates are low enough to stimulate the economy and bolster consumer spending in a "slow" recovery from recession. "This recovery will stay the course, however bumpy that might be right now," Minehan said to…
Greenspan says U.S. weathered several blows
US - Federal Reserve Chairman Alan Greenspan told Congress on Thursday that a year after the terrorist attacks, the U.S. economy appears to have done a good job of withstanding a series of severe blows, "although the depressing effects still linger."
Fed's beige book confirms US economy sluggish
US - The Federal Reserve's beige book published Wednesday offered support from the central bank's districts that the economy is in a lacklustre phase of recovery, and may imply no change in interest rates at the Fed's next policy meeting.
Articles from the Federal Reserve Bulletin
PUBLICATION - Retail Fees of Depository Institutions, 1997-2001, by Timothy H. Hannan in the Federal Reserve Bulletin, September 2002. Since 1990, the Federal Reserve Board has reported annually on changes in the availability of retail banking services…
Speech by M Moskow, President, Chicago Fed, 9 Sep
SPEECH - In a speech titled 'Open Markets and Expanded Trade' Moskow said "the road to recovery is turning out to be bumpy". He also said that "the Fed cannot, and should not, try to smooth out every bump. Monetary policy is simply not capable of doing…
Fed policymakers, US economic recovery on track
US - Two Federal Reserve policymakers on Monday agreed that the US economy was recovering gradually, although it has hit a few "bumps in the road".
Minehan: U.S recovering despite bumps
US - Federal Reserve Bank of Boston President Cathy Minehan said on Monday that the U.S. economy is recovering gradually although it has hit a few "bumps in the road."
Rethinking Stabilization Policy
PROCEEDINGS - Preliminary proceedings from the 2002 annual economic symposium, "Rethinking Stabilization Policy," from the Federal Reserve Bank of Kansas City. The symposium provided a forum to discuss the roles of monetary and fiscal stabilization…
Chicago Fed Letter, Special Issue, September 2002
PUBLICATION - The September 2002 Special Issue of the Chicago Fed Letter looks at Asset price bubbles and their implications for monetary, regulatory, and international policies. Difficulties in identifying asset price bubbles were discussed by attendees…
Fed's McTeer - US stock falls hold back growth
US - In Dallas, Federal Reserve Bank of Dallas President Robert McTeer said the decline in U.S. stocks this year is restraining the economy's recovery and limiting job growth.
Chicago Fed Letter, September 2002
PUBLICATION - The September 2002 issue of Chicago Fed Letter looks at how inequality is perpetuated over generations and how financial constraints among low income families may contribute to this cycle.
3rd Annual Payments Symposium Presentations
PRESENTATIONS - 'Using new technologies to transform the future of payments', sponsored by the Federal Reserve Bank of Cleveland, Columbus Marriott Northwest, Ohio, held between 6-7 June 2002.
Speech by David Dodge of Bank of Canada, 31 Aug
SPEECH - In the speech titled 'Macroeconomic Stabilization Policy in Canada' Dodge said that clear monetary and fiscal objectives, combined with clear accountability for meeting those objectives, provide the background for policy co-operation and…
Tokyo defends BoJ monetary policy
JAPAN - Bank of Japan deputy governor Yutaka Yamaguchi has taken issue with the US Federal Reserve and academic critics who have argued in recent months that Japan's weak growth and deflation were made worse by erroneous central bank policies. Yamaguchi…
Fed's Bernanke sees U.S. expansion continuing
US - One of the Federal Reserve board's newest governors said this weekend that while the U.S. expansion should keep going, the Fed must be on guard against acute weakness.
Chicago Fed National Activity Index, July 2002
REPORT - CFNAI Reflects Economic Softness. In July, the Chicago Fed National Activity Index (CFNAI) fell below zero after being positive the two previous months. Weakness in the employment-related data accounted for the largest negative contributions to…
Speech by Fed Chairman Alan Greenspan, 30 Aug
SPEECH - In the speech 'Economic volatility' made on Friday at a Federal Reserve Bank of Kansas City symposium Greenspan defended the Fed's decisions on interest rates in the late 1990s, saying policy makers couldn't have deflated the stock-market bubble…
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve on 23 August released the minutes of its regular FOMC meetings from 20 May to 24 June.
Atlanta firm says no sir to a Greenspan knighthood
US - An Atlanta-based public interest law firm is protesting Alan Greenspan's acceptance of an honorary knighthood, reports the Associated Press, saying the Federal Reserve Chairman should seek Congress' approval first.
Survey of Professional Forecasters
SURVEY - The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Third Quarter 2002. The U.S. economy is expected to grow in each of the next five quarters, but growth rates will likely be lower than those…