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Federal Reserve (FED)
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FED |
Written by Federal Reserve |
Jan 17 08 09:09 GMT
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Since late last summer, financial markets in the United States and in a number of other industrialized countries have been under considerable strain. Heightened investor concerns about the credit quality of mortgages, especially subprime mortgages with adjustable interest rates, triggered the financial turmoil. Notably, as the rising rate of delinquencies of subprime mortgages threatened to impose losses on holders of even highly rated securities, investors were led to question the reliability of the credit ratings for a range of financial products, including structured credit products and various special-purpose vehicles. As investors lost confidence in their ability to value complex financial products, they became increasingly unwilling to hold such instruments. As a result, flows of credit through these vehicles have contracted significantly. |
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FED |
Written by Federal Reserve |
Jan 16 08 13:26 GMT
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Reports from the twelve Federal Reserve Districts suggest that economic activity increased modestly during the survey period of mid-November through December, but at a slower pace compared with the previous survey period. Among Districts, seven reported a slight increase in activity, two reported mixed conditions, and activity in three Districts was described as slowing. |
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FED |
Written by Federal Reserve |
Jan 11 08 12:52 GMT
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In my remarks today, I would like to consider the rationale for greater flexibility in monetary policy during periods of financial disruptions. Before doing so, however, I would like to make not just one, but two important disclaimers. First, as usual, my remarks reflect only my own views and are not intended to reflect those of the Federal Open Market Committee (FOMC) or of anyone else associated with the Federal Reserve System. And second, my comments today should not be viewed as suggesting what policy actions I would be likely to advocate at the next FOMC meeting; rather, my purpose here is to discuss at a general level what can be said about the appropriate framework for monetary policy when we face a financial disruption of the sort that we have seen recently. |
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FED |
Written by Federal Reserve |
Jan 10 08 11:55 GMT
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Since late last summer, the financial markets in the United States and in a number of other industrialized countries have been under considerable strain. The turmoil has affected the prospects for the broader economy, principally through its effects on the availability and terms of credit to households and businesses. Financial market conditions, in turn, have been sensitive to the evolving economic outlook, as investors have tried to assess the implications of incoming economic information for future earnings and asset values. These interactions have produced a volatile situation that has made forecasting the course of the economy even more difficult than usual. |
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FED |
Written by Federal Reserve |
Jan 09 08 10:04 GMT
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We are certainly living in extraordinary financial times. Our nation has enjoyed a long economic expansion and inflation has been relatively low. However, since last August, financial markets have been in considerable turmoil resulting from subprime mortgage lending and a deflating housing boom. The Federal Open Market Committee (FOMC) is watching both recession and inflation risks. Recession risks are primarily a consequence of financial turmoil, which has threatened to spread housing industry woes to the broader economy. |
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FED |
Written by Federal Reserve |
Jan 08 08 17:00 GMT
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Good morning and thank you for inviting me to help kick off the new year. This is the time of year for both reflection and prognostication. When it comes to the economy, both are important and useful exercises. Yet both are challenging tasks. On the one hand, looking back is often helpful in understanding what happened. On the other hand, it doesn't always tell us why it happened. Indeed, economists are often very adept at offering multiple explanations for why the economy behaved as it did. Thus, while hindsight may be 20-20 in terms of the facts, it is often much fuzzier when it comes to drawing lessons for the future. Sometimes clarity materializes only many years later and may be very different from the interpretations offered in the midst, or the immediate aftermath, of some particular economic episode. |
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FED |
Written by Federal Reserve |
Jan 07 08 17:00 GMT
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At this date on the calendar, it's natural to take stock and think of the year ahead. In my remarks today, I plan to provide a brief summary of last year's economic story and an outlook for 2008. I'll also share some of my personal views on Federal Reserve monetary policy during this difficult time of economic and financial transition. I'll tell you up front that my message will be a sober one, but I hope that won't prevent your inviting me back here next January to speak. I want to add that my comments are my views alone and do not represent the views of my colleagues on the Federal Open Market Committee (FOMC). |
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FED |
Written by Federal Reserve |
Jan 02 08 04:46 GMT
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The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. There were no open market operations in foreign currencies for the System's account in the period since the previous meeting. The Manager also reported on developments in domestic financial markets and on System open market operations in government securities and federal agency obligations during the period since the previous meeting. By unanimous vote, the Committee ratified these transactions. |
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FED |
Written by Federal Reserve |
Dec 11 07 04:07 GMT
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The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 4-1/4 percent. Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending. Moreover, strains in financial markets have increased in recent weeks. Today's action, combined with the policy actions taken earlier, should help promote moderate growth over time. |
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FED |
Written by Federal Reserve |
Nov 20 07 04:05 GMT
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By unanimous vote, the Federal Open Market Commit-tee selected D. Nathan Sheets to serve as Economist until the selection of his successor at the first regularly scheduled meeting of the Committee in 2008. The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. There were no open market operations in foreign currencies for the System's account in the pe-riod since the previous meeting. |
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