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Federal Reserve (FED)
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FED |
Written by Federal Reserve |
Feb 18 09 14:28 GMT
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he Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, for System Open Market Account, to the extent necessary to carry out the Committee's foreign currency directive and express authorizations by the Committee pursuant thereto, and in conformity with such procedural instructions as the Committee may issue from time to time: |
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FED |
Written by Federal Reserve |
Feb 18 09 12:43 GMT
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We live in extraordinarily challenging times for the global economy and for economic policymakers, not least for central banks such as the Federal Reserve. As you know, the recent economic statistics have been dismal, with many economies, including ours, having fallen into recession. And behind those statistics, we must never forget, are millions of people struggling with lost jobs, lost homes, and lost confidence in their economic future. In examples that resonate with me personally, the unemployment rate in the small town in South Carolina where I grew up has risen to 14 percent, and I learned the other day that what had once been my family home was recently put through foreclosure. |
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FED |
Written by Federal Reserve |
Feb 10 09 12:40 GMT
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As you know, the past 18 months or so have been extraordinarily challenging for policymakers around the globe, not least for central banks. The Federal Reserve has responded forcefully to the financial and economic crisis since its emergence in the summer of 2007. Monetary policy has been especially proactive. The Federal Open Market Committee (FOMC) began to ease monetary policy in September 2007 and continued to ease in response to a weakening economic outlook. In December 2008, the Committee set a range of 0 to 25 basis points for the target federal funds rate. |
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FED |
Written by Federal Reserve |
Jan 28 09 13:19 GMT
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The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time. |
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FED |
Written by Administrator |
Jan 14 09 13:05 GMT
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Overall economic activity continued to weaken across almost all of the Federal Reserve Districts since the previous reporting period. Most Districts noted reduced or low activity across a wide range of industries, although a few Districts noted some exceptions in some sectors. |
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FED |
Written by Federal Reserve |
Jan 06 09 13:07 GMT
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The information reviewed at the December meeting pointed to a significant contraction in economic activity in the fourth quarter. Conditions in the labor market deteriorated considerably in recent months as most major industry groups shed jobs. Private payrolls continued to fall at a faster pace than earlier in the year, and the unemployment rate rose to 6.7 percent. |
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FED |
Written by Federal Reserve |
Dec 16 08 13:26 GMT
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The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent. Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further. |
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FED |
Written by Federal Reserve |
Dec 03 08 13:03 GMT
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Overall economic activity weakened across all Federal Reserve Districts since the last report. Districts generally reported decreases in retail sales, and vehicle sales were down significantly in most Districts. Tourism spending was subdued in a number of Districts. Reports on the service sector were generally negative. Manufacturing activity declined in most Districts, and new orders were soft. Nearly all Districts reported weak housing markets characterized by reduced selling prices and low, but stable, sales activity. Commercial real estate markets declined in most Districts. Lending contracted, with many Districts reporting reductions in residential, commercial and industrial lending and tightening lending standards. Agricultural conditions were mixed with a relatively good harvest but concerns about profitability. Mining and energy production and exploration started to soften due to lower output prices. |
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FED |
Written by Federal Reserve |
Nov 19 08 13:08 GMT
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In view of a further widening in financial market strains internationally, the Committee considered proposals to establish temporary reciprocal currency ("swap") arrangements with several additional foreign central banks. Members unanimously approved the following resolution, which effectively permitted the Foreign Currency Subcommittee to establish a swap line with the Reserve Bank of New Zealand. |
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FED |
Written by Federal Reserve |
Nov 18 08 08:37 GMT
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The legislation that created the TARP put in place a Financial Stability Oversight Board to review the actions of the Treasury in administering the program. That Oversight Board includes the Secretary of the Treasury, the Secretary of Housing and Urban Development, the Chairman of the Securities and Exchange Commission, the Director of the Federal Housing Finance Agency, and the Chairman of the Federal Reserve Board. |
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