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Federal Reserve
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FED |
Written by Federal Reserve |
Jun 25 08 18:17 GMT |
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The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters. |
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FED |
Written by Federal Reserve |
Jun 11 08 18:17 GMT |
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Reports from the Federal Reserve Districts suggest that economic activity remained generally weak in late April and May. Three Districts described economic activity as softer, weaker, or lower, with an additional four Districts reporting slower, sluggish, or modest economic growth. The remaining five Districts of Philadelphia, Cleveland, Atlanta, St. Louis, and San Francisco described activity as stable or little changed in recent weeks. |
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FED |
Written by Federal Reserve |
Jun 03 08 13:25 GMT |
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As you know, financial markets in the United States and in a number of other industrialized countries have been under considerable strain since late last summer. Financial market conditions have in turn affected economic prospects, most notably by affecting the cost and availability of new credit. |
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FED |
Written by Federal Reserve |
May 21 08 22:47 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 |
Apr 30 08 18:26 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 2 percent. Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters. |
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FED |
Written by Federal Reserve |
Apr 16 08 20:03 GMT |
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Prepared at the Federal Reserve Bank of New York and based on information collected on or before April 7, 2008. This document summarizes comments received from businesses and other contacts outside the Federal Reserve and is not a commentary on the views of Federal Reserve officials. |
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FED |
Written by Federal Reserve |
Apr 10 08 17:34 GMT |
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In recent months, the Federal Reserve has been intensely focused on the continuing strains in financial markets. Healthy, well-functioning financial markets are essential to sustainable growth. In particular, much experience shows that economies cannot perform at their full potential when financial conditions are such as to restrict the supply of credit to sound borrowers. We are addressing these financial strains and their potential economic consequences with a number of tools, including the provision of extra liquidity to the system and reductions in our target for the federal funds rate. |
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FED |
Written by Federal Reserve |
Apr 08 08 18:09 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 |
Apr 02 08 13:35 GMT |
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In response to deterioration in the near-term outlook for the economy and intensified strains in financial markets, in recent months the Federal Reserve has eased monetary policy substantially further and taken strong actions to increase market liquidity. In my remarks today, I will first offer my views on conditions in financial markets and the outlook for the U.S. economy, then discuss recent actions taken by the Federal Reserve. |
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FED |
Written by Federal Reserve |
Mar 18 08 18:22 GMT |
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The Federal Open Market Committee decided today to lower its target for the federal funds rate 75 basis points to 2-1/4 percent. Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters. |
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FED |
Written by Federal Reserve |
Mar 17 08 06:09 GMT |
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The Federal Reserve on Sunday announced two initiatives designed to bolster market liquidity and promote orderly market functioning. Liquid, well-functioning markets are essential for the promotion of economic growth. |
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FED |
Written by Federal Reserve |
Mar 14 08 18:24 GMT |
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Over the past quarter century, advances in information technology, the development of credit-scoring techniques, and the emergence of a large secondary market, among other factors, have significantly increased access to mortgage credit. From 1994 to 2006, subprime lending increased from an estimated $35 billion, or 4.5 percent of all one-to-four family mortgage originations, to $600 billion, or 20 percent of originations (Inside Mortgage Finance, 2007). Responsible subprime lending expanded credit to borrowers with imperfect or limited credit histories. More renters became homeowners than would have otherwise. Though few subprime mortgages are being written today, I believe responsible subprime lending has been helpful, and at some point will be again, in fostering sustainable homeownership. |
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FED |
Written by Federal Reserve |
Mar 11 08 12:44 GMT |
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Since the coordinated actions taken in December 2007, the G-10 central banks have continued to work together closely and to consult regularly on liquidity pressures in funding markets. Pressures in some of these markets have recently increased again. We all continue to work together and will take appropriate steps to address those liquidity pressures. |
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FED |
Written by Federal Reserve |
Mar 07 08 15:11 GMT |
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First, the amounts outstanding in the Term Auction Facility (TAF) will be increased to $100 billion. The auctions on March 10 and March 24 each will be increased to $50 billion--an increase of $20 billion from the amounts that were announced for these auctions on February 29. The Federal Reserve will increase these auction sizes further if conditions warrant. To provide increased certainty to market participants, the Federal Reserve will continue to conduct TAF auctions for at least the next six months unless evolving market conditions clearly indicate that such auctions are no longer necessary. |
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Written by Federal Reserve |
Mar 07 08 15:09 GMT |
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Since 2002, the U.S. dollar has depreciated over 40 percent against a basket of major currencies, weighted by their countries' trade with the United States. Over the past two years, the trade-weighted dollar has fallen by 15 percent. The decline in the value of the U.S. dollar, particularly if it continues, has raised concerns that it might lead to higher inflation. After all, a lower value of the dollar is likely to raise the cost of imports, which can feed into higher consumer prices. |
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Written by Federal Reserve |
Mar 07 08 15:04 GMT |
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Let me begin by saying that I agree with the thrust of John's remarks. He is right that globalization has not fundamentally changed the way central banks should do business. Although production chains and capital markets are more integrated across countries than before, and gross trade flows now account for a larger share of gross domestic product (GDP) in most nations, the dynamics of aggregate output and inflation remain at least qualitatively the same. Accordingly, central banks should continue to conduct monetary policy in the same forward-looking manner as they have for the past twenty years or so, adjusting policy rates in response to current and expected future movements in output and inflation, taking account of the lags in monetary policy. When exchange rates are free to adjust, this general approach to policymaking has proven effective in fostering macroeconomic stability over time in many countries.1 |
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Written by Federal Reserve |
Mar 05 08 18:31 GMT |
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Reports from the twelve Federal Reserve Districts suggest that economic growth has slowed since the beginning of the year. Two-thirds of the Districts cited softening or weakening in the pace of business activity, while the others referred to subdued, slow, or modest growth. Retail activity in most Districts was reported to be weak or softening, although tourism generally continued to expand. Services industries in many Districts, including staffing services in Boston, port activity in New York, and truck freight volume in Cleveland, appeared to be slowing, but activity in services provided some positive news in Richmond and Dallas. Manufacturing was said to be sluggish or to have slowed in about half the Districts, while several others indicated manufacturing results were mixed or trends were steady. |
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FED |
Written by Federal Reserve |
Mar 04 08 18:47 GMT |
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The monetary policy and regulatory frameworks that appeared to serve us so well in past decades are being stress-tested in ways that few dared imagine during that bucolic period when many were lulled into assuming things would be forever NICE, as Mervyn King so memorably put it.[1] We know now that a Non-Inflationary Consistent Expansion is not the steady state of nature. Neither is the Great Moderation of both the economy and financial market volatility. |
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FED |
Written by Federal Reserve |
Mar 04 08 18:44 GMT |
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The U.S. economy is facing substantial challenges. The housing sector continues to weaken, production and spending in other parts of the economy have decelerated, the labor market has softened noticeably, and the turmoil in financial markets has led to a reduced availability and a higher cost of credit to many households and businesses. Indeed, real gross domestic product (GDP) rose at an annual rate of only 0.6 percent in the fourth quarter, and the available data suggest that the economy has relatively little momentum going into the first quarter. Moreover, upward pressures on inflation have emerged, emanating in part from the rapid increases in prices of crude oil and some other commodities. |
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FED |
Written by ActionForex.com |
Mar 04 08 14:49 GMT |
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Chairman Dodd, Ranking Member Shelby and members of the Committee, it is my pleasure to appear today to discuss the condition of the U.S. banking system. In my remarks, I will summarize briefly the role of the Federal Reserve in banking supervision, provide an overall view of the health of the U.S. banking system, and then discuss some key areas of supervisory focus. |
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FED |
Written by Federal Reserve |
Mar 04 08 13:35 GMT |
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Over the past year and a half, mortgage delinquencies have increased sharply, especially among riskier loans. This development has triggered a substantial and broad-based reassessment of risk in financial markets, and it has exacerbated the contraction in the housing sector. In my remarks today, I will discuss the causes of the distress in the mortgage sector and then turn to the key question of what can be done in this environment to reduce preventable foreclosures. |
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FED |
Written by Federal Reserve |
Mar 03 08 20:22 GMT |
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As global money markets have grown in size and importance and as financial instruments that decouple debt funding from credit risk have become increasingly sophisticated, it is tempting to think of traditional banks that make a business of taking deposits and making loans as anachronisms, and, indeed, much as been written about the "disintermediation" of banks. For all the discussion of disintermediation, however, recent events suggest that depository institutions still play a crucial role in the global economy, particularly during times of turbulence. |
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FED |
Written by Federal Reserve |
Feb 29 08 16:14 GMT |
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The paper being discussed today, "Leveraged Losses: Lessons from the Mortgage Meltdown," by David Greenlaw, Jan Hatzius, Anil Kashyap, and Hyun Song Shin, examines the following puzzle: How could the recent residential mortgage-market meltdown, which the authors estimate will lead to credit losses of around $400 billion--less than 2 percent of the outstanding $22 trillion in U.S. equities--possibly have such large negative effects on economic activity in the United States? After all, a 2 percent decline in stock market prices sometimes happens on a daily basis and yet leads to hardly a ripple in the U.S. economy. |
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FED |
Written by Federal Reserve |
Feb 27 08 14:11 GMT |
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The economic situation has become distinctly less favorable since the time of our July report. Strains in financial markets, which first became evident late last summer, have persisted; and pressures on bank capital and the continued poor functioning of markets for securitized credit have led to tighter credit conditions for many households and businesses. The growth of real gross domestic product (GDP) held up well through the third quarter despite the financial turmoil, but it has since slowed sharply. Labor market conditions have similarly softened, as job creation has slowed and the unemployment rate--at 4.9 percent in January--has moved up somewhat. |
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FED |
Written by Federal Reserve |
Feb 27 08 14:09 GMT |
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As an educator myself, it's a pleasure to be here today to take part in this important event that brings people together from educational organizations all over the country, with the common goal of educating students and citizens in the fundamentals of economic and financial literacy. As many of you know, the Federal Reserve has had a long and fruitful relationship with the National Council on Economic Education (NCEE), through our many Reserve Bank collaborative efforts around the country, and through leadership at the national level. |
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FED |
Written by Federal Reserve |
Feb 26 08 18:06 GMT |
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When, at the end of July, I accepted Tom Simpson's invitation to speak to you today on the economy and monetary policy, little did I realize the challenges I would face. For one, the economy and financial markets have taken some unexpected twists and turns over the intervening seven months, and we are still in the midst of a rapidly evolving and highly uncertain situation. For another, when we set the date, I had expected that Chairman Bernanke would have already given our Monetary Policy Report to the Congress, and I could simply develop some of the themes he had laid out. However, that testimony will be tomorrow, and I must emphasize that the views you are about to hear are my own and not necessarily shared by any of my colleagues on the Board or the Federal Open Market Committee (FOMC).1 |
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FED |
Written by Federal Reserve |
Feb 26 08 08:05 GMT |
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The ultimate purpose of a central bank should be to promote the public good through policies that foster economic prosperity. Research in monetary economics describes this purpose by specifying monetary policy objectives in terms of stabilizing both inflation and economic activity. Indeed, this specification of monetary policy objectives is exactly what is suggested by the dual mandate that the Congress has given to the Federal Reserve to promote both price stability and maximum employment. |
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FED |
Written by Federal Reserve |
Feb 25 08 17:01 GMT |
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The banking industry has the primary responsibility for fostering a culture of effective risk management, but of course supervisors have their own role to play in ensuring the safety and soundness of individual firms and a viable financial system. Therefore, both should continue to work hard to improve risk management in light of recent market events. U.S. supervisors are cooperating with their counterparts in other countries to help the industry address risk-management issues--bilaterally as well as through international forums such as the Basel Committee on Banking Supervision and the Financial Stability Forum. I am delighted to represent the Federal Reserve in both forums. |
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FED |
Written by Federal Reserve |
Feb 20 08 18:23 GMT |
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In conjunction with the January 2008 FOMC meeting, the members of the Board of Governors and the presidents of the Federal Reserve Banks, all of whom participate in the deliberations of the FOMC, provided projections for economic growth, unemployment, and inflation in 2008, 2009, and 2010. Projections were based on information available through the conclusion of the January meeting, on each participant's assumptions regarding a range of factors likely to affect economic outcomes, and on his or her assessment of appropriate monetary policy. |
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FED |
Written by Federal Reserve |
Feb 14 08 14:16 GMT |
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As you know, financial markets in the United States and in a number of other industrialized countries have been under considerable strain since late last summer. Heightened investor concerns about the credit quality of mortgages, especially subprime mortgages with adjustable interest rates, triggered the financial turmoil. However, other factors, including a broader retrenchment in the willingness of investors to bear risk, difficulties in valuing complex or illiquid financial products, uncertainties about the exposures of major financial institutions to credit losses, and concerns about the weaker outlook for the economy, have also roiled the financial markets in recent months. |
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FED |
Written by Federal Reserve |
Feb 08 08 22:11 GMT |
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I believe that accommodation is appropriate because the financial shock and the housing cycle have significantly restrained economic growth. While growth seems likely to be sluggish this year, the Fed's policy actions should help to promote a pickup in growth over time. I consider it most probable that the U.S. economy will experience slow growth, and not outright recession, in coming quarters. At the same time, core consumer inflation seems likely to decline gradually to somewhat below 2 percent over the next couple of years, a level that is consistent with price stability. |
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FED |
Written by Federal Reserve |
Feb 08 08 22:01 GMT |
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The United States has experienced periodic episodes of financial system stress followed by curative adjustment and reform. We are in such a period now. Large and persistent global financial imbalances are contributing factors. The accumulation of large dollar balances owned by foreign parties must be recycled into investments. Large volumes, resulting from concentrated dollar holdings abroad, encourage financial innovation but also excesses. There are excesses because popular investment products and strategies are pushed beyond prudent limits under the pressure of competition and linear assumptions. |
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FED |
Written by Federal Reserve |
Feb 08 08 21:59 GMT |
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There is no denying that we are going through some very difficult times right now. The challenges facing our region, in particular, are very personal to me. I grew up in Northeast Ohio, I went to school here, and I have spent most of my working life here. Like you, I want everyone to have the opportunity to realize his or her own version of the American dream. |
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FED |
Written by Federal Reserve |
Feb 05 08 20:32 GMT |
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Clearly, economic activity has been softening. At the end of last year, real GDP grew at a meager 0.6 percent annual rate, and most forecasters are not looking for much better growth — if any — in the current quarter. Much of this sluggishness has been due to a severe housing market downturn, along with the attendant financial market fallout. After a 10-year expansion, residential investment peaked in late 2005. Since then, construction and sales have fallen fairly sharply, first in large metropolitan areas that had seen the strongest booms, and then spreading to other markets where housing price increases were less pronounced. |
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FED |
Written by Federal Reserve |
Feb 04 08 15:41 GMT |
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The mortgage market has long been a source of strength in the U.S. economy, but it is facing significant challenges, especially in the subprime segment that serves consumers who have shorter or weaker credit records. As of November, the most recent month for which data are available, about 20 percent of subprime adjustable-rate mortgages (ARMs) were ninety or more days delinquent, twice the level one year earlier. |
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FED |
Written by Federal Reserve |
Jan 30 08 18:21 GMT |
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The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3 percent. Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets. The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully. |
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FED |
Written by Federal Reserve |
Jan 22 08 12:34 GMT |
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The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent. The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets. |
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FED |
Written by Federal Reserve |
Jan 18 08 14:53 GMT |
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Clearly, the severity of the housing market downturn, along with the attendant financial market fallout, has been the dominant macro-economic development of the past year. After a 10-year expansion, residential investment peaked in late 2005. Since then, construction and sales have fallen fairly sharply, first in large metropolitan areas that had seen the strongest booms, and then spreading this year to other markets where housing price increases were less pronounced. Despite the falloff in construction, inventories of unsold homes rose sharply. While inventory levels have actually retreated somewhat in recent months, they have not come down as rapidly as has the pace of sales, and they are currently depressing home prices and new construction. |
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FED |
Written by Federal Reserve |
Jan 17 08 21:55 GMT |
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I am going to take advantage of this podium to provide the Dallas Fed's point of view, from a global perspective, on the issue that preoccupies President Plosser and me and our colleagues on the Federal Open Market Committee. That issue is the conduct of monetary policy given our current economic predicament. If you will indulge me, we can address other issues of global interdependence in the Q&A session. Before I get started, let me go on record as having said that, as always, I speak today only for myself and not for the Federal Open Market Committee, its members or the Federal Reserve System. |
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FED |
Written by Federal Reserve |
Jan 17 08 21:51 GMT |
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Directly and indirectly, the negative influence of housing on overall economic performance could affect the outlook for some time. We are also seeing a related slowing in consumer spending, perhaps in response to reduced household wealth. Tightened credit market conditions could also hinder economic growth this year for both businesses and consumers. A weak December employment report, combined with a falloff in retail spending and flat industrial production, supports my view that the economy has shifted to a lower growth track. Although I expect that the restraining influences to growth will diminish over time, and that the economy will gain firmer traction later this year and into 2009, I am concerned about the downside risks to that outlook. |
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FED |
Written by Federal Reserve |
Jan 17 08 14:09 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 18:26 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 17:52 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 16:55 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 15:04 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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Written by Federal Reserve |
Jan 08 08 22:00 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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Written by Federal Reserve |
Jan 07 08 22:00 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 09:46 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 09:07 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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Written by Federal Reserve |
Nov 20 07 09:05 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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