Federal Reserve

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SeekingAlpha  7 hrs ago  Comment 
Channel News Asia  9 hrs ago  Comment 
Despite analysts' chatter that sluggish inflation may prevent the Federal Reserve from raising interest rates further soon, the rosy scene in financial markets might allow U.S. policy-makers to squeeze in another rate hike this year after all.
The Hindu Business Line  Jul 27  Comment 
Comex gold futures rose for a second day on Thursday, hitting a six-week high as the dollar dropped to a 13-month low after the US Federal Reserve indicated it would keep to a slow path of monetary ti...
Reuters  Jul 27  Comment 
Randal Quarles, President Donald Trump's pick for banking oversight at the Federal Reserve, told lawmakers on Thursday he would ensure more transparency around how the central bank scrutinizes major lenders' preparedness for crisis in its annual...
Clusterstock  Jul 27  Comment 
Randal Quarles , President Donald Trump’s nominee for Federal Reserve Vice Chair of Regulation, a position created after the financial crisis, took a lot of heat from Senator Elizabeth Warren in a hearing Thursday for what she described as "a...
Clusterstock  Jul 27  Comment 
Since the start of the eight-year bull market, stock prices have closely tracked the size of the Federal Reserve's balance sheet. But that's quickly changing. While the Fed's balance sheet has stayed mostly unchanged in 2017, the S&P 500 has...
Channel News Asia  Jul 27  Comment 
REUTERS: U.S. stocks looked set to open higher on Thursday a day after the Federal Reserve kept interest rates unchanged, while investors assessed a flurry of corporate earnings reports. The central bank, in a statement following a two-day policy...
Financial Times  Jul 27  Comment 
The world's reserve currency hit a 14-month low after the Fed's statement on monetary policy this week. Concern about the US central bank's preoccupation with softer-than-expected inflation put the dollar under broad pressure. Stephen Gallo,...
The Hindu Business Line  Jul 27  Comment 
WA Business News  7 hrs ago  Comment 
MarketWatch  Jul 27  Comment 
Gold prices end higher Thursday following a mostly dovish assessment of the Federal Reserve’s latest policy readout.




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The Federal Reserve is the third central bank of the USA. It was legally established on December 23, 1913, when US president Woodrow Wilson signed the Federal Reserve System Act. The Federal Reserve was blamed to have deepened the Great Depression after the crash of 1929. In a panicky reaction it then deflated money supply, causing a lasting and deep economic contraction.

In the inflationary period from 1973 - caused by the first oil shock - to 1981 chairman Paul Volcker managed to battle inflation successfully by raising the leading interest rate to more than 20%. At the same time Volcker succeeded in keeping the economy out of a drawn-out recession.

The policy style changed with the nomination of Alan Greenspan in 1987. Only 2 months into office Greenspan was confronted with the Black Monday of 1987, when the Dow Jones Industrials Average fell 22%, its biggest loss ever in a day. Remembering the fatal results of tight liqudity after the crash of 1929 Greenspan offered banks all the funds they needed in order to avoid a meltdown of the stock market. Alan Greenspan can also be credited with blowing up the biggest debt bubble of all times in the new millennium. By lowering the Fed Funds rate to a record low of 1% the Federal Reserve contributed heavily to the American housing boom that turned out to be a bubble based on easy credit. Greenspan conceded in 2008 to Congress that he erred on wrong side when the Federal Reserve thought that the financial industry should not be burdened with more oversight. At this time the USA had fallen in the biggest financial crisis ever.

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The Federal Reserve Banks

The 12 Federal Reserve Banks were established by Congress as the operating arms of the nation's central banking system. Many of the services provided to depository institutions and the federal government by this network of Reserve Banks are similar to services provided by commercial banks and thrift institutions to business customers and individuals.

Reserve Banks

  • hold the cash reserves of depository institutions and make loans to them
  • move currency and coin into and out of circulation, and collect and process millions of checks each day
  • provide checking accounts for the Treasury, issue and redeem government securities, and act in other ways as fiscal agent for the U.S. government
  • supervise and examine commercial banks that are members of the Federal Reserve System for safety and soundness
  • participate in the activity that is the primary responsibility of the Federal Reserve System, the setting of monetary policy.
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