Federal Reserve

Reuters  1 hr ago  Comment 
Asian stocks firmed on Thursday after weak U.S. data reduced the already low chance of an interest rate increase by the Federal Reserve at next week's meeting, sending the Treasury yield curve surging to its steepest level in 2-1/2 months.
WA Business News  3 hrs ago  Comment 
Gold has slide to a two-week low after a mixed bag of US economic data prompted selling ahead of next week's US Federal Reserve policy meeting.
MarketWatch  4 hrs ago  Comment 
Federal Reserve data on industrial output for August was released prematurely on Thursday, another black eye for the central bank as it struggles to make its data releases secure
newratings.com  8 hrs ago  Comment 
WASHINGTON (dpa-AFX) - Gold futures resumed their recent downtrend Thursday, hitting two-weeks lows as improving stocks diminished gold's safe haven appeal. Dec. gold settled at $1,318/oz, down $8.10, or 0.6%. Trades sifted through a pile...
Clusterstock  9 hrs ago  Comment 
Crispin Odey is having a tough year. His UK-based hedge fund is down about 35% this year through August, according to an investor letter. The firm manages around $8.9 billion. And Odey is blaming central bankers, and in particular low interest...
Reuters  9 hrs ago  Comment 
The Federal Reserve may have violated the law in adopting key parts of the bank stress tests, according to a study released on Thursday from a group whose members include large Wall Street banks.
Reuters  10 hrs ago  Comment 
Global equity prices gained on Thursday after a mixed bag of U.S. economic data dimmed chances the Federal Reserve will raise interest rates next week.
Reuters  11 hrs ago  Comment 
The U.S. economy is on track to grow at a 3.0 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed on Thursday following the latest data on retail sales and government spending.
newratings.com  12 hrs ago  Comment 
WASHINGTON (dpa-AFX) - Reflecting pullbacks in manufacturing and utilities output, the Federal Reserve released a report on Thursday showing that U.S. industrial production fell by more than expected in the month of August. The Fed said...
Wall Street Journal  Sep 15  Comment 


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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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