Federal Reserve

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MarketWatch  23 min ago  Comment 
Gold prices rose on Thursday to close at their highest level since November as the Fed minutes released Wednesday did not indicate any firm resolve on the part of the central bank to hike interest rates soon. The lack of clear signal from the...
newratings.com  1 hr ago  Comment 
BRUSSELS (dpa-AFX) - The Swiss stock market got off to a weak start Thursday and remained locked in a sideways pattern throughout the session. Investors had their first opportunity to react to the minutes of the most recent meeting of the Federal...
DailyFinance  3 hrs ago  Comment 
Filed under: News, White House Treasury Secretary Steven Mnuchin laid out the timeline for tax reform and predicted that the US economy would see a serious growth boom in an interview Thursday morning. Watch the exchanges on the tax plan via...
The Hindu Business Line  3 hrs ago  Comment 
Comex gold futures rose on Thursday, supported by uncertainty surrounding U.S. President Donald Trump's economic policy after Wednesday's Federal Reserve minutes failed to give the market much direct...
The Hindu Business Line  3 hrs ago  Comment 
MarketWatch  5 hrs ago  Comment 
The dollar weakened Thursday against most of its rivals after the Federal Reserve said it was confident that the next interest-rate increase would come “fairly soon,” but expressed concern about the uncertain fiscal-policy outlook.
MarketWatch  7 hrs ago  Comment 
Gold prices advance Thursday, attempting to snap a string of three declines, as the dollar lost ground to chief rivals in the wake of a fuzzier-than-expected interest-rate assessment from the Federal Reserve.
The Hindu Business Line  12 hrs ago  Comment 
Gold prices were steady on Thursday, supported by uncertainty surrounding US President Donald Trump's economic policy after Wednesday's Federal Reserve minutes failed to give the market much directio...
The Hindu Business Line  Feb 23  Comment 
The dollar traded close to one-month highs on Thursday, as the lack of a clearer signal from the US Federal Reserve that it might raise interest rates next month countered surprise praise from the ne...
Yahoo  Feb 23  Comment 
World stocks held near record highs on Thursday and the dollar eked out minimal gains after minutes of the latest U.S. Federal Reserve meeting showed policymakers in no big hurry to raise interest rates.




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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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