Federal Reserve

Wall Street Journal  2 hrs ago  Comment 
March payrolls were good, but weak wage growth will stay the Fed's hand on rates.
SeekingAlpha  3 hrs ago  Comment 
By Eric Parnell: The second quarter is underway and earnings season will soon be upon us starting next week. And following Friday's U.S. employment report that provided a solid headline but is still not all that great in the grand scheme of...
Forbes  4 hrs ago  Comment 
Janet Yellen was sworn in as Federal Reserve chair on Feb. 3, 2014. On March 18 and 19, she led her first Federal Open Market Committee (FOMC) meeting. The meetings are about changes in Fed policy, based on the latest economic data, and are...
guardian.co.uk  5 hrs ago  Comment 
Non-farm payrolls report reveals 192,000 new jobs created in March but as Fed reduces bond-buying programme The US jobs market was slightly weaker than expected in March but economists said it would not be enough to reverse the Federal Reserve's...
SeekingAlpha  6 hrs ago  Comment 
By Paul Nouri, CFP: It is now more than five years past the apocalypse of 2008-2009 and the markets and Fed are acting the same now as they have been all along. It's the same bad news for the economy is good news for the markets. Somehow, the...
FX Street  6 hrs ago  Comment 
Next week In the US the FOMC will release March 18 - 19 meeting minutes. Additi onally, several Fed... For more information, read our latest forex news and reports.
The Hindu Business Line  6 hrs ago  Comment 
The key factors that battered EM equity funds were the beginning of the winding down of the Fed’s QE programme, a crowded electoral calendar, mixed economic data from China and the events in Ukraine
Forbes  7 hrs ago  Comment 
Although the Fed is pressing on the economic gas pedal, Congress is hitting the brakes. Why? Read this article to get the facts on what the media continues to ignore, but what every citizen needs to know!
TheStreet.com  8 hrs ago  Comment 
NEW YORK (BankingMyWay) -- Mortgage interest rates are still below the 4.50% line at 4.40% this week, according to the BankingMyWay Weekly Mortgage Rate Tracker. That's good news for homebuyers and the home sellers looking to move their...


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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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