Federal Reserve

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Mondo Visione  6 hrs ago  Comment 
In a report that comes one year after the publication of its Strategies for Improving the U.S. Payment System, the Federal Reserve on Tuesday detailed the progress made and outlined anticipated steps for moving forward with its initiative to...
Wall Street Journal  7 hrs ago  Comment 
A vicious cycle that is sending the dollar higher and intensifying global strains will make it hard for the Federal Reserve to raise rates this year.
Clusterstock  9 hrs ago  Comment 
Kansas City Fed president Esther George isn't that worried about the stock market.  In a speech delivered Tuesday afternoon, George – who is a voting member of the Federal Open Market Committee, the Federal Reserve committee that votes on...
SeekingAlpha  7 hrs ago  Comment 
MarketWatch  11 hrs ago  Comment 
Gold futures finish lower, pulling back two sessions of gains and ahead of monthly U.S. jobs data due out later this week that may offer a hint on the Federal Reserve’s monetary policy.
Finance Asia  Feb 1  Comment 
Malie Conway and Ranjiv Mann of Rogge Global Partners discuss why US rates could peak sooner than projected as the Fed pursues its 'dot plot'.
Reuters  Feb 1  Comment 
The U.S. dollar fell against a basket of major currencies on Monday on the view that the Federal Reserve would not be able to hike interest rates as quickly as forecast this year given weak U.S. economic data and continued easing from the Bank of...
Forbes  Feb 1  Comment 
The Federal Reserve raised interest rates. But while a one-quarter point move may change the conversation, it isn’t going to change the low-rate world of recent years overnight.
Clusterstock  Feb 1  Comment 
WASHINGTON (Reuters) - Banks lowered lending standards for U.S. households in the fourth quarter but tightened them for commercial and industrial loans, according to a survey of loan officers released on Monday by the Federal Reserve. The U.S....
Mondo Visione  Feb 1  Comment 
I would like to thank the Council on Foreign Relations for the kind invitation to come meet with all of you this morning. I am looking forward to a lively discussion. To get things started, I thought I could provide some background on recent...
Clusterstock  Feb 1  Comment 
Stanley Fischer, seen as the most influential member of the Federal Open Market Committee after Chair Janet Yellen, spoke on the Fed's recent moves in New York on Monday.  Overall, it was more of the same with Fischer emphasizing that the Fed's...




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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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