Federal Reserve

RECENT NEWS
Daily FX  27 min ago  Comment 
How confident is the FOMC of its outlook for interest rates?
Reuters  1 hr ago  Comment 
Staff economists at the Federal Reserve expect a quarter-point U.S. interest rate increase this year, according to forecasts the Fed mistakenly published on its website in a gaffe that drew criticism about its ability to keep secrets.
MarketWatch  2 hrs ago  Comment 
Projections from the Federal Reserve staff that the Fed said were inadvertently posted online last month included incorrect estimates for economic growth and inflation, the central bank said Friday.
TheStreet.com  5 hrs ago  Comment 
NEW YORK (TheStreet) -- The earnings parade is in full swing, and there are a number of key economic data points on deck next week.  Traders will be focused on the Federal Open Market Committee's announcement Wednesday to look for more clues...
Mondo Visione  10 hrs ago  Comment 
Economic projections prepared by Federal Reserve Board staff as background for the June 16-17, 2015, meeting of the Federal Open Market Committee (FOMC) were inadvertently included in a computer file posted to the Board's public website on June...
Clusterstock  10 hrs ago  Comment 
There has been a leak at the Federal Reserve. In a statement on Friday, the Fed said its in-house economic forecasts compiled by its staff ahead of the June FOMC meeting were accidentally published on June 29. As a result, the Fed published...
Benzinga  10 hrs ago  Comment 
- heard from various market sources © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MarketWatch  Jul 24  Comment 
The dollar looks set to finish the week broadly lower on Friday after several sessions of range-bound trading as traders held off on taking large bets in the currency market ahead of a meeting of Federal Reserve policy makers next week.
Reuters  Jul 24  Comment 
Metal prices hit multi-year lows on Friday after weaker-than-expected data from China and the euro zone raised concerns about global growth, but the U.S. dollar rose as a Federal Reserve rate hike was still on the table.
Yahoo  Jul 24  Comment 
Metal prices hit multi-year lows on Friday after weaker-than-expected data from China and the euro zone raised concerns about global growth, but the U.S. dollar rose as a Federal Reserve rate hike was still on the table. London copper fell to its...




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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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