Federal Reserve

newratings.com  3 hrs ago  Comment 
WASHINGTON (dpa-AFX) - The dollar is trading slightly lower against all of its major rivals Friday afternoon, as an eventful week draws to a close. Central banks were in focus this week, with policy statements from the Federal Reserve, the Bank of...
Yahoo  5 hrs ago  Comment 
How does one with such a poor track record stay employed?
Clusterstock  9 hrs ago  Comment 
While the Federal Reserve's decision on Wednesday not to raise the key interest rate may have been a bit predictable, there was at least one oddity that came out of the meeting. It occurred in the Fed's so-called dot plot of the forecasts of...
Yahoo  10 hrs ago  Comment 
A drop in Apple dragged down all three major U.S. stock indexes on Friday afternoon even as investors remained wary of global economic growth worries and an impending referendum on Britain's European Union ...
New York Times  Jun 16  Comment 
A look at the Federal Reserve’s own data suggests that its policies have led to financial imbalances that place it under pressure to raise rates.
Mondo Visione  Jun 16  Comment 
The OFR posted remarks today by Director Richard Berner at a conference in Philadelphia on "The Interplay Between Financial Regulations, Resilience, and Growth" sponsored by the Federal Reserve Bank of Philadelphia, the Wharton Financial...
Yahoo  Jun 16  Comment 
Nobody expected the Federal Reserve to raise interest rates at its recent meeting, and the Fed complied. The Fed substantially downgraded its economic outlook for the rest of the year, which will impact the presidential election if the Fed turns...
The Hindu Business Line  Jun 16  Comment 
Comex gold futures jumped to nearly two-year highs on Thursday, after the US Federal Reserve indicated it could be less aggressive in tightening monetary policy next year. Comex gold futures moved...
The Times of India  Jun 16  Comment 
Gold rallied to a two-year peak after the US Federal Reserve sounded a less dovish note after its latest policy meeting, while reaching three-year highs in euro and sterling terms ahead of Britain's vote on whether to leave the European Union.
Clusterstock  Jun 16  Comment 
By Yashaswini Swamynathan (Reuters) - U.S. stock index futures were lower on Thursday, a day after the Federal Reserve kept interest rates unchanged but warned of slowing economic growth and the repercussions of Britain's possible exit from the...


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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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