Federal Reserve

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The Economic Times  11 hrs ago  Comment 
At 4.7%, unemployment is now at a level that is sustainable over the long-run, he said, and inflation is on track to reach the Fed's 2-percent target by the end of this year.
MarketWatch  Jan 9  Comment 
Consumer credit expanded at a seasonally adjusted annual rate of 7.9%, or $24.6 billion, in November, the Federal Reserve reported. Revolving credit like credit cards jumped 13.5% while nonrevolving credit such as car and student loans rose...
MarketWatch  Jan 9  Comment 
The Federal Reserve could raise interest rates as much as four times this year, going beyond what is currently expected by most investors, Goldman Sachs’s chief economist Jan Hatzius says.
MarketWatch  Jan 9  Comment 
U.S. stocks edge lower, with major indexes retreating from record levels as investors digest comments from Federal Reserve speakers and look ahead to the start to the corporate earnings season.
Benzinga  Jan 9  Comment 
The March U.S. Dollar Index is trading at 102.15, down 0.05. Market talk about headline news and comments from various monetary and fiscal policy makers is making the rounds. The Federal Reserve Labor market conditions index slipped to minus 0.3...
Forbes  Jan 9  Comment 
The world is focused on the prospect of rising interest rates. Yet, the market is pricing-in modest rate increases. Here is why.
The Hindu Business Line  Jan 9  Comment 
The dollar edged higher on Monday, boosted by robust US wage growth data strengthening the case for more Federal Reserve interest rate increases, while Britain’s pound fell on Prime Minister Theresa ...
Benzinga  Jan 9  Comment 
Boston Federal Reserve Bank President Eric Rosengren is set to speak in Hartford, Conn at 9:00 a.m. ET. The Labor Market Conditions Index for December is schedule for release at 10:00 a.m. ET. The Treasury is set to auction 3-and 6-month...




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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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