February 24, 2014 |
Former Federal Reserve Chairman Ben S. Bernanke first gained prominence writing about the Great Depression. Now he plans a memoir to defend how he and other officials battled the biggest crisis and economic downturn since then. “I'd like to be able to explain that it was the right thing to do and to attest to my loyalty to the United States," Bernanke said with a laugh in an interview with the Associated Press on Monday. Bernanke has been sharply criticized for the unprecedented actions the central bank took in response to the 2008 financial crisis and the Great Recession.
February 17, 2014 |
WASHINGTON - Brutal winter weather contributed to a downturn in job growth and other economic data, raising questions about the strength of the recovery and testing the Federal Reserve's resolve in unwinding its key bond-buying stimulus program. Fed policymakers will have another month of data to consider when they next meet in mid-March. But if the views of John C. Williams are any indication, the Fed is likely to hold course. As president of the Federal Reserve Bank of San Francisco, one of the Fed's 12 district banks, Williams has a seat at the mahogany table where top Fed officials meet regularly to discuss the economy and make policy decisions.
February 12, 2014 |
WASHINGTON -- Reflecting concerns that government settlements with big banks haven't been tough enough, two Democratic lawmakers want the Federal Reserve board to approve all major enforcement actions. Sen. Elizabeth Warren of Massachusetts and Rep. Elijah Cummings of Maryland have written to new Fed Chairwoman Janet L. Yellen urging her to "make it a top priority" to stop delegating enforcement responsibility to the central bank's staff. "While the board votes on every important decision the Fed makes on monetary policy, the board rarely votes on the Fed's important supervisory and enforcement policy decisions," the lawmakers wrote in a letter sent Tuesday.
January 29, 2014 |
WASHINGTON - Shrugging off the recent turbulence in financial markets, the Federal Reserve gave an upbeat take on the U.S. economy and went through with a second straight cut to its large bond-buying stimulus program. Although the decision to reduce its purchases was expected, Ben S. Bernanke won rare unanimous backing in his last meeting as Fed chairman Wednesday. The 10-0 vote to make another $10-billion-a-month cut in its bond purchases also cemented the central bank's plan to gradually dial back its unprecedented monetary stimulus.
December 19, 2013 |
WASHINGTON - Now that the Federal Reserve has started to ease a key economic stimulus, the reins of managing monetary policy to finish the job soon will be turned over to Janet L. Yellen, the central bank's vice chair. She won't find it easy. Yellen, expected to be confirmed by the Senate on Saturday as the Fed's first female chief, will be leading a very different and potentially more fractious policymaking team at the central bank. A more divisive group could be particularly nettlesome as she tries to execute the complicated exit from the Fed's unprecedented actions to stimulate the economy after the Great Recession.
December 18, 2013 |
WASHINGTON -- Federal Reserve policymakers voted Wednesday to start reducing a key stimulus program, signaling greater confidence in the strength of the recovery in the wake of recent upbeat economic data. The Federal Open Market Committee decided to start tapering the central bank's $85 billion in monthly bond purchases, aimed at holding down long-term interest rates. The program began in September 2012. Fed officials said they would reduce the purchases by $10 billion a month, starting in January.