Advertisement
YOU ARE HERE: LAT HomeCollectionsCentral Bank
IN THE NEWS

Central Bank

FEATURED ARTICLES
BUSINESS
July 30, 2012 | By Andrew Tangel
Stocks edged higher ahead of big meetings by the Federal Reserve and the European Central Bank this week. The central banks could take highly anticipated steps to prop up U.S. and European economies, moves that could jolt equity markets higher. After a choppy start, the Dow Jones Industrial Average was up 21 points, or 0.2%, to 13,097 shortly after the opening bell on Wall Street. The broader Standard & Poor's 500 index was up 2 points, or 0.2%, to 1,388. The Nasdaq gained 9 points, or 0.3%, to 2,967.
ARTICLES BY DATE
BUSINESS
April 9, 2014 | By Don Lee
WASHINGTON - An account of the Federal Reserve's last meeting suggests that policymakers aren't as eager to take away the punch bowl as the market thought. The minutes of the March 18-19 meeting state that Fed officials worried that their individual projections for when the central bank would start raising interest rates "could be misconstrued" as indicating a shift by the Fed committee to tighter monetary policy. The average projections released after the March meeting showed a slight move forward in the anticipated timing of a Fed rate increase, and Fed Chairwoman Janet L. Yellen herself gave the impression in a news conference that day that a rate hike could be made by mid-2015, earlier than what the market had been expecting.
Advertisement
BUSINESS
January 22, 2013 | By Don Lee
WASHINGTON -- Taking a page from the Federal Reserve's stimulus playbook, Japan's central bank on Tuesday set a 2% inflation target and made an "open-ended" pledge to buy a potentially unlimited amount of government bonds to bolster its long sluggish economy. While the Fed's focus has been on bringing down America's stubbornly high unemployment rate, the Bank of Japan's new inflation target -- double its previously stated goal of 1% -- is aimed at intensifying its long battle against deflation and economic stagnation.
BUSINESS
March 19, 2014 | By Jim Puzzanghera
WASHINGTON -- Janet L. Yellen, who broke the Federal Reserve's glass ceiling, marks two more milestones Wednesday, wrapping up her initial policymaking meeting as chairwoman then facing reporters' questions for the first time since taking office last month. The Fed chair's quarterly news conferences have drawn great attention since her predecessor, Ben S. Bernanke, began holding them in 2011 to improve public understanding of the central bank's actions. Now Yellen takes over the tradition, which adds an additional challenge to the job as financial markets try to interpret every answer for signs of the Fed's direction.
WORLD
December 10, 2009 | By Tracy Wilkinson
In the middle of his country's worst economic crisis in a generation, Mexican President Felipe Calderon on Wednesday nominated a close political ally, Finance Minister Agustin Carstens, to replace the well- respected head of the central bank. Carstens, a University of Chicago-trained economist, has serious creds in the financial world too. But he is also seen as someone willing to be more collaborative with the president than the fiercely independent outgoing Bank of Mexico director.
BUSINESS
September 10, 2012 | By Jim Puzzanghera
WASHINGTON - The U.S. isn't the only place where conservatives have a problem with aggressive central bank intervention in the economy. A senior member of Germany's conservative ruling said the European Central Bank was pushing the limits of its mandate by moving to buy bonds of financially troubled countries . The comments came as a top German court was set to rule this week on a challenge to the euro zone's new bailout fund, Reuters ...
BUSINESS
August 9, 2013 | By Jim Puzzanghera
WASHINGTON -- The president of the Federal Reserve Bank of Cleveland, Sandra Pianalto, will step down early next year, creating another vacancy among central bank policymakers as they grapple with reducing their stimulus efforts. The head of the Cleveland Fed is set to take one of four rotating positions as a voting member on the 12-person Federal Open Market Committee, which makes monetary policy decisions. Pianalto, who has led the Cleveland Fed since 2003, said Thursday she would retire early next year.
WORLD
January 8, 2010 | By Chris Kraul and Andres D'Alessandro
Argentina's president, Cristina Fernandez de Kirchner, fired the nation's central bank chief Thursday after he refused to release $6.6 billion in foreign reserves to service the nation's mounting foreign debt. But questions over the legality of Fernandez's action have raised the likelihood of a double-barreled political and economic crisis. Fernandez's dismissal decree followed an emergency meeting with her ministers in the afternoon after bank head Martin Redrado rejected her call to resign.
WORLD
October 13, 2011 | By Paul Richter and Christi Parsons, Los Angeles Times
The Obama administration said it was "actively" considering sanctioning Iran's central bank in retaliation for an alleged Iranian assassination plot, a move that could severely damage Iran's economy and potentially provoke a strong response from Tehran. David Cohen, the Treasury undersecretary for terrorism and financial intelligence, told the Senate Banking Committee that officials were "looking very actively" at such a step and might carry it out if other nations could be persuaded to follow suit.
WORLD
December 20, 2005 | From Times Wire Reports
Italy's central bank chief, Antonio Fazio, under criminal investigation for alleged abuse of power for his role in bank takeover battles, tendered his resignation. It is likely to be accepted, said Luigi Leone, head of the union representing the majority of the central bank staff. Bank of Italy Director-General Vincenzo Desario will take the helm temporarily, Leone said.
BUSINESS
February 24, 2014 | By Jim Puzzanghera
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.
BUSINESS
February 17, 2014 | By Don Lee
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.
BUSINESS
February 12, 2014 | By Jim Puzzanghera
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.
BUSINESS
January 29, 2014 | By Don Lee
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.
BUSINESS
December 19, 2013 | Jim Puzzanghera and Don Lee
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.
BUSINESS
December 18, 2013 | By Jim Puzzanghera and Don Lee
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.
BUSINESS
November 29, 1997 | Bloomberg News
India's central bank announced a package of measures to defend the rupee after the Indian currency declined 6.5% this month to its all-time low of 38.60 to the dollar. The measures include delaying a plan to lower reserve requirements of commercial banks, absorbing excess money in the financial system and encouraging exporters to bring their earnings into the country sooner rather than later.
BUSINESS
December 5, 2013 | By Ricardo Lopez
Chinese authorities on Thursday instructed the country's banks and other financial institutions not to accept bitcoin, an unregulated digital currency that has soared in value amid widespread speculation, state media reported. China's central bank and four other state agencies warned that the use of the currency is risky and that it opened up opportunities for money laundering. State media reported that the currency does not have legal status and should not be circulated. Beijing authorities, however, did not outright ban the currency.
BUSINESS
December 4, 2013 | By Jim Puzzanghera
WASHINGTON - The nation's economic recovery, seemingly stuck in another pothole after the 16-day federal government shutdown, now looks to be back on track again - and accelerating into the new year. Recent data, especially this week, have been generally positive, indicating that businesses are expanding their hiring and spending. And though consumers still appear somewhat rattled by the fiscal bickering in Washington that led to October's shutdown, the outlook for the recovery has markedly improved since mid-October.
Los Angeles Times Articles
|