August 31, 2012 |
WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke, saying that economic conditions are "far from satisfactory," made clear Friday that he was preparing additional monetary stimulus to spur the weak recovery, most likely at the central bank's next policy meeting in mid-September. In a highly anticipated speech delivered at the Fed's annual retreat in Jackson Hole, Wyo., Bernanke offered a vigorous defense of the central bank's past moves to stimulate the economy. He cited independent research indicating that the Fed's prior bond-buying programs had lowered long-term interest rates as intended, to lift investment and spending.
August 25, 2012 |
WASHINGTON — Federal Reserve Chairman Ben S. Bernanke defended the central bank's efforts to stimulate the economy, even as Republican presidential candidate Mitt Romney criticized those steps and said that, if elected, he wouldn't reappoint Bernanke to the post. Bernanke defended the Fed's efforts in a letter to Rep. Darrell Issa (R-Vista) released Friday. The Fed is considering another round of bond-buying to boost the sluggish recovery. "There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery," Bernanke said in the letter to Issa, chairman of the House Committee on Oversight and Government Reform.
August 23, 2012 |
WASHINGTON — The Federal Reserve gave its strongest signal yet that it would undertake a new effort this fall to strengthen the hobbling economic recovery. Unless the economy improved significantly, "many members" of the Fed's policymaking committee felt that additional stimulus would be needed "fairly soon," according to an account of the group's last meeting, which ended Aug. 1. Policymakers didn't specify which actions might be taken. But the meeting minutes, which were released Wednesday after the usual three-week lag, suggested that their preferred option was large-scale bond purchases known in Fed-talk as QE3, short for a third round of quantitative easing.
August 1, 2012 |
WASHINGTON - Federal Reserve officials are holding off on launching more economic stimulus for now, but gave a strong signal that they would take action if the nation's jobs data get worse. Despite mounting speculation on Wall Street and political pressure in the face of faltering economic and job growth, Fed policymakers announced no new action at the conclusion of their two-day meeting Wednesday. Instead, they gave a slightly more downbeat assessment of the economy than they did in June but noted that the housing market remains depressed.
July 26, 2012 |
WASHINGTON — Hoisting a once-fringe issue into the political mainstream, the House overwhelmingly approved a long-fought proposal by Rep. Ron Paul (R-Texas) to require an audit of the Federal Reserve. Not only tea party stalwarts but also rank-and-file Republicans and dozens of Democrats voted for the measure Wednesday — a reflection of the rising influence of the former presidential contender's brand of libertarianism on American politics as he prepares to leave Congress. Rep. Jim Matheson, a Utah Democrat who is in a tough reelection battle, said in a tweet that he would vote for the bill.
July 25, 2012 |
WASHINGTON - Hoisting a once-fringe issue into the political mainstream, the House overwhelmingly approved Republican Rep. Ron Paul's long-fought proposal to require an audit of the Federal Reserve. Not only tea party stalwarts but rank-and-file Republicans and dozens of Democrats voted for the measure Wednesday - a reflection of the rising influence of the former presidential contender's brand of libertarianism on American politics as he prepares to leave Congress. Rep. Jim Matheson, a Utah Democrat who is in a tough reelection battle, said in a tweet that he would vote for the bill.
July 19, 2012 |
Regional economies throughout the nation are getting a boost in real estate and other sectors, but barely enough to keep overall growth continuing to expand "at a modest to moderate pace" in the last two months. Housing markets in 12 federal regions were largely positive as sales increased and inventories declined, according to a survey released Wednesday by the Federal Reserve. The survey covers the nation's 12 regional Federal Reserve Banks. Indeed, U.S. builders last month began construction on the highest number of new homes since October 2008, with housing starts jumping 6.9% last month from May, according to a Commerce Department report Wednesday.
July 16, 2012 |
WASHINGTON - A House committee is launching a bipartisan investigation into allegations that large banks rigged a key interest rate, and will start by questioning Federal Reserve ChairmanBen S. Bernanke and Treasury SecretaryTimothy F. Geithner at upcoming hearings. At the same time, officials at the country's largest public pension fund, the California Public Employees' Retirement System, said Monday they were examining the effect of the rate-fixing scandal and might seek damages if they could be calculated.
July 12, 2012 |
WASHINGTON - Federal Reserve policymakers are split over whether to launch another big stimulus program. Fed officials debated at their two-day meeting in June whether and when the central bank should expand its efforts to spur growth with something similar to another round of major bond purchases, according to minutes of the meeting released Wednesday. Stocks slipped slightly after the release of the minutes as the account of the Fed's deliberations seemed to deflate investors' hopes for a more imminent stimulus from the Fed. "Although a few members were calling for more accommodation, there was no sign that they were rushing to pull the trigger," said Steven Ricchiuto, chief economist at Mizuho Securities, in a note to clients.