Joining in on the earlier Federal Reserve member’s speech, Federal Reserve Chairman Ben Bernanke spoke today at the Charlotte Chamber of Commerce about the credit market and monetary policy.
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In accordance to the Congressional mandate to make the Federal Reserve more transparent in sharing information with the public the Fed announced several changes that were made on November 14th.
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The Vice Chairman started the meeting explaining why the economy is doing what it is doing today and how it has done so in the past.
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Jean-Michel Six, Standard & Poor’s chief European economist, stated today at a London banking conference that he expects the Fed funds rate to reach about 3.5 percent by late summer in 2008.
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Today the Federal Reserve put its largest infusion into the US banking system since after the September 11th, 2001 attacks.
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Federal Reserve chairman Ben Bernanke warned congress on Thursday that the central bank is keeping a close eye on the subprime mortgage crisis and the recent spike in oil prices.
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While the Federal Reserve just cut rates on the 31st investors are asking the Fed for more cuts ahead.
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Today at the Consumer Bankers Association Fair Lending Conference in Washington, DC, Randall Kroszner discussed the challenges subprime borrowers face into 2008.
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Today at the Risk USA 2007 conference Fredrick Mishkin spoke further about the current financial instability and general monetary policy. Much of the meeting this morning went on like his last speech given at the Museum of American Finance on October 22nd.
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At 2:15 today the Federal Reserve announced that they will be lowering the discount rate a quarter bringing it to 5 percent & the funds rate down a quarter bringing it to 4.5 percent. These quarter rate cuts came after the gross domestic product results came in higher than expected.
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