federal reserve rate

Fed's Lacker Calls for Treasury to Take Over Fed Credit Programs

The U.S. Treasury should take over the Federal Reserve's credit programs, with both agreeing to a credit accord, Richmond Federal Reserve Bank President Jeffrey Lacker said.Lacker, a voting member of the Federal Open Market Committee, said the Federal Reserve would be better able to focus on monetary policy and avoid political interference if the Treasury were to take over its emergency credit programs. The understanding could stipulate that the emergency lending is transferred to the books of

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Fed's Fisher Says Central Bank Has Option to Buy Treasuries (Update)

Federal Reserve Bank of Dallas President Richard Fisher said the central bank is still open to buying long-term Treasuries on Wednesday.In a speech delivered in Forth Worth, Texas, Fisher said it is clear that we stand ready to grow our balance sheet even more should conditions warrant¥our options include purchasing longer-term Treasuries.Fisher emphasized that the Federal Reserve is an independent entity and should not cave to political pressure. He said the Federal Reserve has responded to the

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Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

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Fed's Fisher Says Central Bank Has Option to Buy Treasuries

Federal Reserve Bank of Dallas President Richard Fisher said the central bank is still open to buying long-term Treasuries on Wednesday.In a speech delivered in Forth Worth, Texas, Fisher said it is clear that we stand ready to grow our balance sheet even more should conditions warrant¥our options include purchasing longer-term Treasuries.Fisher emphasized that the Federal Reserve is an independent entity and should not cave to political pressure. He said the Federal Reserve has responded to the

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Fed's Pianalto Sees "Sharp" Decline in GDP in First Half of 2009

(CEP News) - Federal Reserve of Cleveland President Sandra Pianalto said recent economic data have been

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Fed's Bernanke Says Full Economic Recovery Two to Three Years Away (Update)

Federal Reserve Chairman Ben Bernanke said the start of an economic recovery could begin in 2010, but that a full recovery is at least another two to three years away.During his semi-annual testimony before the U.S. Senate Banking Committee, Bernanke noted that the start of an economic recovery in 2010 will only be possible with a stabilization in markets and banks and strong government action. If actions taken by the Administration, the Congress, and the Federal Reserve

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Fed's Bernanke Says Full Economic Recovery More Than Two to Three Years Away

Federal Reserve Chairman Ben Bernanke said a full economic recovery is at least another two to three years away and that a low Fed rate will be in place for some time.During his semi-annual testimony before the U.S. Senate Banking Committee, Bernanke noted that the start of an economic recovery in 2010 will only be possible with a stabilization in markets and banks. If actions taken by the Administration, the Congress, and the Federal Reserve are successful

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Fed's Bullard Says Buying Treasuries Still not Off the Table (Update)

(CEP News) - Federal Reserve Bank of St. Louis President James Bullard said the possibility of the Federal Reserve making outright purchases of Treasuries is not off the table.Speaking in New York, Bullard said it is fair to say the world is entering a period of exceptionally low interest rates. He said the global recession will carry through until at least the first half of 2009. As for the U.S., he expects the first half of 2009 to see

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Fed's Bullard Says Buying Treasuries Still not Off the Table (Update 2)

(CEP News) - Federal Reserve Bank of St. Louis President James Bullard said the possibility of the Federal Reserve making outright purchases of Treasuries is not off the table, but this may not take place until the spring.Speaking in New York, Bullard said there is effectively no large difference between buying agency debt - which the Fed is already doing - and long-term Treasuries. Bullard said it is fair to say the world is entering a period of

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Fed's Hoenig: "Capitalism Without Failure is Like Religion Without Sin"

U.S. Federal Reserve Bank of Kansas City President Thomas Hoenig criticized recent U.S. government action to save ailing banking giants on Friday. In the future, a systematic plan should be created that is ready to address troubled institutions considered too big to fail, he said, including a replacement of management.Speaking in Omaha, Nebraska, Hoenig said the U.S. government's Troubled Asset Relief Program (TARP), enacted last year, failed because it began without a clear set of principles.

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