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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 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 Economic Recovery Beginning Next Year

Real GDP in the U.S. is likely to stabilize later this year, with an economic recovery beginning in 2010, Cleveland Fed President Sandra Pianalto said on Wednesday.Speaking in Ohio, Pianalto said that a recovery is likely to be fuelled by Federal Reserve action and fiscal stimulus. Collectively, our actions have been aggressive and unprecedented, Pianalto said. Since October 2007, the Federal Reserve's balance sheet has grown from $855 billion to almost $2 trillion, and with our recent

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Fed's Lacker Says Avoiding Inflation Will be Challenging

Federal Reserve Bank of Richmond President Jeffrey Lacker said Thursday it will be challenging for the Fed to withdraw fiscal stimulus and avoid inflation in the United States.Lacker warned that the Federal Reserve's balance sheet will have to be unwound in the future to avoid increased inflation, and reiterated that price stability is the Fed's key responsibility.Speaking in Charleston, South Carolina, Lacker said recent efforts by the U.S. Treasury to stimulate private investment in banks will be

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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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Sterling Mixed After Weak Economic Data, U.S. Fed Actions

The pound sterling is mixed against majors following the Fed's surprise decision on Wednesday to begin purchasing Treasuries, and some additional downbeat economic data for the region.On Wednesday, the Federal Reserve took unprecedented action to pump $300 billion in the purchase of long term U.S. Treasuries. The announcement sent the greenback plummeting against majors. The Confederation of British Industry's manufacturing order book balance for the UK fell to -58 in March, down from both the -55 level

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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 Duke Says Mortgage Regulation About to be Overhauled

The Federal Reserve is working to amend the lenient underwriting rules and deceitful action that caused the U.S. subprime mortgage crisis by revamping banking regulation, Federal Reserve Governor Elizabeth Duke said Friday.She said that from July 1, 2007 to June 30, 2008, banks in the United States filed 62,084 Suspicious Activity Reports (SARs), suspecting mortgage fraud. She said the Federal Reserve is already involved in several investigations involving suspected insiders at banks in both commercial and

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