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From Bloomberg: Federal Reserve Bank of Chicago President Charles Evans urged easier monetary policy around the world, including in China, to guard against economic shocks, broadening his call for more stimulus in the U.S. “I don’t need to see any more data to know that I think we should have more accommodation,” Evans said to reporters today in Beijing, referring to the U.S. “I certainly would applaud anybody who takes action in order to strengthen their [...] From The Big Picture: The Wall Street Journal: The Federal Reserve’s “hawks” are speaking out against additional action by the central bank to spur the economy. The Fed has moved despite this group’s opposition before. Thus, the comments now don’t represent a signal from the central bank that it is backing away from its statement earlier this month that it might act. But the remarks do highlight the complicated decision Fed policy [...] Zero Hedge Three months ago, just when things looked like they were about to turn south, the Fed’s trusty mouthpiece, Jon Hilsenrath, made it clear that the market can stop falling as the Fed was “considering” sterilized QE, or more Twist, something we explained later would be impossiblein the current format as the Fed would run out of sub 3 Year paper by the end of August. It did however halt the [...] From Bloomberg: Ben S. Bernanke warned last month that payroll gains might slow as companies adjust their labor needs for a period of moderate growth. Today’s Labor Department report may have proved the Federal Reserve chairman right. Employers in the U.S. added 120,000 jobs in March, the fewest in five months. The unemployment rate fell to 8.2 percent from 8.3 percent the month before as people stopped looking for work. The March report [...] From Bloomberg: ederal Reserve Bank of St. Louis President James Bullard said the U.S. and world economies risk elevated inflation that persists for years should developed nations mistime their exits from easy monetary policies. “Once inflation gets out of control, it takes a long, long time to fix it,” Bullard said in a Bloomberg Television interview in Hong Kong today. “Ultra-easy” policies across the Group of Seven nations, which include the U.S. and Germany, [...] Just headlines: Fed’s Evans Calls for Stimulus to Cut Unemployment to 7.5% Japan machinery orders slump, cast doubt on recovery India’s Food Inflation Stays Above 9% for a Fifth Straight Week China reiterates vows to diversify fx reserves World faces rising price pressures -China trade min German deputy EconMin-Greece falling short on reforms IMF cuts Irish outlook, urges more asset sales Largest paper manufacturer in North America filing for bankruptcy Bank of America to close 600 branches Report: 2,300 [...] I went to play golf this morning rather than listen to the Bernankster. After all, I knew what he was going to say. I read about the speech in the Wall Street Journal a day before. I (and many others) have made note of the fact that the WSJ’s crack reporter, Jon Hilsenrath, is the mouthpiece for Big Ben. This is what Jon said had to say [...] http://www.bloomberg.com/news/2011-08-02/fed-policy-makers-may-consider-additional-stimulus-as-u-s-economy-slows.html Quote: Chairman Ben S. Bernanke said in congressional testimony in July that the Fed may take new action if the economy stalls, including beginning a third round of bond purchases. The central bank could also cut the interest rate it pays banks on excess reserves and pledge to hold its assets at a record high and interest rates at record lows for a longer period, he said. Any [...] Alan Greenspan, former Federal Reserve chairman, said a default by Greece is “almost certain” and could help drive the U.S. economy into recession. “The problem you have is that it’s extremely unlikely the political system will work” in a way that solves Greece’s crisis, Greenspan, 85, said in an interview today with Charlie Rose in New York. “The chances of Greece not defaulting are very small.” Greek government bonds slumped, pushing the [...] In the last few weeks, I’ve become particularly “attentive” to the intentions of Fed policy makers following the scheduled June end date for QE2. This is no small matter; an actual shift in Fed policy – as opposed to the smoke and mirrors sort – could temporarily play havoc on equities and commodities markets alike. How could it be otherwise, when under QE2 the Fed has [...] Thomas Hoenig, president and chief executive officer of the Federal Reserve Bank of Kansas City. Photographer: Jin Lee/Bloomberg The Federal Reserve’s “highly accommodative” monetary policy is partly to blame for rapidly increasing global commodity prices, said Kansas City Fed President Thomas Hoenig, who called on colleagues to raise the benchmark interest rate toward 1 percent soon. “Once again, there are signs that the world is building new economic imbalances and [...] Federal Reserve policy makers are signaling they favor an abrupt end to $600 billion in Treasury purchases in June, jettisoning their prior strategy of gradually pulling back on intervention in bond markets. “I don’t see a lot of gain to reverting to a tapering approach,†Atlanta Fed President Dennis Lockhart told reporters yesterday. “I don’t think that is necessary,†Philadelphia Fed President Charles Plosser said last month. Central bankers, who next meet [...] |
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