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The U.S. Federal Reserve said on Tuesday the economic recovery was still too slow to bring down unemployment, reaffirming its commitment to purchase $600 billion in bonds to stimulate growth and create jobs.
In a statement that contained remarkably little acknowledgment of a recent uptick in the economic data, the Fed characterized the U.S. expansion as “continuing,” a modest upgrade from its November description of the recovery as “slow.” Get the full story »
Foreign central banks’ overall holdings of marketable securities at the Federal Reserve fell in the latest week, data from the U.S. central bank showed on Thursday. Get the full story »
U.S. household wealth rose by $1.2 trillion in the third quarter and household debt contracted at a slower rate than previously, according to Federal Reserve data on Thursday that showed slow repair to household finances in a weak recovery. Get the full story »
(Chip Somodevilla/Getty Images)
More than 1.1 billion new $100 bills have been put into quarantine while officials search for a solution to a printing problem that has rendered some of the bills unusable, an official familiar with the situation said Monday.
Originally scheduled for a February 2011 release date, the bills were the first run of a high-tech note designed to combat counterfeiting by including a 3-D security ribbon.
The Federal Reserve first acknowledged an issue with the bills in October, but did not specify the scope of the problem. Get the full story »
U.S. economic growth and inflation is expected to pick up a bit next year, while the jobless situation will improve slightly, according to a survey conducted by the Federal Reserve Bank of Chicago. Get the full story »
U.S. short-term interest rate futures traders boosted bets the Federal Reserve will wait until mid-2012 before raising rates, after a government report showed the U.S. jobless rate unexpectedly rose in November. Get the full story »
The European debt crisis should serve as a warning that the United States must address its long-term budget problems, U.S. Federal Reserve officials said on Wednesday. Get the full story »
The Federal Reserve on Wednesday released details on $3.3 trillion in emergency loans made during the financial meltdown that showed Citigroup and Bank of America leaning on overnight loans from the central bank well into the spring of 2009. Get the full story »
The mortgage servicing industry will need to make “substantial” investments to improve the foreclosures process, Federal Reserve Governor Daniel Tarullo said Wednesday. “Fixing the problems in the mortgage servicing industry may also require thinking about some fundamental structural changes to the current mortgage system,” Tarullo said in prepared remarks to Congress. Get the full story »
Federal Reserve Chairman Ben Bernanke is likely to face some new dissenting votes when the make-up of the Federal Open Market Committee, the central bank’s policy-making committee, changes in January.
Four presidents of regional Fed banks will step into the rotation at the Fed’s policy meeting in late January: Charles Evans of Chicago, Charles Plosser of Philadelphia, Richard Fisher of Dallas and Narayana Kocherlakota of Minneapolis. They’ll join the eight permanent voters on the FOMC: seven Fed governors (one position is now vacant) and the New York Fed president. Get the full story »
Federal Reserve officials have become more pessimistic in their economic outlook through next year and have lowered their forecast for growth.
The economy will grow only 2.4 percent to 2.5 percent this year, Fed officials said Tuesday in an updated forecast. That’s down sharply from a previous projection of 3 percent to 3.5 percent
Federal Reserve Chairman Ben Bernanke hit back on Friday at critics of the U.S. central bank’s bond-buying program and issued a thinly veiled attack on China’s policy of keeping its currency on a leash.
Bernanke, facing a chorus of protests about the asset-buying spree from within and outside the central bank, said a more vigorous U.S. economy was essential to fuel the global recovery and dismissed charges he was debasing the dollar. Get the full story »
A Malaysian man was charged on Thursday for hacking into the computer network of a U.S. Federal Reserve bank and for stealing more than 400,000 stolen credit card and debit card numbers, according to federal authorities.
Lin Mun Poo, 32, is suspected of accessing financial records at a Federal Reserve Bank in Cleveland, Ohio, by “exploiting a vulnerability he found within their secure system,“ according to a statement by the U.S. Attorney’s Office of the Eastern District of New York. At least 10 Federal Reserve Bank computers were affected by the breach, resulting in thousands of dollars in damage, the statement said. Get the full story »
In this Sept. 20, 2010 photograph, people attend a job fair at a hotel in Boston. (AP Photo/Stephan Savoia)
New U.S. claims for jobless benefits barely rose last week and manufacturing activity in the country’s Mid-Atlantic region touched a near one-year high in November, more proof the economy was regaining momentum.
The improving economic picture also was enhanced by another report on Thursday showing a gauge of future activity increased 0.5 percent in October.
However, the data are not robust enough to deter the Federal Reserve from fully implementing its much criticized program to purchase $600 billion worth of government debt to push already low interest rates down to stimulate the economy. Get the full story »
Federal Reserve Chairman Ben Bernanke was briefing members of the Senate Banking Committee late Wednesday morning on the central bank’s controversial bond-buying plan, congressional aides said.
The U.S. central bank’s early November decision to launch a second round of large-scale asset purchases has led to a political backlash from Republicans who argue it is setting the ground for inflation and debasing the dollar. Get the full story »
