Tag Archives: Federal Reserve

Here’s the transcript of the exchange: QUESTIONER: But that is illegally taking money out the back door, not through the proper channels, or adding zeroes to bank accounts to the media or maybe your political opponents. How are you going to stop that illegal under-the-table spending of money from the Federal Reserve? RAMASWAMY: The answer is, you have to actually …

The Washington Post reports: A year after inflation soared to the highest level in four decades, prices are returning closer to normal levels, with families and businesses feeling the difference as policymakers debate how much more to slow the economy. Government data released Wednesday showed a notable drop in inflation: Prices rose 3 percent in June compared with the year …

The New York Times reports: The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, continuing its aggressive campaign to cool rapid inflation even as the economy begins to slow. Central bankers voted unanimously to make the unusually large interest rate move, and the policy-setting Federal Open Market Committee signaled in its post-meeting statement that more …

The Wall Street Journal reports: President Biden is set to nominate Federal Reserve Chairman Jerome Powell to a second term leading the central bank, the White House said Monday, opting for continuity in U.S. economic policy despite pushback from some Democrats who wanted someone tougher on bank regulations and climate change. Mr. Biden will also nominate Fed governor Lael Brainard …

The Washington Post reports: Judy Shelton’s nomination to the Federal Reserve Board of Governors failed to advance in the Senate on Tuesday, jeopardizing her prospects of being confirmed due to a combination of Republican absences and opposition to her installation to the central bank. On a 47-50 vote, Democrats and two Republican senators filibustered Shelton’s nomination to the Fed. Senate …

NBC News reports: About two weeks ago, Jake Devney started having a hard time getting quarters at the bank. Devney owns Coin Clean Laundry in Minneapolis and usually keeps about five to seven days worth of quarters in their coin vault. “Right now, pretty much every other day we have to go and exchange the quarters. So take them out …

The New York Times reports: The Federal Reserve left interest rates unchanged and near zero on Wednesday as the central bank projected a slow economic recovery from the pandemic-induced recession. In their first economic projections this year, Fed officials indicated that they expected the unemployment rate to end 2020 at 9.3 percent and remain elevated for years, coming in at …

CNN reports: How bad is the coronavirus economy? The worst ever, says Fed Chairman Jerome Powell. “We are going to see economic data for the second quarter that is worse than any data we have seen for the economy,” Powell said. “There are direct consequences of the disease and measures we are taking to protect ourselves from it.” The recovery …

Bloomberg News reports: U.S. stocks started the week down as investors saw little progress on a congressional spending package to blunt the fallout from the coronavirus pandemic. Measures of corporate credit risk eased after the Federal Reserve announced a massive second wave of initiatives to support a shuttered American economy. The S&P 500 closed lower, despite a late-session surge, after …

The New York Times reports: The Federal Reserve said it would buy as much government-backed debt as it needs to keep financial markets functioning, and unrolled a series of programs meant to shore up both large and small businesses — a whatever-it-takes effort to cushion the economic blow of the pandemic. “Aggressive efforts must be taken across the public and …

NBC News reports: The Federal Reserve announced an emergency rate cut on Tuesday in response to the viral outbreak, trimming the nation’s benchmark borrowing rate by 0.5 percentage points. The move comes after finance ministers from the G-7 convened via teleconference with Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin to determine an economic strategy to defend against …

CNN reports: Paul A. Volcker, who helped shape American economic policy for more than six decades, most notably by leading the Federal Reserve’s brute-force campaign to subdue inflation in the late 1970s and early ’80s, died on Sunday in New York. He was 92. Mr. Volcker, a towering, taciturn and somewhat rumpled figure, arrived in Washington as America’s postwar economic …

CNBC reports: White House economic adviser Larry Kudlow on Thursday took a shot at members of the Federal Reserve board as part of the “deep state.” “I don’t want to get into a lot of Fed bashing,” Kudlow told CNBC in an interview from the White House lawn. “They do the best they can. Their models are highly flawed. The …

The Hill reports: President Trump on Thursday put renewed pressure on the Federal Reserve to cut interest rates, arguing the strength of the U.S. dollar is hurting American manufacturers. In a series of tweets, Trump accused the Fed of hindering U.S. exports by keeping interest rates relatively high compared to other economic powers. He suggested the central bank should weaken …

From the ethics watchdog group CREW: The recent Federal Reserve interest rate cut has clear political benefits for President Trump, but it appears the cut will be doubly beneficial to him, as he also now stands to save millions in loan payments in coming years as a result of the rate cut. Trump reported five mortgages and loans on his …

The International Monetary Fund reports: A curious thing recently happened in US currency: in 2017 the $100 bill overtook the ubiquitous $1 bill in circulation volume, for the first time in history. In other words, the most valuable US banknote became the most widely circulated. (The $20 bill is in third place.) According to the Federal Reserve, there are more …

Mediaite reports: Stephen Moore phoned into Fox Business on Thursday to give Neil Cavuto the first word about his decision to withdraw from consideration for the Federal Reserve Board. When asked about his decision, Moore blamed the “sleaze campaign” from critics and the media. He defended his past writings, saying “they were meant to be jokes,” but acknowledged that many …

The New York Times reports: President Trump said he would not nominate Stephen Moore for a seat on the Federal Reserve board after several Republican lawmakers raised concerns about the conservative economist’s previous comments denigrating women. Mr. Moore, who continued to insist as recently as Thursday that he retained Mr. Trump’s support, appeared unlikely to win Senate confirmation after Republican …

A related story today from Media Matters: Herman Cain, President Donald Trump’s pick for a seat on the Federal Reserve Board, frequently acted as a gold company spokesperson on his radio program. He warned listeners in advertisements that they need to put some of their assets in gold because there’s a recession coming and “even central banks are buying gold …

The Daily Beast reports: A woman who has accused Herman Cain of having a long-term consensual affair threatened on Thursday to describe “certain parts” of his body to the Senate Banking Committee “to corroborate her testimony” if he doesn’t withdraw his name from consideration for the Federal Reserve Board. Ginger White first claimed she had a 13-year affair with Cain …