WASHINGTON (Reuters) – Progressive groups opposing Lawrence Summers as the next Federal Reserve chairman are stepping up pressure on President Barack Obama to make a different choice, emphasizing the price his Democratic Party would pay for nominating the former U.S. Treasury Secretary and White House aide.
They are confronted however by a well-coordinated campaign on Summers’ behalf by former Obama administration officials who have succeeded in cementing the view that Summers has basically got the job.
JACKSON HOLE, Wyoming (Reuters) – Former U.S. Treasury Secretary Lawrence Summers never came near the Federal Reserve’s annual monetary policy symposium in Jackson Hole this weekend, but his name was often raised on the sidelines amid speculation over his possible selection as the next Fed chairman.
How would Summers, a Harvard professor with a formidable reputation for brilliance but no patience for people he disagrees with, treat his Fed colleagues?
JACKSON HOLE, Wyoming (Reuters) – The Federal Reserve could announce a cautious first step in tapering bond purchases at its meeting next month, provided there were no “really worrisome” signs the economy was faltering, a top U.S. central banker said on Saturday.
Atlanta Federal Reserve Bank President Dennis Lockhart told Reuters that recent evidence from the economy had been mixed, and growth forecasts might need to be revised lower, but the underlying recovery remained intact.
JACKSON HOLE, Wyoming (Reuters) – Global financial stability is at risk as central banks draw back from ultra-easy policies that have flooded the world with cash, because emerging markets lack defenses to prevent potentially huge capital outflows, top officials were warned on Saturday.
Central bankers from around the world, devoting the second day at their annual Jackson Hole policy retreat to the threats posed by global liquidity, heard two academic papers on the challenges, sparking a debate on actions and on coordination.
WASHINGTON (Reuters) – What a difference a year makes.
Federal Reserve Chairman Ben Bernanke used the 2012 meeting in Jackson Hole as a platform to make his case for a third round of bond buys. This year, with the Fed chief absent, the tone was starkly different as featured research papers questioned the value and efficacy of the central bank’s unconventional stimulus policies.
Robert Hall of Stanford University argued that unconventional monetary policies have been largely ineffective because of the constraints posed by official interest rates that are already effectively at zero. He also dismissed the beneficial effects of the central bank’s attempt to provide “forward guidance” to financial markets.
JACKSON HOLE, Wyoming (Reuters) – Central banks in Europe, the United States and Japan have no need to rush to exit the ultra-easy monetary policies they have put in place to spur growth, IMF Managing Director Christine Lagarde said on Friday.
But in prepared remarks at the U.S. Federal Reserve’s annual Jackson Hole policy symposium, she also said that central banks must work with each other to minimize spillover from any withdrawal of policy accommodation that could stifle world growth.
, Aug 23 (Reuters) – The biggest risk
facing the U.S. economy is a premature policy tightening by the
Federal Reserve, officials were warned on Friday in the opening
paper at the prestigious Jackson Hole symposium.
The annual conference, hosted by the Kansas City Federal
Reserve Bank in the mountains of Grand Teton National Park,
gathers central bankers from around the world and provides an
update on the latest thinking among top monetary economists.
WASHINGTON (Reuters) – Central bankers from around the globe gather later this week in Jackson Hole, Wyoming, but for once, the absence of the Federal Reserve chairman means their annual get-together is not likely to spoil the summer vacation of traders on Wall Street.
Fed chief Ben Bernanke declined his annual invitation, breaking a 25-year tradition, and Fed Vice Chair Janet Yellen – a top contender to replace Bernanke in January 2014 – will only be moderating a panel.
WASHINGTON (Reuters) – Barring another financial crisis or slide back into recession, the next head of the Federal Reserve is likely to oversee a gradual normalization of monetary policy.
But that pace, including the first interest rate hike, might be somewhat quicker under former Treasury Secretary Lawrence Summers than under current Fed Vice Chair Janet Yellen, the two top contenders for the job, if their own comments are any guide.
LOUISVILLE, Kentucky (Reuters) – The arrival of the next head of the Federal Reserve should not spell an abrupt change in U.S. monetary policy, a top central banker said on Thursday.
St. Louis Fed President James Bullard also said that if policymakers opt to start scaling back bond buying by a small amount, this would be interpreted by financial markets as a gradual approach to ending the $85 billion-a-month program.