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Jul 17, 2013

Bernanke hearing turns into eulogy over his tenure at Fed

WASHINGTON (Reuters) – With a smile periodically playing across his face, Ben Bernanke almost looked pleased to face questions from members of the House of Representatives on Wednesday, but that might be because he knows that it was for the last time.

During a hearing described several times as more like a eulogy than testimony on monetary policy, the Federal Reserve chief received bi-partisan thanks for his service as successive members said they had heard he may not be in the job next year.

Jul 17, 2013

Bernanke tells Congress Fed flexible on bond buying

WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. central bank still expects to start scaling back its massive bond purchase program later this year, but he left open the option of changing that plan if the economic outlook shifted.

While sticking closely to a time line to wind down the bond buying that he first outlined last month, Bernanke went out of his way in testimony to Congress to stress that nothing was set in stone.

Jul 16, 2013

Fed’s George pushes hard to end bond-buying program now

KANSAS CITY, Missouri (Reuters) – The Federal Reserve should start cutting its massive bond-buying program in September and bring it to an end in the first half of next year, the hawkish president of the Kansas City Federal Reserve Bank said on Tuesday.

“I would like to see the FOMC begin to systematically reduce the pace of purchases in a manner that brings the program to an end some time during the first half of next year,” said Esther George, referring to the policy-setting Federal Open Market Committee.

Jul 16, 2013

Fed’s George wants to end bond-buying before mid-2014

, July 16 (Reuters) – The Federal Reserve
should start cutting its massive bond-buying program in
September and bring it to an end in the first half of next year,
the hawkish president of the Kansas City Federal Reserve Bank
said on Tuesday.

“I would like to see the FOMC begin to systematically reduce
the pace of purchases in a manner that brings the program to an
end some time during the first half of next year,” said Esther
George, referring to the policy-setting Federal Open Market
Committee.

Jul 16, 2013

Fed message gets through to markets, sort of

WASHINGTON (Reuters) – Federal Reserve officials were clearly taken aback by the selloff that was unleashed in global financial markets when the central bank’s chairman, Ben Bernanke, warned that the Fed’s bond buying would likely be scaled back this year.

But they can take an increasing level of comfort from having guided Wall Street to a view of future monetary policy that is closer to their own, and the sense that a messy adjustment now is much less harmful than a more violent turn later.

Jul 11, 2013

Fed’s Duke resigns, leaving one board seat open

WASHINGTON, July 11 (Reuters) – Federal Reserve Governor
Elizabeth Duke, who had taken a lead role on housing issues at
the U.S. central bank, resigned on Thursday nearly 18 months
after her term expired, the Fed said.

Her resignation is effective Aug. 31. Duke, 60, was
appointed to the Fed’s Washington-based board in August 2008 by
former President George W. Bush. The Fed said she made no
announcement about her future plans.

Jul 11, 2013

Bernanke sees easy policy for now

WASHINGTON (Reuters) – About half of the Federal Reserve’s policymakers felt the U.S. central bank’s bond-buying stimulus should be brought to a halt by year end when they met in June, but many wanted reassurance the U.S. jobs recovery was on solid ground before any policy retreat.

In the end, most of the U.S. central bank’s 19 policymakers felt it was a good idea to have Fed Chairman Ben Bernanke lay out a road map at a post-meeting news conference on how they likely would wind down the so-called quantitative easing program, minutes from the meeting released on Wednesday showed.

Jul 10, 2013

Fed split in June on QE timing; Bernanke sees easy policy for now

WASHINGTON, July 10 (Reuters) – About half of the Federal
Reserve’s policymakers felt the U.S. central bank’s bond-buying
stimulus should be brought to a halt by year end when they met
in June, but many wanted reassurance the U.S. jobs recovery was
on solid ground before any policy retreat.

In the end, most of the U.S. central bank’s 19 policymakers
felt it was a good idea to have Fed Chairman Ben Bernanke lay
out a road map at a post-meeting news conference on how they
likely would wind down the so-called quantitative easing
program, minutes from the meeting released on Wednesday showed.

Jul 10, 2013

Fed wants more job gains before slowing bond buys

WASHINGTON (Reuters) – Even as consensus built within the Federal Reserve in June about the likely need to begin pulling back on economic stimulus measures soon, many officials wanted more reassurance the employment recovery was on solid ground before a policy retreat.

Financial markets have largely converged on September as the probable start of a reduction in the pace of the U.S. central bank’s $85 billion in monthly bond purchases, but minutes of the Fed’s June meeting released on Wednesday suggested that might not be a sure bet.

Jul 10, 2013

Fed wants more job gains before slowing bond buys: minutes

WASHINGTON (Reuters) – Even as consensus built within the Federal Reserve in June about the likely need to begin pulling back on economic stimulus measures soon, many officials wanted more reassurance the employment recovery was on solid ground before a policy retreat.

Financial markets have largely converged on September as the probable start of a reduction in the pace of the U.S. central bank’s $85 billion in monthly bond purchases, but minutes of the Fed’s June meeting released on Wednesday suggested that might not be a sure bet.

    • About Alister

      "White House Correspondent. Based in the United States for six years covering the economy and Federal Reserve before moving to the White House beat. Previously reported for Reuters from Germany, South Africa, the Netherlands, the United Kingdom and Iraq."
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