The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Around this time last year, as another white male took the reins at the Federal Reserve Bank of Philadelphia, the Fed's archaic and opaque system of choosing its regional presidents started to come under fire. At first the criticism was over the way the system appeared to favor insiders. Patrick Harker, at the time the new Philadelphia Fed President, had sat on the regional Fed board that was tasked with filling that position. Later that summer the Dallas Fed would name Robert Kaplan, who is also white, as its president despite the fact that he was a director at the executive search firm that that regional Fed board hired to find candidates. When the Minneapolis Fed named Neel Kashkari its president later in 2015, groups like the Fed Up Coalition pointed out that while he was the only non-white regional president, he, like Harker and Kaplan, had former ties to Goldman Sachs.
from Expert Zone:
(Any opinions expressed here are those of the author and not of Thomson Reuters)The Nifty did not cross the 8,300 level despite early momentum, as negative cues from global markets and a rebound in crude oil prices dented sentiment this week. The index oscillated in the 8,150 - 8,300 range to settle at the lower end of the band, down 0.6 percent.
from Morning Bid with David Gaffen:
The terror attacks in Belgium are the most immediate catalyst for market moves right now, with futures dipping, bond yields lower and safe-haven gold higher. But perhaps it is a sign of the ongoing familiarity with these attacks that US futures are only down about 0.4 percent this morning, VIX futures are up but only a little bit, and the overall activity is nowhere near as panicked as we have seen in the past. That may change as more details come out, but right now with more than two dozen dead the market's reaction has been quiet.