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Apr 23, 2014

Exclusive: White House considers former banking lawyer for Fed board – sources

NEW YORK/WASHINGTON (Reuters) – A former lawyer with the American Bankers Association is being considered by the White House as a possible nominee to the board of the Federal Reserve, according to sources familiar with the efforts

The lawyer’s name emerged as the White House weighs candidates with community banking backgrounds to fill gaps on the Federal Reserve’s powerful but depleted board, the sources said.

Apr 23, 2014

White House considers former banking lawyer for Fed board -sources

NEW YORK/WASHINGTON, April 23 (Reuters) – A former lawyer
with the American Bankers Association is being considered by the
White House as a possible nominee to the board of the Federal
Reserve, according to sources familiar with the efforts

The lawyer’s name emerged as the White House weighs
candidates with community banking backgrounds to fill gaps on
the Federal Reserve’s powerful but depleted board, the sources
said.

Apr 17, 2014

Fed logged $84 bln profit on its bonds last year

NEW YORK, April 17 (Reuters) – The Federal Reserve logged
$84 billion in net profit last year on its massive portfolio of
assets, and average income will probably remain higher than
before the financial crisis for another decade to come,
according to an annual report.

While the New York Fed’s report on its open market
operations, released on Thursday, painted an optimistic picture
of what could be a thorny political issue for the U.S. central
bank, it noted that the portfolio would have logged an
unrealized loss of $53 billion had the Fed been forced to “mark
to market” its assets, as private firms do under law.

Apr 16, 2014

Weak U.S. prices, not inflation, the threat now – Fed’s Yellen

NEW YORK (Reuters) – Persistently low inflation poses a more immediate threat to the U.S. economy than rising prices, Federal Reserve Chair Janet Yellen said on Wednesday, stressing that the U.S. central bank would be delivering policy stimulus for some time to come.

In her second public speech since taking the Fed’s helm, Yellen was careful not to predict when interest rates would rise from near zero. Instead, she stressed the decision would hinge on healing in the labour market and on how briskly inflation rises toward the Fed’s 2 percent goal.

Apr 16, 2014

Yellen says full U.S. employment coming into view, slowly

NEW YORK (Reuters) – Federal Reserve Chair Janet Yellen said on Wednesday the U.S. economy appeared to be slowly moving toward full employment, but that it would need help from the central bank for some time to come. In her second public speech since taking the Fed’s helm, Yellen said it was “quite plausible” the economy would be back to near full employment and a healthier level of inflation by the end of 2016.

“I do think we are seeing very meaningful progress, although clearly … the goal has not been achieved at this point,” she told the Economic Club of New York.

Apr 16, 2014

Yellen stresses employment, inflation in Fed’s coming decision

NEW YORK (Reuters) – The Federal Reserve’s still distant decision to raise interest rates will depend on how far the U.S. economy remains from the central bank’s employment and inflation goals, and how long it will likely take to meet them, Fed Chair Janet Yellen said on Wednesday.

Yellen, in her second public speech as Fed chair, largely restated the U.S. central bank’s stance, stressing that it would respond to shifting economic conditions as it judges when to finally tighten monetary policy after years of unprecedented stimulus.

Apr 16, 2014

Yellen stresses employment, inflation in Fed’s coming tightening decision

NEW YORK (Reuters) – The Federal Reserve’s still distant decision to raise interest rates will depend on how far the U.S. economy remains from the central bank’s employment and inflation goals, and how long it will likely take to meet them, Fed Chair Janet Yellen said on Wednesday.

Yellen, in her second public speech as Fed chair, largely restated the U.S. central bank’s stance, stressing that it would respond to shifting economic conditions as it judges when to finally tighten monetary policy after years of unprecedented stimulus.

Apr 15, 2014

Yellen prepares Wall Street for more wholesale funding rules from Fed

NEW YORK/ATLANTA (Reuters) – The U.S. Federal Reserve is considering adopting yet more measures to address the remaining stability risks in the short-term wholesale funding markets that seized during the 2008 financial crisis, Fed Chair Janet Yellen said on Tuesday.

In a video speech, Yellen praised new liquidity standards for global banking firms, but warned that they do not apply to so-called shadow banks or to the financial system as a whole.

Apr 14, 2014

ECB prepared to ease if inflation low for too long – Noyer

NEW YORK, April 14 (Reuters) – The European Central Bank
stands ready to take unconventional policy steps to fend off a
“too prolonged” period of low inflation, though for now it
expects inflation to rebound slowly, an ECB policymaker said on
Monday.

“Should we note a deviation from this path, we will use
every instrument within our mandate, including unconventional
ones, in order to cope effectively with risks of a too prolonged
period of low inflation,” European Central Banker Christian
Noyer told a luncheon at the New York Stock Exchange.

Apr 13, 2014

Poland c.bank ‘preparing’ not ‘planning’ to use unconventional policies

WASHINGTON, April 13 (Reuters) – Poland’s central bank is
“preparing” to possibly use unconventional policy instruments if
need be, but not “planning” on it, its governor said on Sunday.

Marek Belka, speaking at an International Monetary Fund
event in Washington, said the instruments could be used to
intervene in different asset classes. Referring to
macroprudential policymaking, he said Poland needed to “brace
ourselves for the unthinkable.”