WASHINGTON (Reuters) – The Federal Reserve on Wednesday dropped the U.S. unemployment rate as its definitive yardstick for gauging the economy’s strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates
At the same time, it said that dropping a promise to hold rates steady “well past the time” the U.S. unemployment rate falls below 6.5 percent did not indicate any change in the Fed’s policy intentions.
U.S. current account gap hits 14-year low in fourth quarter at 1.9 pct of GDP, on record exports
WASHINGTON (Reuters) – Fed vice chair nominee Stanley Fischer on Thursday defended his ties to Citigroup Inc, saying that he would have been ill-prepared for his last central banking job without his experience at the mega-bank.
“My three years at Citigroup were the most important element in my education that enabled me to be an effective supervisor of banks, which was one of my duties as Governor of the Bank of Israel,” Fischer told members of the Senate banking committee.