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Feb 25, 2015

Fiery Yellen fights back as Republican lawmakers lambaste Fed

WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen on Wednesday fended off a stream of aggressive questions from Republican lawmakers who accused the central bank of making Democratic political causes a higher priority than its stewardship of the U.S. economy.

Speaking in front of the House of Representatives Financial Services Committee, the normally reserved Yellen was the most animated she’s been in a public hearing since taking on the Fed’s top role last February, in a sign of rising friction between the Fed and conservative lawmakers in Congress.

Feb 25, 2015

Yellen fights back as Republican lawmakers accuse Fed of bias

WASHINGTON, Feb 25 (Reuters) – Federal Reserve Chair Janet
Yellen on Wednesday fended off a stream of tough questions from
Republican lawmakers who accused the U.S. central bank of having
a liberal bias even as the Fed tries to maintain its
independence.

The normally reserved Yellen was animated and appeared up
for a fight, grimacing as Republicans sniped at the Fed’s role
in labor markets and openly showing her annoyance at questions
that cast doubt on the central bank’s intentions.

Feb 24, 2015

Fed’s Yellen faces heat from both sides of political divide

WASHINGTON, Feb 24 (Reuters) – Tough questions aimed at
Federal Reserve Chair Janet Yellen from a rising force in the
Democratic Party on Tuesday showed how the U.S. central bank is
facing increasing pressure from both sides of the political
aisle.

“I urge you … to assess whether the leadership of the
Fed’s staff is on the same page as the Federal Reserve Board,”
Senator Elizabeth Warren of Massachusetts said during Yellen’s
two-hour appearance before the Senate Banking Committee.

Feb 24, 2015

Fed’s Yellen flags rate hikes on “meeting-by-meeting” basis

WASHINGTON, Feb 24 (Reuters) – The Federal Reserve is
preparing to consider interest rate hikes “on a
meeting-by-meeting basis,” Fed Chair Janet Yellen told a
congressional committee on Tuesday in a subtle change of
emphasis in how the U.S. central bank has spoken about its plans
for its first rate hike since 2006.

In prepared remarks to the Senate Banking Committee, Yellen
described how the Fed’s rate-setting policy committee will
likely proceed in coming months – an effort to increase the
Fed’s flexibility and mute any potential market reaction ahead
of the “liftoff” date.

Feb 24, 2015

Fed’s Yellen describes transition to “meeting by meeting” debate on rate hike

WASHINGTON, Feb 24 (Reuters) – The Federal Reserve is
preparing to consider interest rate hikes “on a meeting by
meeting basis,” Fed Chair Janet Yellen told a congressional
committee on Tuesday in a subtle change of emphasis in how the
Fed has been speaking about its plans for the first interest
rate increase since 2006.

In prepared remarks to the Senate Banking Committee Yellen
described how the Fed’s rate-setting policy committee will
likely proceed in coming months – an effort to increase the
Fed’s flexibility and mute any potential market reaction as the
central bank approaches its “liftoff” date.

Feb 24, 2015

Yellen faces Senate grilling on Fed rate policy, transparency

WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen is expected to face pointed questions this week from U.S. lawmakers aimed at revealing details about the Fed’s timing on interest rate hikes, as well as fresh scrutiny about transparency at the central bank.

Yellen will likely give away little in her prepared testimony for the Senate Banking Committee on Tuesday, and the House Financial Services Committee on Wednesday. But her answers to lawmakers’ questions will be parsed for insight into the her thinking about issues like persistently weak inflation, stagnant wage growth and whether she still feels the nation’s falling unemployment rate disguises lingering ills in the labor market.

Feb 23, 2015

US Senate to hold Fed reform hearing on March 3-aide

WASHINGTON (Reuters) – The Senate Banking committee is expected to hold a hearing next week on reforms aimed at the Federal Reserve, a Senate aide said on Monday, as lawmakers push for more transparency at the U.S. central bank.

The hearing will be scheduled for the afternoon of March 3, the aide said. Gathering economists and other central banking experts in front of the Senate Banking, Housing and Urban Affairs committee to discuss Fed reforms is the fulfillment of a promise made by the panel’s new chair, Richard Shelby.

Feb 19, 2015

Freddie Mac suffers $3.4 bln in derivative losses in Q4

WASHINGTON, Feb 19 (Reuters) – Freddie Mac saw
$3.4 billion in quarterly derivative losses due to declining
interest rates, the government-controlled mortgage finance
company said on Thursday.

The losses caused a $1.9 billion drop in fourth-quarter
earnings to $227 million, the company said, its lowest profit in
that quarter since 2001.

Feb 18, 2015

Fed officials worried about hiking rates too soon – minutes

WASHINGTON (Reuters) – Federal Reserve policymakers expressed concern last month that raising interest rates too soon could pour cold water on the U.S. economic recovery, and fretted over the impact of dropping “patient” from the central bank’s rate guidance.

The minutes from the Fed’s Jan. 27-28 policy-setting meeting, released on Wednesday, show officials grappling to square solid U.S. economic growth with the weakness in international markets as well as worrying about falling inflation expectations in the United States.

Feb 11, 2015

Senate Democrats come out against Fed audit bill

WASHINGTON, Feb 11 (Reuters) – Democrats on the Senate
Banking committee on Wednesday voiced opposition to a bill that
would expose the U.S. Federal Reserve to a full government
audit.

The support from Democrats shows they are starting to form a
united front against Republican-led efforts to

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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