WASHINGTON (Reuters) – U.S. consumer credit soared in July, posting its biggest jump since November 2001, driven in part by demand for auto loans and student borrowings.
Total consumer credit increased $26.01 billion to $3.24
trillion in July, the Federal Reserve said on Monday. June’s consumer credit figure was revised up to show an $18.81 billion increase from $17.26 billion.
PITTSBURGH (Reuters) – The Federal Reserve needs to change its forward guidance on interest rates, a top official at the central bank said on Thursday, in order to better reflect the speed of the Fed’s progress toward its economic goals.
“I believe it is again time for the Committee to reformulate its forward guidance,” said Cleveland Fed President Loretta Mester, referring to the Federal Open Market Committee.
JACKSON HOLE, Wyo, Aug 22 (Reuters) – The Federal Reserve’s
intensive focus on a wide range of labor market data to guide
policy-making is driving a wedge between its core
decision-makers and others who feel the central bank is straying
from traditional guideposts.
In a speech here on Friday, Fed Chair Janet Yellen gave her
most detailed analysis yet of what still plagues the American
labor market five years after the recession, from stagnant wages
to the large number of part-time workers to those who have given
up the search for work.
WASHINGTON (Reuters) – The Federal Reserve on Wednesday reaffirmed it was in no rush to raise interest rates, even as it upgraded its assessment of the U.S. economy and expressed some comfort that inflation was moving up toward its target.
After a two-day meeting, Fed policymakers took note of both faster economic growth and a decline in the unemployment rate, but expressed concern about remaining slack in the labor market.
WASHINGTON, July 30 (Reuters) – The Federal Reserve on
Wednesday upgraded its assessment of the U.S. economy, taking
note of a decline in the jobless rate and signaling more comfort
that inflation was moving up toward its target.
Still, after a two-day meeting, Fed policymakers reiterated
concerns about slack in the labor market and reaffirmed that it
is in no rush to raise interested rates.
WASHINGTON (Reuters) – The Federal Reserve on Wednesday pressed ahead with its plan to wind down its bond-buying stimulus and upgraded its assessment of the U.S. economy, while reaffirming it is in no rush to raise interest rates.
The central bank cut its monthly asset purchases to $25 billion from $35 billion, leaving it on course to shutter the program this fall.
WASHINGTON, July 30 (Reuters) – The U.S. House of
Representatives Financial Services Committee narrowly approved a
bill on Wednesday that would require the Federal Reserve to set
a specific rule to follow when implementing monetary policy.
The bill, which is opposed by the U.S. central bank, passed
the panel on a 32-26 vote, clearing it for possible
consideration by the full House.
WASHINGTON, July 30 (Reuters) – The U.S. Federal Reserve on
Wednesday looks certain to press forward with its plan to wind
down its bond-buying stimulus, and could offer some vague clues
on how much nearer it might be to finally raising interest
The central bank is widely expected to cut its monthly asset
purchases to $25 billion from $35 billion, which would leave it
on course to shutter the program this fall.
OWENSBORO Ky. (Reuters) – St. Louis Federal Reserve President James Bullard threw his weight behind the reverse repo, calling it the Fed’s most important rate, and said he was worried about bond yields being “exceedingly low.”
Bullard also took a strong stance against views of Fed Chair Janet Yellen, saying that people should not expect an influx of workers to join the work force as the economy improves.
WASHINGTON, July 16 (Reuters) – Federal Reserve Chair Janet
Yellen defended the central bank’s independence on Wednesday at
a U.S. congressional hearing, handling tough questions from
Republican lawmakers who want to rein in the Fed’s authority.
Yellen’s prepared remarks on the economy and Fed policy were
identical to those from her appearance on Tuesday before the
Senate Banking Committee, where she stood by her view that an
accommodative monetary policy is still needed even though the
economy is recovering.