DOCSLIB.ORG

FOMC Meeting Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FOMC Meeting Update 4 201 FOMC th Meeting Update As summarized by Smith Shellnut Wilson June 18 SSW Research Department Office: (601) 605-1776 Website: www.ssw1776.com The Federal Reserve said today growth is bouncing back and the job market is improving as it continues to reduce the monthly pace of asset purchases. “Economic activity is rebounding in the current quarter and will continue to expand at a moderate pace thereafter,” Federal Reserve Chair Janet Yellen said at a press conference in Washington today following a meeting of the Federal Open Market Committee. Even with declines in unemployment, “a broader assessment of indicators suggests that underutilization in the labor market remains significant.” The FOMC trimmed bond-buying by $10 billion for a fifth straight meeting, to $35 billion, keeping it on pace to end the program late this year. Yellen and her fellow policy makers are debating how long to keep interest rates near zero as the U.S. labor market improves and inflation moves closer to the Fed’s 2% goal. The policy-making FOMC repeated today that it’s likely to “reduce the pace of asset purchases in further measured steps” and that it expects rates to stay low for a “considerable time” after the bond buying ends. Updating their economic forecasts, Fed officials predicted that the target Fed funds rate will be 1.13% at the end of 2015 and 2.5% a year later, higher than previously forecast. They lowered their long-run estimated target rate to 3.75% from 4%, reflecting slower long-term growth for the U.S. economy. Fed participants estimated long-term growth at 2.1% to 2.3%, compared with 2.2% to 2.3% in March. Attached is a side-by-side comparison of the U.S. Federal Open Market Committee statements from June 18, 2014 and April 30, 2014. FOMC STATEMENTS: SIDE-BY-SIDE JUNE 18 APRIL 30 Information received since the Federal Open Market Information received since the Federal Open Market Committee met in April indicates that growth in economic Committee met in March indicates that growth in economic activity has rebounded in recent months. Labor market activity has picked up recently, after having slowed indicators generally showed further improvement. The sharply during the winter in part because of adverse unemployment rate, though lower, remains elevated. weather conditions. Labor market indicators were mixed but Household spending appears to be rising moderately and on balance showed further improvement. The unemployment business fixed investment resumed its advance, while the rate, however, remains elevated. Household spending appears recovery in the housing sector remained slow. Fiscal policy to be rising more quickly. Business fixed investment edged is restraining economic growth, although the extent of down, while the recovery in the housing sector remained restraint is diminishing. Inflation has been running below slow. Fiscal policy is restraining economic growth, the Committee's longer-run objective, but longer-term although the extent of restraint is diminishing. Inflation inflation expectations have remained stable. has been running below the Committee's longer-run Consistent with its statutory mandate, the Committee objective, but longer-term inflation expectations have seeks to foster maximum employment and price stability. The remained stable. Committee expects that, with appropriate policy Consistent with its statutory mandate, the Committee accommodation, economic activity will expand at a moderate seeks to foster maximum employment and price stability. The pace and labor market conditions will continue to improve Committee expects that, with appropriate policy gradually, moving toward those the Committee judges accommodation, economic activity will expand at a moderate consistent with its dual mandate. The Committee sees the pace and labor market conditions will continue to improve risks to the outlook for the economy and the labor market gradually, moving toward those the Committee judges as nearly balanced. The Committee recognizes that inflation consistent with its dual mandate. The Committee sees the persistently below its 2 percent objective could pose risks risks to the outlook for the economy and the labor market to economic performance, and it is monitoring inflation as nearly balanced. The Committee recognizes that inflation developments carefully for evidence that inflation will persistently below its 2 percent objective could pose risks move back toward its objective over the medium term. to economic performance, and it is monitoring inflation The Committee currently judges that there is developments carefully for evidence that inflation will sufficient underlying strength in the broader economy to move back toward its objective over the medium term. support ongoing improvement in labor market conditions. In The Committee currently judges that there is light of the cumulative progress toward maximum employment sufficient underlying strength in the broader economy to and the improvement in the outlook for labor market support ongoing improvement in labor market conditions. In conditions since the inception of the current asset light of the cumulative progress toward maximum employment purchase program, the Committee decided to make a further and the improvement in the outlook for labor market measured reduction in the pace of its asset purchases. conditions since the inception of the current asset Beginning in July, the Committee will add to its holdings purchase program, the Committee decided to make a further of agency mortgage-backed securities at a pace of $15 measured reduction in the pace of its asset purchases. billion per month rather than $20 billion per month, and Beginning in May, the Committee will add to its holdings of will add to its holdings of longer-term Treasury securities agency mortgage-backed securities at a pace of $20 billion at a pace of $20 billion per month rather than $25 billion per month rather than $25 billion per month, and will add per month. The Committee is maintaining its existing policy to its holdings of longer-term Treasury securities at a of reinvesting principal payments from its holdings of pace of $25 billion per month rather than $30 billion per agency debt and agency mortgage-backed securities in agency month. The Committee is maintaining its existing policy of mortgage-backed securities and of rolling over maturing reinvesting principal payments from its holdings of agency Treasury securities at auction. The Committee's sizable and debt and agency mortgage-backed securities in agency still-increasing holdings of longer-term securities should mortgage-backed securities and of rolling over maturing maintain downward pressure on longer-term interest rates, Treasury securities at auction. The Committee's sizable and support mortgage markets, and help to make broader still-increasing holdings of longer-term securities should financial conditions more accommodative, which in turn maintain downward pressure on longer-term interest rates, should promote a stronger economic recovery and help to support mortgage markets, and help to make broader ensure that inflation, over time, is at the rate most financial conditions more accommodative, which in turn consistent with the Committee's dual mandate. should promote a stronger economic recovery and help to The Committee will closely monitor incoming ensure that inflation, over time, is at the rate most information on economic and financial developments in consistent with the Committee's dual mandate. coming months and will continue its purchases of Treasury The Committee will closely monitor incoming and agency mortgage-backed securities, and employ its other information on economic and financial developments in policy tools as appropriate, until the outlook for the coming months and will continue its purchases of Treasury labor market has improved substantially in a context of and agency mortgage-backed securities, and employ its other price stability. If incoming information broadly supports policy tools as appropriate, until the outlook for the the Committee's expectation of ongoing improvement in labor labor market has improved substantially in a context of market conditions and inflation moving back toward its price stability. If incoming information broadly supports longer-run objective, the Committee will likely reduce the the Committee's expectation of ongoing improvement in labor pace of asset purchases in further measured steps at future market conditions and inflation moving back toward its meetings. However, asset purchases are not on a preset longer-run objective, the Committee will likely reduce the course, and the Committee's decisions about their pace will pace of asset purchases in further measured steps at future remain contingent on the Committee's outlook for the labor meetings. However, asset purchases are not on a preset market and inflation as well as its assessment of the course, and the Committee's decisions about their pace will likely efficacy and costs of such purchases. remain contingent on the Committee's outlook for the labor To support continued progress toward maximum market and inflation as well as its assessment of the employment and price stability, the Committee today likely efficacy and costs of such purchases. reaffirmed its view that a highly accommodative stance of To support continued progress toward maximum monetary policy remains appropriate. In determining how employment and price stability, the Committee today long to maintain the current 0 to 1/4 percent target range reaffirmed
Load more

Recommended publications
  • EATON 2019 Proxy Statement and Notice of Meeting 9
    Proposal 1: Election of Directors —Our Nominees Gregory R. Page Retired Chairman and Chief Executive Officer, Cargill Gregory R. Page is the retired Chairman and Chief Executive Officer of Cargill, an international marketer, processor and distributor of agricultural, food, financial and industrial products and services. He was named Corporate Vice President & Sector President, Financial Markets and Red Meat Group of Cargill in 1998, Corporate Executive Vice President, Financial Markets and Red Meat Group in 1999, and President and Chief Operating Officer in 2000. He became Chairman and Chief Executive Officer in 2007 and was named Executive Chairman in 2013. Mr. Page served as Executive Director from 2015 to 2016, after which he retired from the Cargill Board. Mr. Page is a director of 3M and Deere & Company and is a member of the Advisory Committee of the Agriculture Division of DowDuPont, Corteva. He is past Chairman and current board member of Big Brothers Big Sisters of America. Mr. Page is a former Director since 2003 director of Carlson and the immediate past President and a board member of the Northern Star Council Age 67 of the Boy Scouts of America. He is a member of the board of the American Refugee Committee. Director Qualifications: As the retired Chairman and former Chief Executive Officer of one of the largest global corporations, Mr. Page brings extensive leadership and global business experience, in-depth knowledge of commodity markets, and a thorough familiarity with the key operating processes of a major corporation, including financial systems and processes, global market dynamics and succession management. Mr.
    [Show full text]
  • US FEDERAL RESERVE in FOCUS Who Matters in the FOMC?
    US FEDERAL RESERVE IN FOCUS Who Matters In The FOMC? Sensing the Fed is finally on the cusp of normalizing pol- throughout the last few years) and the QE program com- icy interest rate, there will be a sharper intensity in mar- ing to an end in the next FOMC meeting on 28-29 Oct 2014, ket’s Fed watching, not just about the FOMC decisions the market is sensing that the Fed is finally on the cusp of and the minutes, and also Fed officials’ commentary. normalizing the FFTR. The market consensus is currently ex- pecting the Fed’s rate-lift off to take place in the summer of A recent St. Louis Fed report highlighted that between 2015 (we are expecting it to be announced in the 16-17 June 2008 and 2014, the Fed Reserve bank presidents ac- 2015 FOMC). Thus, there is increasingly intense interest in Fed counted for all of the dissents since 2008 which is un- watching, both in terms of the FOMC decisions & minutes as usual according to the authors. In prior years, both Fed well as the comments from senior Fed Reserve officials that Presidents and Fed Board Governors dissented. are participants in the FOMC (voters and non-voters). In 2014 FOMC decisions so far, Charles Plosser and Rich- First, it is instructive to have a bit of background to the mon- ard Fishers are the key dissenters. And we believe that etary policy formulation process within the US Federal Re- they may be joined by Loretta Mester in the dissent serve.
    [Show full text]
  • Maintaining Stability in a Changing Financial System
    The Participants TOBIAS ADRIAN JEANNINE AvERSA Senior Economist Economics Writer Federal Reserve Bank of New York Associated Press SHAMSHAD AKHTAR MARTIN H. BARNES Governor Managing Editor, State Bank of Pakistan The Bank Credit Analyst BCA Research LEWIS ALEXANDER Chief Economist CHARLES BEAN Citi Deputy Governor Bank of England HAMAD AL-SAYARI Governor STEVEN BECKNER Saudi Arabian Monetary Agency Senior Correspondent Market News International SINAN ALSHABIBI Governor C. FRED BERGSTEN Central Bank of Iraq Director Peterson Institute for DAVID E. ALTIG International Economics Senior Vice President and Director of Research RICHARD BERNER Federal Reserve Bank of Atlanta Co-Head, Global Economics Morgan Stanley, Inc. SHUHEI AOKI General Manager for the Americas BRIAN BLACKSTONE Bank of Japan Special Writer Dow Jones Newswires 679 08 Book.indb 679 2/13/09 3:59:24 PM 680 The Participants ALAN BOLLARD JOSÉ R. DE GREGORIO Governor Governor Reserve Bank of New Zealand Central Bank of Chile HENDRIK BROUWER SErvAAS DEROOSE Executive Director Director De Nederlandsche Bank European Commission JAMES B. BULLARD WILLIAM C. DUDLEY President and Chief Executive Vice President Executive Officer Federal Reserve Bank of New York Federal Reserve Bank of St. Louis ROBERT H. DUGGER MARIA TEODORA CARDOSO Managing Director Member of the Board of Directors Tudor Investment Corporation Bank of Portugal ELIZABETH A. DUKE MARK CARNEY Governor Governor Board of Governors of the Bank of Canada Federal Reserve System JOHN CASSIDY CHARLES L. EvANS Staff Writer President and Chief The New Yorker Executive Officer Federal Reserve Bank of Chicago LUC COENE Deputy Governor MARK FELSENTHAL National Bank of Belgium Correspondent Reuters LU CÓRDOVA Chief Executive Officer MIGUEL FERNÁNDEZ Corlund Industries OrDÓÑEZ Governor ANDREW CROCKETT Bank of Spain President JPMorgan Chase International CAMDEN R.
    [Show full text]
  • Bernanke Visits Biotechnology Site in Oakland Thursday, October 14, 2010 by Erich Schwartzel-Pittsburgh Post Gazette
    Bernanke visits biotechnology site in Oakland Thursday, October 14, 2010 By Erich Schwartzel-Pittsburgh Post Gazette Lake Fong/Post-Gazette Federal Reserve chairman Ben Bernanke, right, checks out a snaking robot camera made by Cardiorobotics Inc. that's used in minimally invasive surgical procedures. Looking on in South Oakland are three company executives, from left to right, CEO Samuel Straface, vice president Kevin Gilmartin and director of clinical application Richard Kuenzler Say what you will about the economic crisis, but it’s done amazing things for Ben Bernanke's celebrity. In what other economic environment would hallways fill with paparazzi ready to catch the chairman of the Federal Reserve? When else would national cable stations send two teams of reporters to track a former Princeton professor? Boom mics almost outnumbered Secret Service earpieces when Mr. Bernanke stopped Wednesday for two hours at the Pittsburgh Life Sciences Greenhouse. He's in town for a meeting today between the Federal Reserve Bank of Cleveland and the Fed's Pittsburgh branch, and the listening-tour portion of his trip started at the Greenhouse, a local incubator program for biotechnology companies. But drastic economic measures like stimulus funding and bank bailouts have transformed the Fed chairman from a bureaucratic mainstay into a political operative, equal parts prophet and punching bag. Indeed, if Wednesday's discussion was any proof, Mr. Bernanke now presides over a nation of nervous entrepreneurs ready to question his every decision -- even if he's in the same room. A quiet tour of four Greenhouse-assisted companies was followed by a lively discussion on the problems executives face in a national credit crunch.
    [Show full text]
  • Pdfroster of Attendees
    The Participants KERSTIN AF JOCHNICK MAREK BELKA First Deputy Governor President Sveriges Riksbank National Bank of Poland FAHAD ABDULLAH JOSEF BONNICI ALMUBARAK Governor and Chairman Governor Central Bank of Malta Saudi Arabian Monetary Agency LAEL BRAINARD SINAN ALSHABIBI Under Secretary for Governor and Chairman International Affairs Central Bank of Iraq U.S. Department of the Treasury DAVID E. ALTIG JAMES B. BULLARD Executive Vice President and President and Chief Executive Officer Director of Research Federal Reserve Bank of St. Louis Federal Reserve Bank of Atlanta MARCO BUTI ERDEM BASÇI Director General Governor European Commission Central Bank of the Republic of Turkey PER CALLESEN Governor CHARLES R. BEAN Central Bank of Denmark Deputy Governor Bank of England 513 514 The Participants AGUSTÍN CARSTENS DOUGLAS W. ELMENDORF Governor Director Bank of Mexico Congressional Budget Office NORMAN CHAN WILLIAM B. ENGLISH Chief Executive Director of Monetary Affairs Hong Kong Monetary Authority Board of Governors of the Federal Reserve System LUC COENE Governor CHARLES L. EVANS National Bank of Belgium President and Chief Executive Officer Federal Reserve Bank of Chicago JULIA LYNN CORONADO Chief Economist for North America MARTIN FELDSTEIN BNP Paribas President Emeritus, National Bureau of Economic Research CARLOS DA SILVA COSTA Professor, Harvard University Governor Bank of Portugal JACOB A. FRENKEL Chairman CHARLES H. DALLARA JP Morgan Chase International Managing Director Institute of International Finance ARDIAN FULLANI Governor TROY DAVIG Bank of Albania Senior Vice President and Director of Research JOHN GEANAKOPLOS Federal Reserve Bank of Kansas City Professor Yale University PAUL DEBRUCE CEO and Founder, ESTHER L. GEORGE DeBruce Grain Inc.
    [Show full text]
  • FEDERAL RESERVE SYSTEM Board of Governors of the Federal Reserve System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000
    404 U.S. GOVERNMENT MANUAL Activities Superintendent of Documents, U.S. Cases brought before the Commission Government Printing Office, are assigned to the Office of Washington, DC 20402. The Administrative Law Judges, and hearings Commission’s Web site includes recent are conducted pursuant to the decisions, a searchable database of requirements of the Administrative previous decisions, procedural rules, Procedure Act (5 U.S.C. 554, 556) and audio recordings of recent public the Commission’s procedural rules (29 meetings, and other pertinent CFR 2700). information. A judge’s decision becomes a final but nonprecedential order of the Requests for Commission records should Commission 40 days after issuance be submitted in accordance with the unless the Commission has directed the Commission’s Freedom of Information case for review in response to a petition Act regulations. Other information, or on its own motion. If a review is including Commission rules of procedure conducted, a decision of the and brochures explaining the Commission becomes final 30 days after Commission’s functions, is available issuance unless a party adversely from the Executive Director, Federal affected seeks review in the U.S. Circuit Court of Appeals for the District of Mine Safety and Health Review Columbia or the Circuit within which Commission, 601 New Jersey Avenue the mine subject to the litigation is NW., Suite 9500, Washington, DC located. 20001–2021. Internet, www.fmshrc.gov. As far as practicable, hearings are held Email, [email protected]. at locations convenient to the affected For information on filing requirements, mines. In addition to its Washington, the status of cases before the DC, offices, the Office of Administrative Law Judges maintains an office in the Commission, or docket information, Colonnade Center, Room 280, 1244 contact the Office of General Counsel or Speer Boulevard, Denver, CO 80204.
    [Show full text]
  • 1 in the United States District Court For
    IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF TEXAS MARSHALL DIVISION LEON STAMBLER, § § Plaintiff, § § v. § § FEDERAL RESERVE BANK OF ATLANTA, § FEDERAL RESERVE BANK OF BOSTON, § FEDERAL RESERVE BANK OF CHICAGO, § FEDERAL RESERVE BANK OF § Civil Action No. 2:12-cv-611 CLEVELAND, FEDERAL RESERVE BANK § OF DALLAS, FEDERAL RESERVE BANK § OF KANSAS CITY, FEDERAL RESERVE § JURY TRIAL DEMANDED BANK OF MINNEAPOLIS, FEDERAL § RESERVE BANK OF NEW YORK, § FEDERAL RESERVE BANK OF § PHILADELPHIA, FEDERAL RESERVE § BANK OF RICHMOND, FEDERAL § RESERVE BANK OF SAN FRANCISCO, and § FEDERAL RESERVE BANK OF ST. LOUIS, § § Defendants. § PLAINTIFF’S ORIGINAL COMPLAINT FOR PATENT INFRINGEMENT Plaintiff LEON STAMBLER files this Original Complaint against the above-named Defendants, alleging as follows: I. THE PARTIES 1. Plaintiff LEON STAMBLER (“Stambler”) is an individual residing in Parkland, Florida. 2. On information and belief, Defendant FEDERAL RESERVE BANK OF ATLANTA is a corporation organized and existing under the laws of the United States of America, with its principal place of business in Atlanta, Georgia. This Defendant may be served 1 with process by and through its President and CEO at Federal Reserve Bank of Atlanta, c/o Dennis P. Lockhart, 1000 Peachtree Street, N.E., Atlanta, Georgia 30309. 3. On information and belief, Defendant FEDERAL RESERVE BANK OF BOSTON is a corporation organized and existing under the laws of the United States of America, with its principal place of business in Boston, Massachusetts. This Defendant may be served with process by and through its President and CEO at Federal Reserve Bank of Boston, c/o Eric S. Rosengren, 600 Atlantic Avenue, Boston, Massachusetts 02210-2204.
    [Show full text]
  • FEDERAL RESERVE SYSTEM Board of Governors of the Federal Reserve System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000
    420 U.S. GOVERNMENT MANUAL FEDERAL RESERVE SYSTEM Board of Governors of the Federal Reserve System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000. Internet, www.federalreserve.gov. Board of Governors Chairman ALAN GREENSPAN Vice Chair ROGER W. FERGUSON, JR. Members EDWARD M. GRAMLICH, SUSAN SCHMIDT BIES, MARK W. OLSON, BEN S. BERNANKE, DONALD L. KOHN Staff: Assistants to the Board WINTHROP P. HAMBLEY, MICHELLE A. SMITH General Counsel J. VIRGIL MATTINGLY, JR. Secretary JENNIFER J. JOHNSON Director, Division of Banking Supervision and RICHARD SPILLENKOTHEN Regulation Director, Division of Consumer and DOLORES S. SMITH Community Affairs Director, Division of Federal Reserve Bank LOUISE L. ROSEMAN Operations and Payment Systems Director, Division of Information Resources MARIANNE M. EMERSON Management Director, Division of International Finance KAREN H. JOHNSON Director, Management Division H. FAY PETERS, Acting Director, Division of Monetary Affairs VINCENT R. REINHART Director, Division of Research and Statistics DAVID J. STOCKTON Staff Director, Office of Staff Director for STEPHEN R. MALPHRUS Management Inspector General BARRY R. SNYDER Officers of the Federal Reserve Banks Chairmen and Federal Reserve Agents: Atlanta, GA DAVID M. RATCLIFFE Boston, MA SAMUEL O. THIER Chicago, IL W. JAMES FARRELL Cleveland, OH ROBERT W. MAHONEY Dallas, TX RAY L. HUNT Kansas City, MO RICHARD H. BARD Minneapolis, MN LINDA HALL WHITMAN New York, NY JOHN E. SEXTON Philadelphia, PA RONALD J. NAPLES Richmond, VA WESLEY S. WILLIAMS, JR. St. Louis, MO WALTER L. METCALFE, JR. San Francisco, CA GEORGE M. SCALISE Presidents: Atlanta, GA JACK GUYNN Boston, MA CATHY E. MINEHAN Chicago, IL MICHAEL H.
    [Show full text]
  • Federal Open Market Committee Communication: a Text Mining Analysis
    University of Tennessee at Chattanooga UTC Scholar Student Research, Creative Works, and Honors Theses Publications 5-2019 Federal Open Market Committee communication: a text mining analysis Jonathan Stegmann University of Tennessee at Chattanooga, [email protected] Follow this and additional works at: https://scholar.utc.edu/honors-theses Recommended Citation Stegmann, Jonathan, "Federal Open Market Committee communication: a text mining analysis" (2019). Honors Theses. This Theses is brought to you for free and open access by the Student Research, Creative Works, and Publications at UTC Scholar. It has been accepted for inclusion in Honors Theses by an authorized administrator of UTC Scholar. For more information, please contact [email protected]. Federal Open Market Committee Communications: A Text Mining Analysis Jonathan Stegmann Honors College Thesis The University of Tennessee at Chattanooga Examination Date: 3/25/19 Beni Asllani, Ph.D. Bento J. Lobo, Ph.D., CFA Marvin E. White First Tennessee Bank Distinguished Professor of Management Professor of Finance Department Examiner Thesis Director Table of Contents Abstract ................................................................................................................................................ 1 I. Introduction ..................................................................................................................................... 2 II. Literature Review .........................................................................................................................
    [Show full text]
  • FEDERAL RESERVE SYSTEM Board of Governors of the Federal Reserve System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000
    418 U.S. GOVERNMENT MANUAL Sources of Information and brochures explaining the Commission decisions are published Commission’s functions, is available bimonthly and are available through the from the Executive Director, Federal Superintendent of Documents, U.S. Mine Safety and Health Review Government Printing Office, Commission, 601 New Jersey Avenue Washington, DC 20402. The NW., Suite 9500, Washington, DC Commission’s Web site includes recent 20001–2021. E-mail, [email protected]. decisions, a searchable database of For information on filing requirements, previous decisions, procedural rules, the status of cases before the audio recordings of recent public meetings, and other pertinent Commission, or docket information, information. contact the Office of General Counsel or Requests for Commission records should the Docket Office, Federal Mine Safety be submitted in accordance with the and Health Review Commission, 601 Commission’s Freedom of Information New Jersey Avenue, NW., Suite 9500, Act regulations. Other information, Washington, DC 20001. E-mail, including Commission rules of procedure [email protected]. For further information, contact the Executive Director, Federal Mine Safety and Health Review Commission, 601 New Jersey Avenue NW., Suite 9500, Washington DC 20001–2021. Phone, 202–434– 9905. Fax, 202–434–9906. Internet, www.fmshrc.gov. E-mail, [email protected]. FEDERAL RESERVE SYSTEM Board of Governors of the Federal Reserve System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000. Internet, www.federalreserve.gov. Board of Governors Chairman BEN S. BERNANKE Vice Chairman DONALD L. KOHN Members SUSAN SCHMIDT BIES, RANDALL S. KROSZNER, KEVIN M. WARSH Staff: Director, Division of Board Members MICHELLE A.
    [Show full text]
  • FOMC Meeting Transcript, October 29-30, 2013
    October 29–30, 2013 1 of 239 Meeting of the Federal Open Market Committee on October 29–30, 2013 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, October 29, 2013, at 1:00 p.m. and continued on Wednesday, October 30, 2013, at 9:00 a.m. Those present were the following: Ben Bernanke, Chairman William C. Dudley, Vice Chairman James Bullard Charles L. Evans Esther L. George Jerome H. Powell Eric Rosengren Jeremy C. Stein Daniel K. Tarullo Janet L. Yellen Richard W. Fisher, Narayana Kocherlakota, Sandra Pianalto, and Charles I. Plosser, Alternate Members of the Federal Open Market Committee Jeffrey M. Lacker, Dennis P. Lockhart, and John C. Williams, Presidents of the Federal Reserve Banks of Richmond, Atlanta, and San Francisco, respectively William B. English, Secretary and Economist Deborah J. Danker, Deputy Secretary Matthew M. Luecke, Assistant Secretary David W. Skidmore, Assistant Secretary Michelle A. Smith, Assistant Secretary Scott G. Alvarez, General Counsel Thomas C. Baxter, Deputy General Counsel Steven B. Kamin, Economist David W. Wilcox, Economist Thomas A. Connors, Michael P. Leahy, Stephen A. Meyer, Daniel G. Sullivan, Christopher J. Waller, and William Wascher, Associate Economists Simon Potter, Manager, System Open Market Account Michael S. Gibson, Director, Division of Banking Supervision and Regulation, Board of Governors James A. Clouse, Deputy Director, Division of Monetary Affairs, Board of Governors October 29–30, 2013 2 of 239 Jon W. Faust, Special Adviser to the Board, Office of Board Members, Board of Governors Linda Robertson, Assistant to the Board, Office of Board Members, Board of Governors Trevor A.
    [Show full text]
  • FOMC Minutes, January 28-29, 2014
    _____________________________________________________________________________________________Page 1 Minutes of the Federal Open Market Committee January 28–29, 2014 A meeting of the Federal Open Market Committee was Nellie Liang, Director, Office of Financial Stability Pol- held in the offices of the Board of Governors of the icy and Research, Board of Governors Federal Reserve System in Washington, D.C., on Tuesday, January 28, 2014, at 2:00 p.m. and continued Stephen A. Meyer and William Nelson, Deputy Direc- on Wednesday, January 29, 2014, at 9:00 a.m. tors, Division of Monetary Affairs, Board of Gov- ernors PRESENT: Ben Bernanke, Chairman Jon W. Faust, Special Adviser to the Board, Office of William C. Dudley, Vice Chairman Board Members, Board of Governors Richard W. Fisher Narayana Kocherlakota Linda Robertson and David W. Skidmore, Assistants to Sandra Pianalto the Board, Office of Board Members, Board of Charles I. Plosser Governors Jerome H. Powell Jeremy C. Stein Trevor A. Reeve, Senior Associate Director, Division Daniel K. Tarullo of International Finance, Board of Governors Janet L. Yellen Joyce K. Zickler, Senior Adviser, Division of Monetary Christine Cumming, Charles L. Evans, Jeffrey M. Lack- Affairs, Board of Governors er, Dennis P. Lockhart, and John C. Williams, Al- ternate Members of the Federal Open Market Daniel M. Covitz and Michael T. Kiley, Associate Di- Committee rectors, Division of Research and Statistics, Board of Governors James Bullard, Esther L. George, and Eric Rosengren, Presidents of the Federal Reserve Banks of St. Jane E. Ihrig, Deputy Associate Director, Division of Louis, Kansas City, and Boston, respectively Monetary Affairs, Board of Governors William B.
    [Show full text]