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THE ECONOMY.(TO THE POINT)
Parry says Fed ready, if needed
San Francisco Federal Reserve President Robert Parry said the Fed would act decisively if the economy should stall, but he doesn't see a double-dip recession as likely. Even with the fed funds rate at a low 1.75%, he says the Fed has the capability to minimize the consequences of another downturn.
The Fed's Parry said he's concerned about the sharp increase in the federal budget deficit. While deficits are expected in recessionary times, he's worried about a lack of fiscal discipline in Congress.
No Fed action is seen this year by a majority of Wall Street firms polled by Reuters Friday. They see a 36% chance of a Fed cut in '02 and 20% chance of a double-dip recession, up from 13% July 16.
ECRI's U.S. weekly index slips
The Economic Cycle Research Institute's gauge of U.S. economic activity fell to a five-month low of 120.1 in the July 26 week from 121.3 the prior week. The index's growth rate, which smoothes out weekly volatility, fell to 3.4% from 4.8%. The stock market drop is causing some softness in the economy, but not pointing to a double dip, ECRI's research director said.
ECRI's ...
- Fed cuts interest rates for sixth time this year.(Knight Ridder Newspapers)
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...Street had expected a larger, half-percentage-point cut from the Fed. Each of the Fed's five previous cuts this year had been by half of a percentage point. Some Fed watchers said the smaller rate cut and the wording of the Fed's announcement...
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Fed considers $100M addition to its local HQ The Federal Reserve...The project, which would include a remodeling of the Fed's existing offices, is one of several alternatives the Fed is studying to relieve its cramped quarters downtown, according...
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- Magazine article from: The Bond Buyer April 21, 2009 700+ words
...Donald Kohn in downplaying fears about the Fed's bloated balance sheet. Dudley, echoing...said he is "not worried at all" that the Fed's expansionary credit policies will accelerate inflation. He said the Fed has the ability to "manage down" its...
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- Magazine article from: Crain's Cleveland Business Baird, Kristen December 22, 1997 700+ words
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- Newspaper article from: ATM & Debit News October 23, 2003 700+ words
...in $20 denominations. Last week, the Fed submitted a proposal to charge fees to order...distribute at branches and supply ATMs. The Fed says about 100 financial institutions are...it is free," says Eugenie E. Foster, Fed project leader. Some financial institutions...
- Fed more hopeful on economy; holds record low rate
- News wire article from: AP Online JEANNINE AVERSA August 12, 2009 700+ words
...the Fed warned. Against that backdrop, the Fed said inflation is likely to stay subdued. Fed policymakers predicted that idle factories...While unemployment dipped to 9.4 percent in July, the Fed says it's likely to top 10 percent this year...
- Fed says economy `leveling out; rates stay at lows
- News wire article from: AP Online JEANNINE AVERSA August 12, 2009 700+ words
...lowest in decades. The Fed gave its assessment after...include fewer job losses in July, slower economic contraction...likely to stay subdued. Fed policymakers predicted...dipped to 9.4 percent in July, the Fed says it's likely to top...
- Fed says economy leveling out; rates stay at lows
- News wire article from: AP Online JEANNINE AVERSA August 13, 2009 700+ words
...lowest in decades. The Fed gave its assessment after...include fewer job losses in July, slower economic contraction...likely to stay subdued. Fed policymakers predicted...dipped to 9.4 percent in July, the Fed says it's likely to top...