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TOPIC: The US economy is recovering well
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Yep
" Its duties have expanded over the years, and today, according to official Federal Reserve documentation, include conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions.[12] The Fed also conducts research into the economy and releases numerous publications, such as the Beige Book." |
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East Fishkill NY |
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I could be wrong. I just don't remember anything about employment or inflation being in the Fed's mandate. Obviously its decisions affect, and are affected by, those factors. But its basic mandate is to oversee federal reserve monetary policy through its member banks.
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San Quentin CA |
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From wiki
The Congress established three key objectives for monetary policy—maximum employment, stable prices, and moderate long-term interest rates—in the Federal Reserve Act.[10] The first two objectives are sometimes referred to as the Federal Reserve's dual mandate I didn't realize that employment was first actually.... I'll get more from my mail history as soon as I can |
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East Fishkill NY |
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I'll see if I can find the citations for you, it was a year ago that I read that...
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East Fishkill NY |
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Technically, I don't think it has a specific mandate regarding inflation either.
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San Quentin CA |
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I'll have to go study up on the Fed some more. I don't remember it having any mandate regarding employment.
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San Quentin CA |
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Fun
The Fed has a dual mandate to keep inflation low and employment high. Traditionally the y have pretty much figured that if you dealt with one (inflation) you dealt with the other. Now they are signalling that they are going to begin paying attention to employment as well.. Brave 'new' territory for the Fed but some smart people are saying this may make a real difference rather quickly... |
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East Fishkill NY |
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"In addition to providing general liquidity, the Fed and the Treasury rescued the financial system but also forced it, through stress tests and new rules, to reform."
Depending on who you believe, the "stress test" approach reportedly originated in Treasury by Geithner, not by the Fed. Which if true is pretty funny, since it was a much less "socialistic" approach than the direct capital infusion used exclusively by the Bush administration. |
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San Quentin CA |
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There are a lot of interesting things in that piece. One is the confusing quotes attributed to Jamie Dimon.
If the economy actually does get into high gear soon, inflation could become a real problem, since Fed monetary policy has been the primary anti-inflation strategy for three decades. I don't remember the Fed OMC ever making any commitments about interest rates for three weeks, much less three years. That Bernanke took rate hikes off the table for that long, it says just how weak the Fed considers this "recovery." |
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San Quentin CA |
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East Fishkill NY |
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TOPIC: The US economy is recovering well
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