Fed’s Plosser comments

They see it all about managing expectations. So with the announcement they managed interest rate expectations a bit lower out to 2013. But now they are concerned they managed expectations about economic growth and employment lower as well, which they believe works to lower actual growth and employment. So now they are trying to adjust […]

Plosser/French Depos/ETC

[Skip to the end] From Karim: Plosser offers qualified support for rate cuts—he voted against the last 2 rate cuts in March and April. “….prepared to back further interest rate cuts if the financial crisis causes the economic outlook to deteriorate, provided that renewed monetary easing can be judged consistent with containing inflation.” French economic […]

And now Plosser

[Skip to the end] Treasuries Fall as Fed’s Plosser Calls for Interest-Rate Boost. Treasuries fell as Federal Reserve Bank of Philadelphia President Charles Plosser said the central bank should raise interest rates “sooner rather than later.” Fisher, Stern, and now Plosser as the palace revolt gains momentum into the August 5 FOMC meeting. [top]

Fed minutes – longish version

[Skip to the end] I cut quite a bit, but still a lot worth a quick read: In view of continuing strains in interbank and other financial markets, the Committee took up proposals to expand several of the liquidity arrangements that had been put in place in recent months. Chairman Bernanke indicated his intention to […]

Plosser the hawk

Plosser, Dissenting Fed Voter, Says Price Stability Is Priority By John Brinsley March 28 (Bloomberg) — Federal Reserve Bank of Philadelphia President Charles Plosser, who voted against this month’s interest-rate cut, said keeping inflation in check is the “most effective” way of ensuring economic growth and job creation. “Price stability is not only a worthwhile […]

Plosser speech

From Philadelphia Fed President Plosser: To be more concrete, many versions of the simple rules that I refer to when gauging the current stance of monetary policy call for a funds rate that is above the current funds rate. ‘Taylor Rule’ etc. But the severity of the events affecting the smooth functioning of financial markets […]

U.S. Job-Market Weakening Is Led by Self-Employed

Keeps getting stranger by the day. Next thing they’ll be saying is GDP really fell in Q3 and Q4, but the drop was all in off the books transactions. By the way CNBC actually put positive, overstated spin in the headlines on a couple of things. They said mortgage applications were the highest in years […]

Plosser Speech

Plosser is perhaps the most hawkish Fed president. Look for a dove to speak soon to soften this stance? (intro remarks deleted) The FOMC and Monetary Policy Objectives In conducting monetary policy, the FOMC seeks to foster financial conditions, including growth of money and credit and a level of short-term interest rates, consistent with achieving […]