USA Economy - $2.2 trillion by FED - As a society, we should do everything we can to provide relief to those who are suffering for the public good -

Press Release - April 09, 2020  - COVID-19 and the Economy  - Chair Jerome H. Powell

At the Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution, Washington, D.C. (via webcast)

Good morning. The challenge we face today is different in scope and character from those we have faced before. The coronavirus has spread quickly around the world, leaving a tragic and growing toll of illness and lost lives. This is first and foremost a public health crisis, and the most important response is coming from those on the front lines in hospitals, emergency services, and care facilities. We watch in collective awe and gratitude as these dedicated individuals put themselves at risk in service to others and to our nation.

USA Economy - Federal Reserve announces FIMA Repo Facility against Covid -19 ....

Press Release  - March 31, 2020  - Federal Reserve announces establishment of a temporary FIMA Repo Facility to help support the smooth functioning of financial markets

The Federal Reserve on Tuesday announced the establishment of a temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) to help support the smooth functioning of financial markets, including the U.S. Treasury market, and thus maintain the supply of credit to U.S. households and businesses.

USA Economy - The Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 %.- Read the decision

Press Release   - January 30, 2019  -  Federal Reserve issues FOMC statement

Information received since the Federal Open Market Committee met in December indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has remained low. Household spending has continued to grow strongly, while growth of business fixed investment has moderated from its rapid pace earlier last year.

USA Economy - In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2‑1/2 % ..

Press Release -  December 19, 2018  - Implementation Note issued 

Decisions Regarding Monetary Policy Implementation

The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee (FOMC) in its statement on December 19, 2018:

The Board of Governors of the Federal Reserve System voted unanimously to raise the interest rate paid on required and excess reserve balances to 2.40 percent, effective December 20, 2018. Setting the interest rate paid on required and excess reserve balances 10 basis points below the top of the target range for the federal funds rate is intended to foster trading in the federal funds market at rates well within the FOMC's target range.

USA Economy - Core inflation would reach 2 % in 2019 and that total inflation would be at the Committee's 2% objective in 2020..- FED

Press Release - February 21, 2018 - Minutes of the Federal Open Market Committee, January 30-31, 2018

Developments in Financial Markets and Open Market Operations

The manager of the System Open Market Account (SOMA) provided a summary of developments in domestic and global financial markets over the intermeeting period. Financial conditions eased further over recent weeks with market participants pointing to increasing appetites for risk and perceptions of diminished downside risks as factors buoying market sentiment. In this environment, yields on safe assets such as U.S. 

USA - The financial system is incomparably stronger and safer, with much higher capital and liquidity ..- Jerome H. Powell - FED

NEWS Release - February 13, 2018 - Remarks at the Ceremonial Swearing-in Chairman Jerome H. Powell - At the Federal Reserve Board, Washington, D.C.

It is both humbling and a great privilege to be standing here today.1 I am particularly honored by the trust and faith that the President has placed in me and by the Senate's quick action in confirming me. There is no greater honor than public service, as Randy, Lael and all of our colleagues here at the Fed would agree.

USA Economy - The stance of monetary policy remains accommodative..- FED

Press Release - January 31, 2018 - Federal Reserve issues FOMC statement

Information received since the Federal Open Market Committee met in December indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Gains in employment, household spending, and business fixed investment have been solid, and the unemployment rate has stayed low. 

USA Economy - PCE remained below 2% in September and was lower than early in the year - Real PCE growth slowed in the third quarter.. - FED

Press Release - November 22, 2017 - Minutes of the Federal Open Market Committee, October 31-November 1, 2017

Staff Review of the Economic Situation 

The information reviewed for the October 31– November 1 meeting indicated that labor market conditions generally continued to strengthen and that real gross domestic product (GDP) expanded at a solid pace in the third quarter despite hurricane-related disruptions. Although the effects of the recent hurricanes led to a reported decline in payroll employment in September, the unemployment rate decreased further. 

USA Economy - The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation. - FED

Press Release - November 01, 2017  -  Federal Reserve issues FOMC statement

Information received since the Federal Open Market Committee met in September indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate despite hurricane-related disruptions. Although the hurricanes caused a drop in payroll employment in September, the unemployment rate declined further.

USA Economy -The labor market strengthened further in March but that growth of real gross domestic product (GDP) slowed in the first quarter ..- FED

Press Release - May 24, 2017  - 

Minutes of the Federal Open Market Committee, May 2-3, 2017

Staff Review of the Economic Situation 

The information reviewed for the May 2–3 meeting indicated that the labor market strengthened further in March but that growth of real gross domestic product (GDP) slowed in the first quarter, with the slowing likely reflecting transitory factors. The 12-month change in overall consumer prices was close to the Committee’s longer-run objective of 2 percent in recent months; excluding food and energy, consumer prices declined in March, and the 12-month change in core consumer prices remained somewhat below 2 percent. Surveybased measures of inflation expectations were little changed on balance. 

USA Economy - U.S. monetary policy also affects foreign economies by influencing U.S. domestic demand and by affecting global financial conditions..- Stanley Fischer FED

NEWS Release - International Effects of Recent Policy Tightening - Vice Chairman Stanley Fischer At The IBRN-IMF conference: The Transmission of Macroprudential and Monetary Policies Across Borders, Washington, D.C. - April 19, 2017

I appreciate your invitation to participate in this afternoon's panel discussion. In my remarks, I will discuss how U.S. monetary policy actions affect our foreign trading partners, with particular focus on how foreign economies have responded to the Federal Open Market Committee's (FOMC) ongoing normalization of policy rates.1

USA - Children who grow up in insecure circumstances, those often experienced in poverty, seem disproportionately likely to experience financial insecurity as adults. - Janet L. Yellen

NEWS Release -  Welcoming Remarks by Chair Janet L. Yellen - At "Strong Foundations: The Economic Futures of Kids and Communities," the 10th Biennial Federal Reserve System Community Development Research Conference, Washington, D.C.

I would like to welcome all of you and thank you for joining us to discuss a set of topics of considerable importance to our country. This is the Federal Reserve's 10th biennial community development research conference, dedicated as always to issues of significance to people and communities around the country. 

USA Economy - The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. - FED

NEWS Release -  Federal Reserve issues FOMC statement

Information received since the Federal Open Market Committee met in February indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace. Job gains remained solid and the unemployment rate was little changed in recent months. 

USA Banking sector - The Board required JPMorgan Chase & Co. to pay $61.9 million in penalties .- FED

Press Release -  Federal Reserve Board seeks to fine and prohibit two former managing directors at J.P. Morgan Securities (Asia Pacific) from employment in banking industry

Global Economy - Very low yields on long-term government bonds may not necessarily signal prolonged future economic stagnation and deflation but instead reflect efforts by institutional investors to limit risk ..- BIS

Publication -  How much should we read into shifts in long-dated yields?  - Speech by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the US Monetary Policy Forum, New York City, 3 March 2017.

The “market” is not a person 

I mentioned that storytelling is a powerful device in economics. Let me start by telling you a story myself. My story is about a bell. It’s not the famous bell at the New York Stock Exchange down the road from here, but a bell in the cathedral in Mexico City. 

USA Economy - The U.S. economy has exhibited remarkable resilience in the face of adverse shocks in recent years, and economic developments since mid-2016 have reinforced the Committee's confidence that the economy is on track to achieve our statutory goals .- Janet L. Yellen FED

NEWS Release -  Speech by Chair Janet L. Yellen - At The Executives' Club of Chicago, Chicago, Illinois - March 3, 2017

From Adding Accommodation to Scaling It Back

I am pleased to join you today to discuss the U.S. economy and the Federal Reserve's monetary policy. I strongly believe that my colleagues and I should explain, as clearly as we can, both the reasons for our decisions and the fundamental principles that underlie our strategy.

USA Economy - Reports from all twelve Federal Reserve Districts indicated that the economy expanded at a modest to moderate pace from early January through mid-February.. - FED

Publication - TheBeige Book Summary of Commentary on Current Economic Conditions By Federal Reserve District

National Summary

Overall Economic 

Activity Reports from all twelve Federal Reserve Districts indicated that the economy expanded at a modest to moderate pace from early January through mid-February. Consumer spending expanded modestly since the last report. Retail sales increased at a subdued pace across most of the nation, with a number of Districts noting an ongoing shift from in-store to internet purchasing. 

USA Economy - Recent indicators generally showed that labor market conditions continued to improve in late 2016. Total nonfarm payroll employment increased at a solid pace in December. The unemployment rate edged up to 4.7 percent but remained near its recent low .. - FED

Publication -  Minutes of the Federal Open Market Committee, January 31-February 1, 2017

Staff Review of the Economic Situation 

The information reviewed for the January 31–February 1 meeting indicated that real gross domestic product (GDP) expanded at a moderate rate in the fourth quarter of last year and that labor market conditions continued to strengthen. Consumer price inflation rose further above the slow pace seen during the first half of last year, but it was still running below the Committee’s longerrun objective of 2 percent. 

USA Economy - Overall, inflation seems to be on track to reach the 2 percent objective over the next couple of years .. - Jerome H. Powell - FED

NEWS Release -  Speech by Governor Jerome H. Powell - At the Forecasters Club of New York Luncheon, New York, New York - February 22, 2017

The Economic Outlook and Monetary Policy

Thank you for this invitation to speak here today. I will begin by taking stock of the progress of the U.S. economy. I will then discuss longer-term challenges for the economy and wrap up with a discussion of monetary policy. As usual, my comments reflect my own views and not necessarily those of my colleagues on the Federal Open Market Committee (FOMC).

USA Economy - As I noted on previous occasions, waiting too long to remove accommodation would be unwise, potentially requiring the FOMC to eventually raise rates rapidly, which could risk disrupting financial markets and pushing the economy into recession .. - Janet L. Yellen - FED

Publication - Chair Janet L. Yellen - Semiannual Monetary Policy Report to the Congress Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. - February 14, 2017

Chairman Crapo, Ranking Member Brown, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. In my remarks today I will briefly discuss the current economic situation and outlook before turning to monetary policy.