About
The Atlanta Fed's macroblog provides commentary and analysis on economic topics including monetary policy, macroeconomic developments, inflation, labor economics, and financial issues.
Authors for macroblog are Dave Altig, John Robertson, and other Atlanta Fed economists and researchers.
Useful Links
Government Resources
- BLS Handbook of Methods
- Bureau of Economic Analysis
- Bureau of Labor Statistics
- Congressional Budget Office
- Economic Data - FRED® II, St. Louis Fed
- Office of Management and Budget
- Statistics: Releases and Historical Data, Board of Governors
- U.S. Census Bureau Economic Programs
- White House Economic Statistics Briefing Room
« John Berry's Fearless Prediction | Main | Fiddling With "Core" As The Inflation Fires Burn? »
September 20, 2005
What's New?
John Berry was half right. As you no doubt already know, the Federal Open Market Committee went to Washington, they met, they raised the federal funds rate target again. The "measured pace" language survived, but references to "policy accommodation" did not. And there was this:
Voting against was Mark W. Olson, who preferred no change in the federal funds rate target at this meeting.
One other item of interest:
In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 4-3/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Richmond, Chicago, Minneapolis, and Kansas City.
Although this might appear to signal that five of the Reserve Bank Boards of Directors were in dissent, this information needs to be interpreted cautiously. All we know for sure is that these Banks did not submit a request for a 25 basis point increase in the discount rate (the rate the Fed charges banks for direct loans). We do not know if the Banks not included in this list wanted less or more. You are, of course, free to draw your own conclusions.
UPDATE: I'm not surprised -- Mark Thoma sees it too. The New Economist, however, still thinks the statement characterizes monetary policy as accommodative. William Polley keys on the dissent.
MORNING AFTER UPDATE: The statement parsed, at The Big Picture. The Capital Spectator sees the possibility of more of the same, and deeper trade deficits as a result. William Polley thinks "5% by summer is a real possibility." The Skeptical Speculator does its usual fine job of putting things in an international perspective. The Prudent Investor says the FOMC's press release "the confident and complacent tone of previous statements". Forex Rate Currency News characterizes the rate increase as "sheer relief".
September 20, 2005 in Federal Reserve and Monetary Policy , Interest Rates | Permalink
TrackBack
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c834f53ef00d83457e7a453ef
Listed below are links to blogs that reference What's New? :
Comments
Posted by:
edward |
September 21, 2005 at 04:00 AM
Does anyone go to the discount window anymore?
Posted by:
bailey |
September 21, 2005 at 01:01 PM
Google Search
Recent Posts
- An Update on Labor Force Participation
- Another Look at the Wage Growth Tracker's Cyclicality
- GDPNow's Second Quarter Forecast: Is It Too High?
- Are Small Loans Hard to Find? Evidence from the Federal Reserve Banks' Small Business Survey
- Slide into the Economic Driver's Seat with the Labor Market Sliders
- The Fed’s Inflation Goal: What Does the Public Know?
- Going to School on Labor Force Participation
- Bad Debt Is Bad for Your Health
- Working for Yourself, Some of the Time
- Gauging Firm Optimism in a Time of Transition
July 2017
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
|---|---|---|---|---|---|---|
| 1 | ||||||
| 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 9 | 10 | 11 | 12 | 13 | 14 | 15 |
| 16 | 17 | 18 | 19 | 20 | 21 | 22 |
| 23 | 24 | 25 | 26 | 27 | 28 | 29 |
| 30 | 31 |
Archives
- July 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
Categories
- Africa
- Americas
- Asia
- Australia
- Banking
- Books
- Business Cycles
- Business Inflation Expectations
- Capital and Investment
- Capital Markets
- Data Releases
- Deficits
- Deflation
- Economic conditions
- Economic Growth and Development
- Economics
- Education
- Employment
- Energy
- Europe
- Exchange Rates and the Dollar
- Fed Funds Futures
- Federal Debt and Deficits
- Federal Reserve and Monetary Policy
- Financial System
- Fiscal Policy
- Forecasts
- GDP
- Health Care
- Housing
- Immigration
- Inequality
- Inflation
- Inflation Expectations
- Interest Rates
- Katrina
- Labor Markets
- Latin America/South America
- Monetary Policy
- Money Markets
- Pricing
- Productivity
- Real Estate
- Regulation
- Sarbanes-Oxley
- Saving, Capital, and Investment
- Small Business
- Social Security
- Sports
- Taxes
- Technology
- This, That, and the Other
- Trade
- Trade Deficit
- Unemployment
- Wage Growth
- Web/Tech
Well, the interesting thing is where we go from here.
Bloomberg:
"``Europe is likely to slow sharply on the back of higher oil prices,'' said Stuart Thomson, a fixed-income strategist at Charles Stanley Sutherlands in Edinburgh. ``We expect yields to drop further down.''"
"The yield on the benchmark 10-year German bund fell 3 basis points to 3.06 percent by 8:30 a.m. in London."
Meantime also in London
"U.S. 10-year notes rose for a third day in Europe, the longest gain this month, as climbing oil prices fed concern economic growth will slow......The benchmark 10-year note's yield fell 3 basis points, or 0.03 percentage point, to 4.21 percent at 7:20 a.m. in London, according to bond broker Cantor Fitzgerald LP."
Just how far can Greenspan and co push the envelope?