Federal Reserve

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Finally: A Woman to Lead the Fed
 Finally: A Woman 
 to Lead the Fed 
OPINION
Oct 10, 2013 1:05 PM CDT

Finally: A Woman to Lead the Fed

Janet Yellen 'a role model': John Cassidy

(Newser) - Janet Yellen will be the first female head of the Federal Reserve—indeed, "the first woman to head a central bank in any big Western nation" if you don't count Russia, writes John Cassidy in the New Yorker . And that certainly matters, as it may not surprise you...

What to Expect From Janet Yellen's Fed

Analysts praise pick; 'she's a real mensch'

(Newser) - President Obama will formally announce Janet Yellen as his pick to run the Fed today, in a move that seems to be garnering widespread praise in the financial industry. Here's what you need to know about the prospective chief:
  • She Cares a Lot About Jobs: Most of Yellen's
...

Mystery: Did Someone Leak Fed Decision to Traders?

Chicago orders were placed milliseconds early

(Newser) - When the Fed made the surprising announcement last week that it would not ease up on its bond purchases , it looks like some traders may have gotten an early leak of the news—and such a leak may have helped them make quite a bit of money. The Washington Post...

Fed Keeps Pedal On Gas; Markets Hit Records

In surprise move, bond buying to hold steady

(Newser) - The Federal Reserve surprised the financial world today by announcing that it would continue buying roughly $85 billion worth of bonds a month. Many analysts had expected the central bank to ease off the quantitative easing gas pedal, but the committee announced that it had "decided to await more...

Summers Is Latest Misplay by Obama's Inept Econ Team

Heidi Moore can't believe these guys think they've done a good job

(Newser) - The main question isn't why Larry Summers pulled his name out of the Federal Reserve Chairman derby yesterday, it's "how his candidacy even got this far," writes Heidi Moore at the Guardian . Many prominent senators openly opposed his nomination, as did 300 economists. From the beginning,...

Summers Pulls Out of Fed Race

Larry Summers pulls name out of consideration for Fed Chairman

(Newser) - Larry Summers has withdrawn his name from the contest to replace Ben Bernanke as chairman of the Federal Reserve, reports the Wall Street Journal . "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the...

Every Fed Member Is a Millionaire

Although Ben Bernanke appears to just barely qualify

(Newser) - It's a safe bet that whoever replaces Ben Bernanke as Fed chief will be personally familiar with large sums of money. Janet Yellen has assets worth between $4.8 million and $13.2 million—including a stamp collection worth up to $50,000—while fellow frontrunner Larry Summers clocks...

Please, Let the Next Fed Chief Be Dull

Federal Reserve and its recent leaders have gotten too big for their britches: Amar Bhide

(Newser) - Even casual observers of DC politics probably know that Larry Summers and Janet Yellen are the leading candidates to replace Ben Bernanke as the Fed chair. And that's a problem, writes Amar Bhide in the New York Times . He thinks the position of Fed chief has become way too...

We're Having Big Trouble Printing $100 Bills

30M of the bills didn't cut the mustard

(Newser) - The US is less than two months away from getting its new $100 bills —hopefully. The Oct. 8 release date is already more than two years behind schedule, a delay caused by production problems that apparently have not abated. Writing for the New Yorker , David Wolman reports that the...

Apologetic Would-Be Bomber Gets 30 Years

Bangladeshi plotted to blow up Fed in NYC

(Newser) - A 22-year-old Bangladeshi man who begged for leniency after pleading guilty to terrorism charges for trying to blow up the Federal Reserve Bank in New York was sentenced today to 30 years in prison. "I'm ashamed. I'm lost. I tried to do a terrible thing. I alone...

Larry Summers Next Fed Chief? Not If His Critics Can Help It

It's mostly a race between him and Fed vice chairwoman Janet Yellen

(Newser) - Larry Summers or Janet Yellen. If you're a weird hybrid of wonk and gambler, you already know those two are the heavy favorites to replace Ben Bernanke as Fed chief in January. Expect to hear much more as decision time nears for President Obama, especially because an influential hodgepodge...

Obama: I'm Not 'Bush- Cheney Lite'

President refutes charge in Charlie Rose interview

(Newser) - Appearing on Charlie Rose last night, President Obama had a few things to clear up: First, he's not, as Rose put it, "Bush-Cheney lite." "Some people say, 'Well, you know, Obama was this raving liberal before. Now he’s, you know, Dick Cheney,'"...

Bernanke to Congress: Stop Screwing the Economy

Says he's not taking his foot off the gas with monetary policy

(Newser) - The Federal Reserve isn't planning to take its foot off the gas pedal anytime remotely soon, Ben Bernanke told Congress today, while rebuking legislators for not doing their own part to juice the economy. The Fed's interest rate has been near zero since 2008, and Bernanke said he...

After 10 Years of Tinkering, New $100 Bills Coming

Blue lines? Orange bells? Plenty of color in new greenback

(Newser) - At long last, the United States is getting new $100 bills, reports Reuters . Set to be released more than two years behind schedule on Oct. 8, the redesign has been in the works for a decade. Among the additions:
  • a blue, 3D security ribbon that's not printed but woven
...

Banks Reel In Execs' 200% Bonus Limit to ... 150%

PNC, Capital One among 7 major banks taking action

(Newser) - Fearing too much risk-taking, the Federal Reserve has been calling on banks to cut down on the bonuses execs can get for blowing past their financial targets—and some top banks are following through. PNC, Capital One, Discover, and four other major financial firms are doing just that, the Wall ...

Fed Hacked; Anonymous Blamed

Group posts 4K bankers' credentials: report

(Newser) - The Federal Reserve says it was hacked this weekend, and while the culprit hasn't been named, Anonymous is looking likely. The hacker group posted the credentials and contact information of some 4,000 banking executives, ZDNet reported Sunday night. That sounds a lot like the hacked material, the Daily...

Virginia to Consider Minting Its Own Coins

House agrees to spend $17K on a special panel

(Newser) - Virginia is apparently for haters of the Federal Reserve: One state legislator wants the state to mint its own coins in case the US dollar collapses. It may sound pie-in-the-sky, but Virginia's House of Delegates agreed on Monday to set up a $17,000 panel to explore the move....

Mystery Exodus: $114B Withdrawn From Banks in Jan.

Fed data shows post-9/11 record

(Newser) - The country's biggest banks have seen $114 billion leave their coffers this month, with withdrawals in the first full week of the year hitting a post-9/11 record, according to Fed data. Seasonal adjustment cuts the figure to $52.8 billion, which remains the third-highest ever recorded. Bloomberg is trying...

Bernanke Taking Big Gamble on Policy

Lower dollar stimulates economy but risks trade wars: Allan Sloan

(Newser) - Ben Bernanke's push to keep interest rates low might be stimulating the US economy, but it's also raising the risk of currency wars, writes Allan Sloan at Fortune . "Cutting interest rates faster and more deeply than most other central banks has weakened the dollar against the currencies...

Treasury: Forget About That $1T Platinum Coin

Treasury won't make it and Fed won't accept it

(Newser) - The $1 trillion platinum coin being touted as a bizarre solution to the debt ceiling debate will only ever exist as an illustration of just how dysfunctional Washington has become. A Treasury official tells the Washington Post that the department has no intention of minting such a coin to get...

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