Below is the full text of the Fed’s FOMC decision from their two-day meeting that just ended. They kept short-term Discount and Fed Funds rates the same and said that ‘inflation will remain subdued for some time’ but this is a slight change from the April statement that said ‘sees some risk that inflation could
William Dudley
Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower. Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Weak sales prospects and difficulties in
Full Fed statement below following today’s FOMC meeting. They’ve more than doubled their mortgage bond buying program to drive rates down. Rates trading lower on the news. FULL FED FOMC STATEMENT: Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing
The FOMC said that they will keep buying mortgage bonds according to their $500b by June schedule and also said they will keep going if necessary. They left rates alone. Mortgage bonds sold off heavily after the Fed meeting, ostensibly because they also said they’d buy long-term Treasuries as well, which contribute to already diluted
William C. Dudley was named today to serve as President and Chief Executive Officer of the Federal Reserve Bank of New York. His appointment by the Board of Directors of the New York Fed, succeeding Timothy F. Geithner who was sworn in as Secretary of the Treasury yesterday, was approved by the Federal Reserve Board
Kevin Warsh, the 38-year-old Fed governor and former M&A executive at Morgan Stanley, was thought to be the lead contender to succeed Tim Geithner as the head of the New York Fed when Geithner takes over as Treasury Secretary under President Obama. But now the number two speculative pick, former Goldman Sachs economist William Dudley,
As the Economist said this week: “The New York Fed president is by tradition the financial system’s go-to crisis manager. Even in calm times the job places a premium on steady nerves, good judgment, stature, even temperament and an ability to learn quickly. That premium has been multiplied in the current environment.” Which is why