In January 2009, Bank of America received its second bailout of $20 million from the Fed to help stabilize the company after its purchase of Merrill Lynch. At the time, Merrill Lynch had lost more than $15 billion in the previous quarter and Bank of America had lost $2.4 billion.
Read More »Fed Officials Agree to Continue Tapering Asset Purchases
In its first meeting this year, the Federal Open Market Committee (FOMC) voted to once again cut back on the Fed's bond-buying program.
Read More »Departing Fed Chair Talks Economic Health, Defends Policies
In a conversation Thursday hosted by the Brookings Institution, outgoing Federal Reserve Chairman Ben Bernanke defended the Fed's easy money policies, dismissing concerns of out of control inflation and capital losses. He also eased worries about the long-term effects of the financial crisis--including the impact of unemployment on labor supply and productivity--saying that while they are a problem, none of issues are "truly permanent."
Read More »Yellen Confirmed as Fed Chair as Senate Returns
The United States Senate voted Monday to confirm Janet Yellen as chair of the Federal Reserve following Ben Bernanke's departure at the end of January. She will be the first woman to take the job in the Fed's history.
Read More »Senate Banking Committee Approves Yellen Nomination for Fed Chair
The Senate Banking Committee has voted to approve Janet Yellen's nomination to chair the Federal Reserve, bringing Yellen one step closer to being the first woman to serve as head of the country's central bank.
Read More »Economy Grows at ‘Modest to Moderate’ Pace with ‘Cautious Optimism’
Sentiment is "cautiously optimistic" surrounding the future of the nation's economy, although the federal government shutdown was cause for some concern, according to the Federal Reserve's Beige Book released Wednesday. Revealing economic conditions in each of the Federal Reserve's 12 districts, the report found "modest to moderate" economic expansion over the reporting period from August 27 through October 7. Reports of the housing market were generally positive, with most markets growing--or at least not faltering.
Read More »Initial Unemployment Claims Continue to Drop
Continuing the drop in first-time claims for unemployment insurance, initial filings fell 5,000 for the week ending September 21 to 305,000, the Labor Department reported Thursday. Economists had expected the number of claims to jump up to 330,000 from the 309,000 originally reported for the week ending September 14. The number of filings for that week was revised up to 310,000.
Read More »FOMC Votes No Change in Policy, Foresees Slower Growth
While noting improvement in economic activity and labor market conditions, the Federal Open Market Committee voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. At the same time, the Federal Reserve's own economic projections suggested the economy might not grow this year as fast as it expected just three months ago.
Read More »WL Ross Vice Chair Talks Shop on GSEs and Housing Lessons
James B. Lockhart III, vice chairman of WL Ross & Co. and former director of the Federal Housing Finance Agency, addressed a packed house at the inaugural Investment Symposium at the 10th Annual Five Star Conference and Expo. Lockhart's speech wound through many of today's biggest topics, including the current movement to dissolve the GSEs. He also praised Federal Reserve chair Ben Bernanke's leadership during the crisis, saying Bernanke's efforts to move the economy have been largely successful.
Read More »Commentary: Summers Time?
The choice of the new Fed chair takes on added significance given the Fed's relationship with the Consumer Financial Protection Bureau.
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