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Fed Predicts More Economic Growth but Says Unemployment Will Remain High
By Christopher Weber - Politics DailyUnemployment is likely to remain high this year but the economy could grow at a faster rate than previously thought, the Federal Reserve predicts. In its first forecast since November, Fed officials said U.S. economic output could expand by 3.4 to 3.9 percent in 2012, The New York Times reported Wednesday. That's compared to the 3 to 3.6 percent growth predicted previously. The improved outlook comes after a boost in household spending in the final months of 2010, particularly on cars, as well as increased optimism by businesses, according to The Los Angeles Times. But the good news isn't ...
Bernanke Hits Back at Critics of Bond-Buying Plan
By not in system - AOL NewsWASHINGTON (Nov. 19) -- Federal Reserve Chairman Ben Bernanke hit back at critics, both at home and abroad, who have challenged the central bank's $600 billion bond-purchase program. In a speech in Germany, he argued that Congress must help support the Fed's program with further stimulus aid. And he issued a stern warning to China, saying it and other emerging nations are putting the global economy at risk by keeping their currencies artificially low. Bernanke made the remarks Friday at a banking conference in Frankfurt. Without more stimulus, high unemployment could persist for years, ...
Donald Kohn, Federal Reserve Vice Chairman, Will Retire in June
By David Sessions - Politics DailyFederal Reserve vice chairman Donald Kohn said Monday that he would retire from the seven-member board when his term expires in June, the New York Times reports. The departure of Kohn, who played a significant role in shaping the Fed's response to the 2008 financial crisis, will increase the number of vacancies on the board to three, allowing the Obama administration to exert considerable influence over U.S. monetary policy. The White House said Kohn's decision was "his alone" and that President Obama will name a successor before his term as vice chairman ends on June 23. Kohn could have ...
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