Federal Reserve

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BofA Just Showed How Easy It Is to Lose $4B
 BofA Just Showed How Easy It Is to Lose $4B
OPINION
Apr 28, 2014 12:15 PM CDT

BofA Just Showed How Easy It Is to Lose $4B

Is bank too big to keep track of its assets?

(Newser) - Bank of America canceled a planned share buyback program today, after realizing that it had made a tiny little accounting error—and by "tiny little," we mean "$4 billion." "The market's reaction, with about $10 billion of BofA's market value wiped out, was...

Janet Yellen Makes Rookie Mistake in Fed Debut

Her 'around 6 months' comment was way too specific, say observers

(Newser) - Janet Yellen is getting a lot of grief over her first news conference as leader of the Federal Reserve for, of all things, speaking too clearly. As Rex Nutting at MarketWatch observes, Yellen spoke for an hour yesterday, "but the market only heard three words: 'around six months....

Fed: Unemployment Isn't Our Guide Anymore

Yellen suggests interest rates might rise in mid-2015

(Newser) - The Federal Reserve will no longer rely on the unemployment rate as its be-all, end-all indicator of economic health, it announced today. Until now, the Fed has set its goal at 6.5% unemployment. But as the jobless rate nears that threshold , the central bank said it would keep rates...

Senate OKs Janet Yellen to Lead Fed

Brooklyn, NY, native will be first woman to lead the central bank

(Newser) - The Senate has easily approved Janet Yellen's nomination to head the Federal Reserve. Monday's 56-26 vote makes Yellen the first woman to lead the central bank in its century-long history. It puts an economist in the post who has long focused on fighting unemployment and who backed the...

Departing Bernanke Puts Brakes on Stimulus

But stocks go up on slight pullback

(Newser) - The Federal Reserve will be hitting the brakes a little on its bond buying gravy train, it announced today, in what will be the last Fed pronouncement under chairman Ben Bernanke. The Fed will cut its bond buying from $85 billion a month to $75 billion a month starting in...

Senate Panel OKs Yellen's Bid to Lead Fed

8 Republicans vote against her nomination

(Newser) - A Senate panel has advanced Janet Yellen's nomination to lead the Federal Reserve, setting up a final vote in the full Senate. The nomination was approved on a 14-8 vote. All the no votes came from Republicans, many whom object to the Fed's aggressive low interest rate policies...

Janet Yellen: US Economy Still Needs Fed&#39;s Help
 Janet Yellen: 
 US Economy 
 Still Needs 
 Fed's Help 
confirmation hearing
Nov 14, 2013 9:20 AM CST

Janet Yellen: US Economy Still Needs Fed's Help

Fed nominee is testifying before Senate Banking Committee

(Newser) - Janet Yellen said today that the US economy has regained ground lost to the Great Recession but still needs the Federal Reserve's support because unemployment remains too high at 7.3%. Yellen is testifying this morning to the Senate Banking Committee, which is considering her nomination to be the...

Fed Stimulus' 'Quarterback': It Was a 'Feast for Wall St.'

Former official in charge of first round says it's going to backfire

(Newser) - The Fed's stimulus program known as quantitative easing is a misguided mess bound to backfire that ended up being "a feast for Wall Street" instead of doing anything for Main Street. So writes Andrew Huszar at the Wall Street Journal , but his perspective on QE is unique among...

Rand Paul Might Hold Up Yellen's Fed Nomination

CNBC reports that he wants a vote on his bill to audit the agency

(Newser) - Janet Yellen is still expected to be the next chair of the Federal Reserve, but CNBC reports that she might hit some turbulence in the Senate thanks to Rand Paul. He's threatening to do what he can to hold up the nomination unless he gets a vote on his...

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...

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