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Fed Chairman Ben Bernanke
The Crisis and the Policy Response

Ben BernankeJan. 13 | Stamp Lecture, London School of Economics, London

"It is unacceptable that large firms that the government is now compelled to support to preserve financial stability were among the greatest risk-takers during the boom period. The existence of too-big-to-fail firms also violates the presumption of a level playing field among financial institutions. In the future, financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking." (Read more.)

FOMC SETS TARGET RANGE FOR KEY FED RATE

Dec. 16 —The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent. Read the press release.

President James Bullard
Three Funerals and a Wedding

James Bullard, St. Louis Fed President and CEONov. 20 | Regional Economic Summit, Evansville, Ind.

"Whether the FOMC decides to stay on hold at this point or eases further ... may not be the most critical question. The fact is, monetary policy defined as movements in short-term nominal interest rates is coming to an end, at least for now. The end of nominal interest rate targeting in the U.S. for the near term means that much more attention will have to be paid to alternative ideas about controlling inflation and inflation expectations going forward."

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Deficits, Debt and Looming Disaster

What would you do to trim the debt and deficit?

:: Current Results
 
Raise taxes to pay for current government programs. 17%
Cut government spending across the board. 57%
Do nothing. Allow deficit spending to continue. 3%
Reform Social Security and Medicare, focusing on revenue increases. 7%
Reform Social Security and Medicare, focusing on benefit reductions. 16%
 
   Raise taxes to pay for current government programs.
   Cut government spending across the board.
   Do nothing. Allow deficit spending to continue.
   Reform Social Security and Medicare, focusing on revenue increases.
   Reform Social Security and Medicare, focusing on benefit reductions.

Join the poll.

audio button Is Inequality a Bad Thing?

U.S. Census figures show that the income gap is widening. Some of these figures may exaggerate the gap, however, without explaining the economic benefits of income inequality. Listen to St. Louis Fed Economist Tom Garrett talk about this issue. Listen | Learn more

The Federal Reserve System Online

The Federal Reserve has developed an online gateway with links to all 12 Fed web sites, the Board of Governors and more. Take a look.

Resources

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FAQ Database

Treasury Sets Capital Purchase Filing Deadline for Subchapter S Corporations

Jan. 15 — The U.S. Treasury has established a Feb. 13 deadline for Subchapter S Corporations to apply for its Capital Purchase Program.

Capital Purchase Program Details

January Beige Book Reports Continued Decline in Economic Activity

Jan. 14 — Overall economic activity continued to weaken across almost all of the Federal Reserve districts since the December report. In the Eighth District, manufacturing activity weakened further and the services sector contracted. Commercial real estate markets held steady, but commercial and industrial construction activity softened. (Read more.)

Fed Gov. Kroszner Resigns from Board

Jan. 12 — Randall S. Kroszner submitted his resignation as a member of the Federal Reserve's Board of Governors, effective Jan. 21. Kroszner, who has been a member of the Board since March 1, 2006, submitted his letter of resignation to President Bush.  He will return to the Booth School of Business at the University of Chicago to assume a newly created chaired professorship. (Read more.)

Deficits, Debt and Looming Disaster

Jan. 2 — With government deficits and debt at record highs, the long-term fiscal outlook for the U.S. requires serious attention, most agree. The fix is most likely going to have to start with fundamental reforms of entitlement programs. Read more in the January issue of The Regional Economist.

Fed Will Begin Program to Purchase Mortgage-backed Securities in January

Dec. 30 — The Federal Reserve announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities and that it has selected private investment managers to act as its agents in implementing the program. Under the program, the Federal Reserve will purchase mortgage-backed securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. The program is being established to support the mortgage and housing markets and to foster improved conditions in financial markets more generally. (Read more.)

Latest Review Examines Effect of Regulation on Electrical Utilities

Dec. 30 — In the January/February issue of the St. Louis Fed's Review, Economist Tom Garrett and his co-authors outline different types of public and private utility companies and how they maximize their profits in the face of regulations. The authors conclude that some regulations have unintended consequences, particularly overcapitalization—the very problem the regulations were designed to discourage. (Read more.)

St. Louis Fed Announces Creation of Financial Crisis Timeline Web Site

Dec. 22 — The St. Louis Fed has created a new web site with information about the financial crisis. The site—The Financial Crisis: A Timeline of Events and Policy Actions—outlines events in financial markets from February 2007 to the present. The timeline includes brief descriptions of market events and actions by the Fed and other government agencies, along with links to press releases, SEC filings, congressional testimony and related St. Louis Fed articles.

Fed Approves Rules To Better Protect Credit Card Users

Dec. 18 — The Federal Reserve Board approved final rules that would better protect credit card users by prohibiting certain unfair acts or practices and improving the disclosures consumers receive in connection with credit card accounts and other revolving credit plans. (Read more.)

Bridges: Economy Hits Home for Community Developers

Dec. 18 — The current economic situation presents both obstacles and opportunities for those working in the field of community development.  Find out what they are in the winter issue of Bridges.

Burgundy Books Show Weakening Economic Conditions in Eighth District

Dec. 17 — The St. Louis Fed's December Burgundy Books reveal continued weakness in the St. Louis zone, softening in the Little Rock economy, a somewhat negative picture in the Louisville zone and considerable weakening in the Memphis regional economy. In conjunction with the release of the reports, St. Louis Fed economists Michael Pakko and Howard Wall provide audio commentary on economic conditions in each zone. Listen to St. Louis | Little Rock | Louisville | Memphis

Central Banker: Maintaining Liquidity in a Changing Economy

Dec. 9 — How should banks prepare for the unexpected? The winter issue of Central Banker examines planning and liquidity issues amid a weakening economy. (Learn more.)

St. Louis Fed and University of Missouri Issue Call for Papers

Dec. 8 — The Ninth Annual Missouri Economics Conference will be held March 27-28, 2009, at the University of Missouri—Columbia. The Missouri Economics Conference is jointly sponsored by the University of Missouri and the Federal Reserve Bank of St. Louis. We are now accepting submissions of papers in all fields of economics to be presented at the conference. (Learn more.)

Fed Seeks Public Comment on Regulation Z

Dec. 5 — The Federal Reserve has proposed for public comment changes to Regulation Z (Truth in Lending) that would revise the disclosure requirements for mortgage loans.  The revisions would implement the Mortgage Disclosure Improvement Act, which was enacted in July 2008 as an amendment to the Truth in Lending Act. (Learn more.)

President Jim Bullard: Severe Recession Is Unlikely

Dec. 4 — In an interview with Bloomberg News this week, St. Louis Fed President Jim Bullard discussed a wide range of economic topics, from the current recession to the nuances of quantitative easing and additional Fed tools to fix the economy. Asked whether he stood by an earlier prediction that the U.S. economy might get by with a less severe 1990-91 style recession rather than a 1981-82 style recession, Bullard said he thought this outlook was still sound, even in light of recent economic data. “Right now, we’re looking for a pretty sharp decline in the fourth quarter, little less sharp in the first quarter, and then, hopefully, things will improve after that,” he said, adding that this scenario would be similar to 1990-91. “I don’t see a prolonged outcome materializing." (Watch the video on Bloomberg's YouTube channel.)

Fed To Purchase Obligations and Securities from GSEs

Nov. 25 — The Federal Reserve announced that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises (GSEs)—Fannie Mae, Freddie Mac and the Federal Home Loan Banks—and mortgage-backed securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally. (Read more.)

Fed Creates New Lending Program

Nov. 25 — The Federal Reserve Board announced the creation of the Term Asset-Backed Securities Loan Facility, a facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration. (Read more.)

New York Fed's Timothy Geithner Will Be Treasury Secretary

Nov. 24 — President-elect Barack Obama and Vice President-elect Joe Biden officially announced key members of their economic team, naming Timothy Geithner as Secretary of the Treasury. Geithner currently serves as president and CEO of the New York Fed, where he has played a key role in formulating the nation's monetary policy. He joined the Department of the Treasury in 1988 and has served under three presidents. (Read more.)

Fed, Other Agencies Reach Agreement with Citigroup

Nov 23 — In a joint statement, the Fed, Treasury and FDIC said that the U.S. government is committed to supporting financial market stability, a prerequisite to restoring vigorous economic growth. In support of this commitment, the U.S. government on Sunday entered into an agreement with Citigroup to provide a package of guarantees, liquidity access and capital. (Read more.)

St. Louis Fed Earns Missouri Quality Award

Nov. 21 — The Federal Reserve Bank of St. Louis has won a Missouri Quality Award, one of only five organizations in the state to be so honored this year. Modeled after the prestigious Malcolm Baldrige National Quality Award, the Missouri Quality Award is recognized as one of the strongest state-level quality award programs in the nation. Contenders for the award are evaluated on criteria such as leadership, customer focus and strategic planning. (Read more.)

Treasury Sets Capital Purchase Program Deadline for Privately Held Institutions

Nov. 18 — The U.S. Treasury has established a Dec. 8 deadline for privately held financial institutions to apply for its Capital Purchase Program.

Capital Purchase Program Details

Data Sources

ALFRED® (Archival Federal Reserve Economic Data) is an application for retrieving vintage versions of economic data.

CASSIDI® (Competitive Analysis and Structure Source Instrument for Depository Institutions) is the St. Louis Fed's banking market structure and competitive analysis online application.

FRASER® (Federal Reserve Archival System for Economic Research) provides historical economic statistical publications, releases and documents.

FRED® is the Federal Reserve's economic and financial database.

GeoFRED™ enables users to create thematic maps of U.S. economic data by state, county or metropolitan statistical area.
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