Gary Stern, former president of the Federal Reserve Bank of Minneapolis, said he doesn’t see an impending “inflationary disaster” as the central bank pumps money into the economy in an effort to stimulate growth.
California’s three biggest utilities are sparring with their own customers about systems that store energy from the sun, opening another front in the battle that’s redefining the mission of electricity generators.
JPMorgan Chase & Co. could have spotted trouble at its chief investment office long before traders there racked up at least $2 billion in losses. One reason it didn’t: Chief Executive Officer Jamie Dimon.
California, the world’s ninth- largest economy, has Edison International to thank for selling all of its carbon permits in the state’s first auction. The company unintentionally bid for twice as many allowances as were for sale.
European Union banks will be forced to boost capital, disclose more information on their activities than ever before, and face tougher scrutiny of how they measure risks, after lawmakers formally endorsed a law to overhaul the bloc’s financial rulebook.
The coastal Georgia island where a secret 1910 meeting produced a blueprint for the Federal Reserve led central bankers 100 years later to consider the lessons of history as they move into new monetary territory.
Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the nation’s credit markets seized up and required unprecedented bailouts by the government.
Gary Stern , former president of the Federal Reserve Bank of Minneapolis, and John Silvia , chief economist at Wells Fargo Securities LLC, said the central bank is sticking with the view that a moderate recovery is under way and a recent rise in inflation is temporary. They spoke after Fed officials met in Washington today.
The Federal Reserve Bank of New York, which carried out central-bank rescues of money markets and Wall Street firms, is poised to have its powers expanded even more -- at the risk of reduced independence.