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Reserve Bank News

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  Rand’s Nosedive Foils Prospects for Rate Cut

  Updated 1 hour ago

  The rand’s drop in the past two weeks, the world’s steepest after Syria’s pound, is foiling prospects for an interest-rate cut by South Africa’s central bank amid mounting concern inflation will accelerate.

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  Bernanke Seeks Sustained Job Gains Before Paring Bond Purchases

  Federal Reserve Chairman Ben S. Bernanke and his fellow policy makers, expressing concern that federal budget cuts are blunting the recovery, signaled little appetite for reducing record stimulus without what he called “real and sustainable” progress in reducing unemployment.

• Reporting Leases, China Bond, Consumer Bureau: Compliance

  Accounting changes that would require companies to report more of their leases as assets and liabilities may encourage businesses to structure shorter-term rental agreements that could hamper the ability of lessors to predict cash flows, according to Fitch Ratings.

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  Bernanke Says Premature Tightening Would Endanger Recovery

  Federal Reserve Chairman Ben S. Bernanke defended the central bank’s record stimulus program under questioning from lawmakers, telling them that ending it prematurely would endanger a recovery hampered by high unemployment and government spending cuts.

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  Many on FOMC Said More Progress Needed Before QE Slows

  Many Federal Reserve officials said more progress in the labor market is needed before deciding to slow the pace of asset purchases, according to minutes of their last meeting.

• Fisher Says Fed Can Begin to Slow Mortgage Security Purchases

  Federal Reserve Bank of Dallas President Richard Fisher said the U.S. economy is on better footing and the central bank can begin to taper part of the program that allowed it to recover.

• U.S. Federal Reserve Meeting Minutes for May 1 (Text)

  Following are the minutes of the Federal Reserve’s Open Market Committee meeting that concluded on May 1.

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  Dudley Says Decision on Taper Will Require 3-4 Months

  Federal Reserve Bank of New York President William C. Dudley said policy makers will know in three to four months whether the economy is healthy enough to overcome federal budget cuts and allow the central bank to begin reducing record stimulus.

• Gensler’s Recusal Criticized in CFTC Watchdog’s MF Global Report

  Chairman Gary Gensler’s recusal from the U.S. Commodity Futures Trading Commission’s investigation into the collapse of MF Global Holdings Ltd. was unnecessary and wasn’t required by ethics rules, according to the agency’s internal watchdog.

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  Russia Cancels Bond Auction as Rate Outlook Drives Up Yields

  Russia abandoned the sale of $1.1 billion of ruble bonds, the first cancellation of an auction since October, after yields surged on concern policy makers will refuse to lower interest rates to bolster growth.

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