Steve Matthews News
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Federal Reserve Chairman Ben S. Bernanke said technological change will remake fields like health care and belie predictions that innovation will fade and economic growth will wane.
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Three Federal Reserve regional bank presidents called for phasing out the Fed’s monthly purchases of $40 billion in mortgage-backed securities as the housing recovery shows signs of gaining momentum.
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Richard Fisher, president of the Federal Reserve Bank of Dallas, urged the central bank to slow purchases of mortgage-backed securities to avoid disrupting the market.
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Federal Reserve Vice Chairman Janet Yellen is seen by a third of international investors as the most likely to take the helm of the central bank when Ben S. Bernanke’s term ends in January.
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Federal Reserve Bank of Philadelphia President Charles Plosser said a slowing in U.S. inflation to the lowest rate in more than three years doesn’t warrant a Fed policy response.
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Jim Brown, owner of JWB Properties LLC, says community banks called him almost every day in 2006 trying to lend him money. Now, his homebuilding business in Atlanta can’t get a loan.
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Federal Reserve Bank of Richmond President Jeffrey Lacker voiced opposition to bond purchases by the Fed, saying the buying probably won’t spur growth beyond 2 percent while making an exit from stimulus more challenging.
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Debate among Federal Reserve policy makers is shifting away from the timing of a reduction in bond buying to the need to extend record stimulus as inflation cools and 11.7 million Americans remain jobless.
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Federal Reserve Bank of Richmond President Jeffrey Lacker said he favors slowing bond buying now to ensure record growth in the central bank’s balance sheet doesn’t impede the eventual withdrawal of record accommodation.
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Federal Reserve Bank of Richmond President Jeffrey Lacker said a further slowing in inflation below the Fed’s 2 percent target may prompt him to consider more stimulus.
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