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Interest on Excess Reserves: Monetary Policy Beyond QE

While the announcement of a new policy of quantitative easing has revived an interest in monetary policy, one crucial Fed policy has remained outside of the spotlight: its policy of paying interest on...

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QE Is Untested and Ineffective

Click here for a printer-friendly version of this articleThese issues are the crux of the debate and should be argued thoroughly, especially since U.S. is not in a financial emergency. By undertaking...

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With Growth Strengthening, Fed QE Policy In Disarray

Kevin Warsh has resigned after five years on the Fed’s Board of Governors. In his resignation letter to President Obama, he expressed the honor he felt to have served at a time of great consequence and...

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Charles Plosser's Keynote Speech at the SOMC Symposium

Click here for a printer-friendly version of Professor Plosser's remarks.EXITShadow Open Market CommitteeMarch 25, 2011New York, New YorkCharles I. PlosserPresident and Chief Executive OfficerFederal...

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Fed Holds 92% of Bank Cash, Pushes Bank Reserves to 25% of Deposits

We think U.S. and global growth prospects are deteriorating under the weight of bad monetary policy, making equities vulnerable until policies improve. Today’s PPI declined 0.2% month-over-month for...

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Fed Normalization Possible; Non-Banks Adding Liquidity

Wednesday’s Wall Street Journal front page has an article on non-bank lending to traditional banking areas. “He figured a bank would put him through weeks of aggravation, then reject him. He turned...

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Fed Briefly Doubles Its Borrowings Through Reverse Repos; Good Step

The Federal Reserve is building the tools it will need to exit from its extraordinary monetary policy. Just as the market was against the Fed tapering, it will worry periodically about rate hikes, but...

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Dysfunctional Congress Takes Aim at the Fed

Teaser: Anyone expecting the mild-mannered Federal Reserve Chairman to be treated with kid gloves at her semi-annual congressional testimony last week was mistaken.  On the Senate side, Massachusetts...

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