In an unprecedented question and answer meeting with reporters, the U.S. Federal Reserve chairman Ben Bernanke expects less economic growth for 2011 as the economy has been weaker in recent months than he had thought it would be.
The U.S. Federal Reserve raises the federal funds rate by a quarter percentage point to a level between the 1.0-to-1.25 percent range, and outlines a plan to trim its bond holdings and other securities. This is the fourth increase since December 2015.
The U.S. Department of Treasury may probe why Bloomberg News reporters were monitoring how investment bank employees searched their site for financial information, including U.S. Chairman of the Federal Reserve Ben Bernanke and Treasury Secretary Timothy Geithner.
The Federal Reserve System starts a new campaign of increasing the money supply, the expected so-called QE3. But it says it buys mortgage-backed securities in an "open-ended" way, essentially "creating" 40 billion US$ each month. The Fed also considers other measures in a bid to stimulate the economy.
Ben Bernanke, the Chairman of the United States Federal Reserve, gives a keynote address at a central banks conference at the US resort of Jackson Hole, Wyoming as statistics show that the US economy grew by 1%.
Ben Bernanke, the Chair of the Federal Reserve, says the United States Federal Reserve is prepared to act against the prospects of deflation but expects economic growth to continue during the latter half of 2010 "albeit at a relatively modest pace."
A spokesman for U.S. President Barack Obama expresses the administration's support for a second term for the incumbent Chairman of the Federal Reserve, Ben Bernanke, and says lawmakers would send a bad message by "playing politics in any way" with Bernanke's confirmation.