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The Federal Reserve's present-day dual mandate monetary policy objectives to keep prices stable and unemployment low has replaced past practices under a gold standard where the main concern was the gold equivalent of the local currency, or under a gold exchange standard where the concern is fixing the exchange rate versus another gold ...
The seven-member Board of Governors is the main governing body of the Federal Reserve System. It is charged with overseeing the 12 District Reserve Banks and with helping implement national monetary policy. Governors are appointed by the president of the United States and confirmed by the Senate for staggered, 14-year terms. [22]
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System.It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States.
The Fed rate cuts made since September have "notably reduced the restrictiveness of monetary policy," she added. The Fed has now lowered short-term rates by a full percentage point to a range of 4 ...
The different types of policy are also called monetary regimes, in parallel to exchange-rate regimes. A fixed exchange rate is also an exchange-rate regime. The gold standard results in a relatively fixed regime towards the currency of other countries following a gold standard and a floating regime towards those that are not.
Unit labor costs - the price of labor per single unit of output - increased at a 0.8% annualized rate last quarter, the Labor Department's Bureau of Labor Statistics said.
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
The Chairman was also required to appear before Congress at semi-annual hearings to report on the conduct of monetary policy, on economic development, and on the prospects for the future. The Federal Reserve Act has been amended by some 200 subsequent laws of Congress. It continues to be one of the principal banking laws of the United States.