Fed to hold media briefings in historic shift
2011 03 25
By Mark Felsenthal | YahooNews.com / Reuters
Federal Reserve Chairman Ben Bernanke will break nearly 100 years of tradition at the U.S. central bank next month when he begins talking to the media after policy meetings.
The historic shift at an institution known for its secrecy will give Bernanke an opportunity to better inform the public and financial markets on how the Fed intends to maximize growth and keep inflation at bay. It also may help demystify the Fed at a time the central bank faces intense pressure to open up.
Bernanke, who has championed greater transparency since taking the reins at the Fed in 2006, will kick off on April 27 a program of four-times-a-year news conferences following a Fed meeting on monetary policy, the central bank said on Thursday.
It will be the first regularly scheduled briefing by a Fed chairman in the central bankís history.
The announcement brings the 97-year-old U.S. central bank into line with its peers from the other Group of Seven rich countries.
With reams of market commentary devoted to parsing the Fedís post-meeting statements, the central bank will now be able to convey a more-nuanced message on monetary policy than its brief statements can.
But it is not without risks.
With investors hanging on every word of the powerful Fed chairman, any misstep could roil financial markets.
"While it does give Bernanke an opportunity to clarify any market misinterpretation of the policy statement, it also opens the door to misinterpretation of what he says," said Kevin Flanagan, chief fixed-income strategist at Morgan Stanley Smith Barney. "Heís still going to be very careful."
FACING THE CRITICS
Congressional and public outcry for greater Fed disclosure has grown louder in the wake of the financial crisis, when the Fed bailed out failing financial firms and set up an array of programs to pump money into frozen credit markets. While some credit the Fed with saving the economy, many of its measures were met with stiff criticism.
An effort by lawmakers to expose the Fedís policymaking deliberations to congressional audits won a surprisingly high level of bipartisan support last year. Some members of Congress have also sought to narrow the Fedís mandate to focus solely on inflation rather than also aiming to keep unemployment low.
The Fed said Bernanke would hold a briefing after each policy meeting at which officials provide their quarterly economic forecasts, which fall in June and November this year.
"The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserveís monetary policy communication," the central bank said.
In a related move, the Fed said it would release its policy statement at 12:30 p.m. EDT (4:30 p.m. GMT) on those days, instead of the usual 2:15 p.m. EDT. The Fedís policy panel meets a total of eight times a year.
OPENING THE DOOR
The Fed, which did not begin announcing its policy moves until 1994, has slowly been coming into the light.
Among other steps, it decided in 2004 to move up the publication of minutes of its meetings to three weeks from about six; in late 2007, it moved to issue economic forecasts quarterly, rather than twice a year; and in 2009, it began providing a long-run inflation forecast that is viewed as a de facto target.
Nevertheless, the Fed has fought to keep some of details of its operations secret. This week, it lost a court battle to withhold the names of banks that had taken emergency loans.
Faced with fierce criticism over the Fedís crisis-fighting steps, Bernanke has stepped up efforts to explain the central bankís actions to the public. He has given two extensive television interviews -- a rarity for a sitting Fed chief -- and taken reporters questions after two speeches.
It may take some time for financial markets to adapt to the Fedís new communications plan.
Read the full article at: news.yahoo.com
Fed Chairman Ben Bernanke Will Hold Press Briefings Four Times A Year
Video from: YouTube.com
Bernanke at the ICBA Meeting
Video from: YouTube.com
Also tune into:
John Perkins - An Economic Hitman on Predatory Capitalism & Corporate Monopoly
Tracy Twyman - Alconomics, Money & Magic
Alan Watt - Money, Magic and Words
Ellen Brown - The Web of Debt & The Manufactured Financial Crash
Joseph P. Farrell - Babylonís Banksters, Nazi International & Global Finanical Blackmail
Jim Marrs - Trillion-Dollar Bailout Conspiracy, American Revolutions & Wikileaks
Mary Croft - Natural Man vs. Artificial Person, Law, Money & Banking
Federal Reserve Risks Ruining Reserve Currency
Federal Reserve to print billions of dollars in massive shadow stimulus
Federal Reserve loses suit demanding transparency
Controlling the Global Economy: Bilderberg, the Trilateral Commission and the Federal Reserve
Gallup Poll: Americans Turning Against Federal Reserve
The Federal Reserve is Bankrupt
Federal Reserve sets stage for Weimar-style Hyperinflation
Banking reform bribery exposed in European Parliament
Banksters & Government Con Exposed on MSNBC
How Attorney General Holder Colluded With Bank Of America To Destroy Wikileaks And Silence Unfriendly Journalists
6 Charts Which Prove That Central Banks All Over The Globe Are Recklessly Printing Money
Latest News from our Front Page
Group Polarization and the Fad of Ethno-masochism
2014 11 26
From "Group polarization: A critical review and meta-analysis". Journal of Personality and Social Psychology. 6 50 (6): 1141--1151
The psychology of White self hatred. Political correctness IS a mental disorder.
Group polarization: A critical review and meta-analysis.
Isenberg, Daniel J. the paper
Harvard Professor Noel Ignatiev talks about how to end the White race
The History of Political Correctness
The Narrative: The origins of Political ...
Credo: A Nietzschean Testament by Jonathan Bowden
2014 11 26
This lecture by Jonathan Bowden was given at the 11th New Right meeting in London on September 8, 2007. The original title of the presentation was ďThe Art and Philosophy of Jonathan Bowden.Ē
I think ideas are inborn, and youíre attracted, if you have any, toward certain systems of thinking and sensibility and response. From a very young age, I was ...
A Look Back at the OJ Simpson Verdict -- Reactions
2014 11 26
This is a look back at the different reactions to the OJ Simpson verdict some 20 years ago (exact date of verdict was Oct 3, 1995). The OJ Simpson jury consisted of 9 Blacks, 1 Hispanic, and 2 Whites. It would raise eyebrows after they only deliberated for 4 hours in a case that they were involved in for almost ...
New York Times Publishes Darren Wilsonís Street Address and Photo of House #Ferguson
2014 11 26
Hey here are the two @nytimes scumbags that published Wilsonís home address. ó> @juliebosman & @campbellnyt— Ben Howe (@BenHowe) November 25, 2014
Michael Brownís Stepdad Shouting ĎBurn This Bitch Downí
The New York Times published information about the address of Ferguson Police Officer Darren Wilson on Monday in a move that has generated controversy. Tensions are running high in Ferguson, Missouri, as ...
How Monsanto is Destroying the Brains and Health of Everyone
2014 11 25
Interested in slowing your aging process? Take note!
One of my most recent blog entries summarized roughly 10 years of research related to the consequences of inflammatory processes in the periphery of the body, such as the gut, and how this was driving brain degenerative inflammatory processes within the brain.
One of the key findings from that research was how pathogenic ...
|More News Ľ |