Monetary Policy Going Forward (Citing Bagehot, Bernanke and Babe Laufenberg)—"If the fiscal and regulatory authorities are able to dispel the angst that they are reportedly causing, further accommodation may not be needed because the liquidity that has been built up on corporate balance sheets and in the excess reserves of banks might then be released into the economy and spur job creation."
Are the Intraday Effects of Central Bank Intervention on Exchange Rate Spreads Asymmetric and State Dependent?—This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank.
The headline PCE price index increased at a 2.9 percent annualized rate in July, breaking a string of three consecutive monthly declines. Just as those three monthly declines were driven primarily by falling energy prices, July's increase owed much to a sharp rise in gasoline prices. The 12-month headline rate ticked up from 1.4 percent to 1.5 percent.
The trimmed mean PCE inflation rate for July was an annualized 0.9 percent. According to the BEA, the overall PCE inflation rate for July was 2.9 percent, annualized, while the inflation rate for PCE excluding food and energy was 1.3 percent.
"Conversation with the Chairman" is a unique opportunity for educators from across the country to learn from Ben S. Bernanke, Chairman of the Board of Governors of the Federal Reserve System. During "Conversation with the Chairman," Bernanke will address teachers nationwide via videoconference. In addition, the Chairman will take questions from educators in the audience in the 12 Federal Reserve districts.
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