Originally posted on CNNMoney

 

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The Federal Reserve Bank of New York said Thursday that it has created an arm to oversee the parts of its balance sheet acquired in efforts to bail out failing Wall Street firms. In a press release, the bank said this new group would be called the Special Investment Management Group, and it promoted Sarah Dahlgren to executive vice president to lead... 

Yesterday’s Greater New York section details a scathing report about New York’s economic development efforts, charging that some of the state’s economic development bodies spend too much money for too few jobs and that “spotty reporting has it made it difficult to analyze the cost and benefits of their projects.” The report is one of a number... 

When the head of one of New York’s top unions was named chairman of the Federal Reserve Bank of New York ’s board last year, more than a few observers’ jaws hit the floor. After all, what was the head of a union, a man who represents everyday working stiffs, doing at the helm of the regional central bank most entwined with Wall... 

As tea-party members staged rallies across the country yesterday, one supporter hit the streets of Manhattan in hopes of adding the Federal Reserve to the party’s growing list of targets. Carmine Priolo , a bartender in Staten Island, NY, went to a tea-party rally at New York’s Farley Post Office in a black “End the Fed” T-shirt and holding... 

The Federal Reserve pumped more than $1 trillion dollars into the economy at a lightning pace, but it plans to take it out glacially, a senior Fed official said in a speech Monday. Brian Sack, who runs the markets group at the Federal Reserve Bank of New York, laid out more detail on the Fed’s plans to reduce its massive holdings of mortgage backed... 

The Federal Reserve’s newest official sounded a bearish note on the economy today and offered a novel case for preserving the Fed’s role as a bank regulator. Narayana Kocherlakota became president of the Federal Reserve Bank of Minneapolis in October. He’s mostly been keeping his head down since then as he settled into his seat at the table... 

Calling government budget deficits unsustainable, a top Federal Reserve official on Thursday called on national leaders to start laying out plans that would allow a move back to more manageable spending levels. New York Fed President William Dudley (Reuters) “Just as there needs to be a credible exit strategy for monetary policy to anchor... 

Federal Reserve Bank of New York President William Dudley said Wednesday the damage caused by financial market bubbles should bring about a sea change in the way the central bank acts, with the Fed needing to move toward active efforts to reign in financial market excess. Reuters New York Fed President William Dudley “There is little doubt... 

The head of the Federal Reserve Bank of New York reiterated that he believes the U.S. economy is still in for a slow recovery and only a modest reduction in the levels of joblessness.  Read More →

Will it be another jobless economic recovery, like after the last recession? Or will the labor market bounce back strongly, as it did after the downturns of the 1970s and 1980s? Perhaps it will be a bit of both, concludes a paper being presented Thursday at the Brookings Panel on Economic Activity by economists Michael Elsby of the University of... 

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