FOMC statement: Evans dissents
The FOMC statement is out. There was no policy change, but it shows that the number of dissenters has been cut from three to one.
At the last vote, Richard Fisher, Narayana Kocherlakota, Charles Plosser all dissented, on the grounds that they did not support the additional measures to support easing. All three had also dissented at the previous meeting. Read more
Monetary and macroprudential policies: one authority or two?
Officials the world over are keen on macroprudential policy. But it’s far from obvious what tools macroprudential policymakers should be given. It’s also not clear the degree to which central banks should be responsible for exercising the macroprudential mandate.
Fear not. The IMF released a guide on Tuesday on the pros and cons of different institutional arrangements for macroprudential policymaking. What the guide shows is that the degree to which central banks are responsible boils down to how officials weigh up two sets of risks: those stemming from a lack of accountability and those caused by groupthink. Read more
FOMC points to watch – 2nd Nov 2011
A few points to look out for from the Fed today. We should get the statement at 12.30 ET, followed by the FOMC forecasts at 14.15 ET, when Ben Bernanke will start talking.
Forecasts – The first update to the FOMC’s economic forecasts since June is likely to be the most important information released today. We will also get the Fed’s first forecasts for 2014. Read more
Rebalancing’s common currency
Sir Mervyn King never misses an opportunity to tell us of the need for the global economy to rebalance. And marking the release of the new £50 note, which features Matthew Boulton and James Watt, proved no exception.
The new £50 note. Image by Bank of England.
This from the governor:
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Chris Giles has been the economics editor of the Financial Times since 2004. Based in London, he writes about international economic trends and the British economy. Before reporting economics for the Financial Times, he wrote editorials for the paper, reported for the BBC, worked as a regulator of the broadcasting industry and undertook research for the Institute for Fiscal Studies. RSS
Michael Steen, Frankfurt bureau chief, covers the ECB and the eurozone's economies. He joined the Financial Times in 2007 as Amsterdam correspondent and later worked as a front page news editor in London. Before joining the FT, he spent nine years as a correspondent at Reuters, mostly in foreign postings that included a previous stint in Frankfurt, as well as Moscow, Kiev and central Asia. He read German and Russian at Cambridge.RSS
Robin Harding is the FT's US economics editor, based in Washington. Prior to this, he was based in Tokyo, covering the Bank of Japan and Japan's technology sector, and in London as an economics leader writer. Robin studied economics at Cambridge and has a masters in economics from Hitotsubashi University, where he was a Monbusho scholar. Before joining the FT, Robin worked in asset management and banking. RSS
Ralph Atkins, capital markets editor, has been writing for the Financial Times for more than 20 years following an economics degree from Cambridge. From 2004 to 2012, Ralph was Frankfurt bureau chief, watching the European Central Bank and eurozone economies. He has also worked in Bonn, Berlin, Jerusalem and Brussels. RSS
Claire Jones is Money Supply economics team writer, based in London. Before joining the Financial Times, she was the editor of the Central Banking journal and CentralBanking.com. Claire studied philosophy and economics at the London School of Economics. RSS
