Daily Archives: October 23, 2012

Robin Harding

Binyamin Applebaum at the New York Times has a good piece today about who Mitt Romney might appoint as Federal Reserve chairman and what that might mean. His analysis is similar to that of Macro Advisers, and I don’t have much to add, save that I think Glenn Hubbard or Greg Mankiw are more likely choices than John Taylor.

It is worth considering, though, how a more hawkish Fed chairman would interact with the rest of the FOMC. The seven Fed governors at present are:

Term expires Age Notes
Elizabeth Duke 2012 60
Jerome Powell 2014 59
Sarah Raskin 2016 51
Jeremy Stein 2018 52
Ben Bernanke 2020 58 Chairman until Jan 2014
Daniel Tarullo 2022 59
Janet Yellen 2024 66 Vice chair until Oct 2014

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Michael Steen

The waiting game grinds on to see when (and it’s hard to find anyone who thinks it is an “if” rather than a “when”) Spain will apply to the EU’s rescue funds for a credit line that would allow the ECB to make use of its “outright monetary transactions” bond-buying programme. A repeated theme of the Spanish government has been to say it would like to know more details about OMT before tying itself fast to the fiscal conditions attached to a rescue programme.

Now some clarity from Benoît Cœuré, the ECB executive board member who oversees market operations, who spells it out:

We’ve been very clear on the modalities of the OMTs. They are ready and we’re not going to provide any more details.

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