(CNNMoney) - The Federal Reserve announced plans to unleash more stimulus Thursday, in its third attempt at a controversial program to rev up the U.S. economy.
The policy, known as quantitative easing and often abbreviated as QE3, entails buying $40 billion in mortgage-backed securities each month. The end date remains up in the air, as the Fed will re-evaluate the strength of the economy in coming months.FULL STORY
(CNN) – Federal Reserve Chairman Ben Bernanke headed back to the classroom Tuesday, and defended the Fed against its most outspoken critic, Ron Paul.
In a lecture otherwise about Fed history and the Great Depression, Bernanke devoted four slides to discussing "problems of the gold standard."FULL STORY
New York (CNNMoney) – The economy is improving, the Federal Reserve said Wednesday, but not enough to warrant higher interest rates for at least two-and-a-half more years. The central bank indicated that it expects to keep the federal funds rate near historic lows until late 2014 - an extension from the Fed's original pledge to keep rates low through mid 2013.
The "economy has been expanding moderately, notwithstanding some slowing in global growth," the Fed said in a statement Wednesday.FULL STORY
New York (CNNMoney) - Take that Rick Perry! Ben Bernanke headed down to Texas to rally the troops Thursday, and didn't get treated so "ugly" after all.
The Federal Reserve Chairman spoke to soldiers at Fort Bliss, offering up tips to improve their job prospects and personal finances. His speech - along with a question-and-answer session - came about three months after Perry, the Texas governor and a Republican presidential candidate, mildly threatened Bernanke and called him "almost treasonous."FULL STORY
NEW YORK (CNNMoney) - The Federal Reserve. It's the one institution almost every Republican presidential hopeful loves to hate.
And during the latest CNN debate, the candidates came to play, attacking the central bank with rhetorical broadsides usually reserved for enemies of the state.FULL STORY
NEW YORK (CNNMoney) - Remember that crazy, bitter debt-ceiling debate this summer? The one that created a half-baked debt reduction plan and led to the country's first-ever credit-rating downgrade?
Federal Reserve Chairman Ben Bernanke certainly does. And he had a simple message for Congress on Friday: Don't do it again. Seriously. Never, ever, ever again.FULL STORY
(CNNMoney) - Federal Reserve policymakers will take a closer look next month on what steps they can take to jumpstart the stalled U.S. economy, but Fed Chairman Ben Benanke warned Friday that Congress better help too.
In a speech in Jackson Hole, Wyoming, the chairman announced that a one-day meeting of the Fed, originally set for Sept. 20, is being expanded to two days "to allow a fuller discussion" of what the Fed should do to respond to "disappointing" growth.FULL STORY
(CNN) - Former Treasury official Bruce Bartlett labeled newly-minted Republican presidential candidate Rick Perry "an idiot" Friday.
Bartlett, who served at Treasury under former President George H.W. Bush and as a domestic policy adviser to the late President Ronald Reagan, delivered the choice words to the Texas Gov. in reference to his recent comments about Federal Reserve Chairman Ben Bernanke.
New York (CNNMoney.com) - The Federal Reserve has been in the hot seat since its last meeting. But don't expect its embattled policymakers to signal any significant change of heart when they meet Tuesday.
Economists and other Fed watchers expect the central bank's statement to be somewhat more upbeat than a month ago, acknowledging some signs of improvement in the economy.
Washington (CNN) - Federal Reserve Chairman Ben Bernanke is warning Congress that the economic outlook remains "unusually uncertain," although he says the Fed is planning for the ultimate withdrawal of the substantial funds it has injected into the financial system since the onset of the economic crisis in 2008.
After Bernanke's statement before a Senate committee Wednesday, stocks turned sharply lower, with the Dow Jones industrial average down more than 100 points.
In prepared testimony for the Fed's semiannual report on monetary policy, Bernanke emphasizes more than once that economic conditions are likely to keep its short-term interest rates at "exceptionally low levels ... for an extended period," explaining that inflation is likely to remain low for several years. At the same time, he offered the most extensive look yet at the Fed's plans and options for pulling money out of the system and raising short-term rates, as the economy improves.