Federal Reserve Board: H.2 Release for Week Ending June 17, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 22, 2017; Three Of Note Items

Of Note–

(1) Oxfam America’s Politics of Poverty:  “Contingent work: Using rigged rules against American workers.”

(2) The Guardian (UK). A view of precarious work (“gig-economy” jobs).

A sample quote–

“O’Grady reaches for a similar description. “I am personally shocked about how technology is used as a tyrant in the workplace. Tracking people going to the toilet. Tracking the work they do … All of that feels Dickensian in its failure to respect workers as human beings. They are just commodities. There is something really sickening about it.”

(3) Despite the claims of an improving economy, many people are still left out. (Emphasis, below, is from me.)

The civilian labor force participation rate was 62.7%, a 0.2% decrease from April. Workers unemployed for less than 14 weeks fell 356,000, while the number of long-term unemployed, those jobless for 27 weeks or more, rose to 1.7 million and accounted for 24.2% of the unemployed. The number of discouraged workers was 355,000, falling for the fourth straight month.

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending June 17, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Monetary Policy Implementation Federal Open Market Committee — increase in the target range for the federal funds rate to 1 percent to 1-1/4 percent, effective June 15, 2017.

-Announced, June 14, 2017

Interest on Reserves; Discount and Advance Rates — increase in the (1) interest rate paid on required and excess reserve balances from 1 percent to 1-1/4 percent and (2) primary credit rate from 1-1/2 percent to 1-3/4 percent, both effective June 15, 2017.

-Approved, June 14, 2017

Personnel Division of International Finance — appointment of Stephanie Curcuru, Matteo Iacoviello, and Carol Bertaut as assistant directors, and Sally Davies as deputy associate director.

-Announced, June 12, 2017

Enforcement Bank of America Corporation, Charlotte, North Carolina — written agreement dated December 6, 2010, terminated June 8, 2017.

-Announced, June 15, 2017

Bank of the Orient, San Francisco, California — cease-and-desist order dated June 17, 2015, terminated June 7, 2017.

-Announced, June 13, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for June 22, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of June 21, 2017):  $4,520,944 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)