(1) The Failed Federal Reserve (and one-percenter economists). This blog has a skeptical view of the policy of the Federal Reserve, not only with diversity and inclusion but also with monetary policy. The ultimate policy is focused on Wall Street returns and the one-percenters. Everyone else is thrown to the side. It is shameful and disgusting.
Case in point, a quote from Boston Fed Bank President Eric Rosengren in the New York Times—
“When we think about the economy from the aspect of monetary policy, we can’t get it right for everybody,” Eric Rosengren, the president of the Federal Reserve Bank of Boston, said in an interview last week. “We can get it right for the overall economy.”
I was extremely disappointed, but not surprised, with Rosengren’s statement. The Federal Open Market Comittee (FOMC) laughed at the plight of the unemployed. That event showed clearly where the FOMC stands.
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 May 12, 2018, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Bank Holding Companies||Ameris Bancorp, Moultrie, Georgia — to merge with Atlantic Coast Financial Corporation, Jacksonville, Florida, and thereby indirectly acquire Atlantic Coast Bank.
-Approved, May 9, 2018
|Forms||Forms — final Board review to extend without revision the Senior Loan Officer Opinion Survey on Bank Lending Practices (FR 2018).
-Approved, May 8, 2018
Forms — final Board review to extend with revision the Report of Transaction Accounts, Other Deposits, and Vault Cash (FR 2900); Annual Report of Deposits and Reservable Liabilities (FR 2910a); Report of Foreign (Non-U.S.) Currency Deposits (FR 2915); and Allocation of Low Reserve Tranche and Reservable Liabilities Exemption (FR 2930).
Forms — final Board review to extend without revision the Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans and Quarterly Report of Credit Card Plans (FR 2835 and FR 2835a).
Forms — final Board review to extend without revision the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (FR 2502q).
Forms — initial Board review to extend without revision the Senior Financial Officer Survey (FR 2023).
Forms — initial Board review to extend with revision the Report of Selected Money Market Rates (FR 2420).
|Monetary and Financial Policy||Term Deposit Facility — floating-rate offering of seven-day term deposits with an early withdrawal feature, same-day settlement, and a maximum tender amount of $250 million on May 17, 2018.
-Announced, May 10, 2018
|Personnel||Division of Monetary Affairs (MA) — appointment of Rebecca Zarutskie and Karen Brooks as assistant directors, and reassignment of David Bowman from the Division of International Finance to MA as senior adviser.
-Announced, May 8, 2018
Division of Supervision and Regulation — temporary appointment of Michael Johnson, executive vice president at the Federal Reserve Bank of Atlanta, as deputy director.
-Approved, May 8, 2018
|Reserve Bank Operations||Federal Reserve Bank of Richmond — appointment of Becky C. Bareford as first vice president.
-Approved, April 27, 2018
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data on 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 May 17, 2018, 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 May 16, 2018): $4,385,194 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)