News
WSJ | Why the Dollar's Reign Is Near an End
For decades the dollar has served as the world's main reserve currency, but, argues Barry Eichengreen, it will soon have to share that role. Here's why—and what it will mean for international markets and companies.
MSNBC | Once-quiet Bernanke now has lots of opinions
Fed chairman becoming increasingly comfortable with political matters that he said he'd aovid.
USA Today | European Central Bank: Rate hike on horizon
European Central Bank president Jean-Claude Trichet shocked markets Thursday by saying interest rates could be raised at the next policy meeting in April to fight inflation across the 17-nation eurozone.
WSJ | Euro-Zone Growth Led by Exports
The euro-zone economy grew at a steady albeit modest rate in the final quarter of last year as export and household consumption growth was offset by a slump in new investment and a slowdown in government expenditure, official figures showed Thursday.
NYT | Fed Notes ‘Modest to Moderate’ Growth of Economy
In the central bank survey of economic activity, compiled in what is called the beige book, severe winter weather affected some aspects of the pace of economic activity.
Bloomberg | Bernanke Says Stronger Recovery Would Reduce State Woes
"If the economy continues to strengthen at about the pace projected by the Federal Reserve and many private forecasters, states and localities may start to get a little breathing space."
Fiscal Times | Inflation Rears its Ugly Head as Gas and Food Prices Rise
With gas prices at a two-and-a-half-year high, and global food prices up 25 percent last year because of adverse weather conditions, American consumers and businesses are becoming increasingly uneasy, economists say. “Strong commodity prices were benefiting producers of cotton, corn, soybeans, wheat, poultry, hogs and cattle, while there are also some reports of rising input prices, particularly in fertilizer and feed prices.”
Blogs
CSM: Daily Reckoning | Gold and silver: The states' new currency?
States aren't allowed to coin money. They can issue gold and silver, though, and some are talking about actually doing it.
Tim Duy's Fed Watch | The Rearview Mirror
The ISM manufacturing index extended January's impressive gains, again with improving internals. Note declines in the inventory measures, which suggests manufacturing momentum is set to continue. One can wring their hands over the personal income and outlays report which revealed a very small 0.1 percent decrease in real spending.
NYT: Economix | Is the New York Fed Making a Big Mistake?
An uncomfortable dissonance is beginning to develop within the Federal Reserve.
The Economist: Free Exchange | The ECB may soon raise rates
The ECB did not announce a rate increase today, but it did signal that one would be occuring soon—if not next month, then almost certainly in April.
WSJ: Real Time Economics | Bernanke’s Prognosis & Prescription for State, Local Governments
The state and local fiscal crisis is going to get worse before it gets better, says the nation’s most powerful economist, Federal Reserve Chairman Ben Bernanke.
