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Wednesday, July 17, 2013

Monetary

News                                                                                                                             
CNN Money | Fed dissenter argues for tapering QE3
The economy is improving, and now is the time for the Federal Reserve to start weaning the economy back off stimulus, according to one central bank policymaker.
CNN Money | Senate confirms consumer financial chief
Five years after the Wall Street meltdown, the agency that protects consumers finally has a confirmed chief.
CNBC | Will Bernanke taper talk rock the markets again?
Fed Chairman Ben Bernanke is not likely to say much new when he testifies before Congress Wednesday, but even so, he could rock the markets.

Econ Comments & Analysis                                                                                            
Bloomberg | Frantic Rule-Writing Won’t Avert New Banking Crisis
Five years after the great financial meltdown, have the U.S. and other advanced economies done enough to head off the next calamity? The short answer is no.
WSJ | Central Banking Needs Rethinking
The Federal Reserve did well to supply liquidity after Lehman Brothers failed in September 2008 and the world was plunged into financial crisis. But since then the Fed's monetary policy has been increasingly hazardous and bank supervision by the Fed and other regulators dangerously ineffectual.
Bloomberg | Bernanke Says Fed Bond Purchases Not on ‘Preset Course’
Federal Reserve Chairman Ben S. Bernanke said the central bank’s asset purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant.
Federal Reserve | Chairman Ben S. Bernanke: Semiannual Monetary Policy Report to the Congress
The economic recovery has continued at a moderate pace in recent quarters despite the strong headwinds created by federal fiscal policy.