Tuesday, July 15, 2014


FOX News | US economy: Expect all talk, no action from Fed Chair Yellen's testimony this week
Federal Reserve Chair Janet Yellen will testify before Congress Tuesday and Wednesday about the economy and future Fed policy. We won’t learn much about either, because the Fed refuses to recognize the facts on the ground.
Market Watch | U.S. import price index rises slightly in June
The prices paid for goods imported into the U.S. edged up 0.1% in June, largely because of higher fuel costs, the U.S. Labor Department said Tuesday.
CNBC | Looks like the Fed wants to have even more power
Just as the Fed is getting ready to exit its controversial quantitative easing program, there's talk that it wants to expand its mandate to yet a third prong, which would see it assume responsibility for financial stability in addition to price stability and full employment.

Econ Comments & Analysis                                                                                            
Forbes | Get Real, Monetary Policy
Last week, the House Financial Services Committee held hearings on Federal Reserve reform. Maybe the Fed could explicitly follow monetary policy rules, or become subject to conventional audits, or be the subject of a commission reflecting on its hundred-and-one years of performance. These were some of the ideas floated. Warhorses including the old International Monetary Fund hand Simon Johnson were there to say no way: everything will go haywire if you change a thing with the Fed.