Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Fed’

A significant Trump nominee for the Fed

Posted by hkarner - 16. Juli 2017

Date: 13-07-2017
Source: The Economist
Subject: Wall Street: A new approach to financial regulation

DONALD TRUMP promised to unshackle America’s financial firms from mounds of stultifying regulation and the grip of bureaucrats with little practical experience of capitalism. One way to put that pledge into practice is to appoint officials with business backgrounds and deregulatory agendas. This element of the Trump strategy was on show this week, with a presidential nomination for a critical job at the Federal Reserve and the first public address by the new head of the Securities and Exchange Commission (SEC), another financial regulator.

Buried in the voluminous pages of the Dodd-Frank act, an Obama-era law passed in response to the financial crisis, was the creation of a new supervisory job at the Fed. Thus far, this powerful post has been informally delegated to an existing Fed board member, first Daniel Tarullo and, since his departure, Jerome Powell. That is set to change. Randal Quarles was formally nominated for the job—technically a vice-chairmanship with a brief covering financial supervision—on July 11th.

Mr Quarles has held a number of jobs—as a lawyer for financial institutions at Davis Polk, a leading law firm; as a senior official in the Treasury; working on bank investments at Carlyle, a private-equity firm; and most recently, as head of Cynosure, a firm investing on behalf of wealthy families. If approved by the Senate, Mr Quarles will have his new office in a building named after Marriner Eccles, chairman of the Fed from 1934 to 1948, and a relative of his wife, Hope.

Mr Quarles is described by former associates as being in favour of policies administered through transparent and direct rules. If so, this would mark a shift from the Obama administration’s approach to finance. It oversaw a profusion of complex, and sometimes conflicting, directives; supervisors kept banks on a tight leash through stress tests that lacked clear criteria. That created vast uncertainty for financial institutions. It also gave regulators great discretionary power (to say nothing of lucrative job opportunities helping financial institutions to navigate their way through the murk). Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , , , , | Leave a Comment »

Trump dürfte ehemaligem Goldman-Sachs-Chef die Fed-Leitung übergeben

Posted by hkarner - 12. Juli 2017

12. Juli 2017, 11:08 derstandard.at

Die Amtszeit der US-Notenbankchefin Janet Yellen endet im Februar. Trump-Berater Gary Cohn könnte den Job bekommen

Washington – Eine zweite Amtsperiode von US-Notenbankchefin Janet Yellen wird einem Medienbericht zufolge immer unwahrscheinlicher. Das Magazin „Politico“ berichtete am Dienstag, Präsident Donald Trumps Wirtschaftsberater Gary Cohn habe beste Aussichten, Yellens Nachfolger zu werden. Das Magazin berief sich auf mehrere mit dem Vorgang vertraute Personen aus Präsidialamt, Finanzministerium und Kongress. „Gary wird es, wenn er es will, und ich glaube, dass er es will“, wurde ein namentlich nicht genannter Republikaner zitiert. Eine Sprecherin des Präsidialamts sagte, Cohn konzentriere sich auf seine Aufgaben als Wirtschaftsberater. Ähnlich hatte sich Cohn Anfang Juni selbst geäußert. Eine Sprecherin der Notenbank (Fed) lehnte eine Stellungnahme zu dem Bericht ab.

Fondsmanager erwartete keine Änderungen Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

The New Abnormal in Monetary Policy

Posted by hkarner - 11. Juli 2017

Posted in Artikel | Verschlagwortet mit: , , , , , , | Leave a Comment »

Prepare for Turbulence

Posted by hkarner - 9. Juli 2017

July 9, 2017

– Alice Rivlin

“The central bank needs to be able to make policy without short-term political concerns.”

– Ben Bernanke

“… from the standpoint of the overall economy, my bottom line is we’re watching it closely but it appears to be contained.

– Ben Bernanke, repeatedly, in 2007

“Would I say there will never, ever be another financial crisis? You know, probably that would be going too far, but I do think we’re much safer, and I hope that it will not be in our lifetimes, and I don’t believe it will be.”

– Janet Yellen, June 27, 2017 Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

The Inflation Target Trap

Posted by hkarner - 7. Juli 2017

Posted in Artikel | Verschlagwortet mit: , , , , , , , , | Leave a Comment »

Yellen: Globalization, Technological Change Have Been Harmful to Many

Posted by hkarner - 29. Juni 2017

Date: 28-06-2017

Source: The Wall Street Journal

Fed chief also says the U.S. financial system is ‘safer and sounder’ than before the crisis

LONDON—The offshoring of jobs associated with globalization combined with technological change have been devastating for many American communities, while designing programs to help has proved difficult, Federal Reserve Chairwoman Janet Yellen said Tuesday.

Speaking at the British Academy, Ms. Yellen said the two processes were intertwined, and had led to a loss of middle-income jobs that created a feeling of despair among those affected.

“Both of these things have been quite harmful to a very large share of the population,” she said, referencing a range of problems such as increased death rates among some segments, and rising drug use.

Ms. Yellen’s comments about the downside of some big changes in the economy over recent decades were unusually direct.

“Trade can be good, and it has been good,” she said. “But there are losers, and it’s challenging to design interventions that would help the losers.”

Ms. Yellen also said the U.S. financial system is “safer and sounder” than it was before 2008, although another crisis can’t be ruled out, Ms. Yellen said the Fed is spending more time on detecting threats to financial stability, including in places that aren’t subject to regulation. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

US-Banken sollen es leichter haben

Posted by hkarner - 13. Juni 2017

Finanzminister Steven Mnuchin präsentiert ein Konzept, um die US-Finanzaufsicht zu reformieren. Es ist nicht revolutionär, wird aber Bewegung in die Branche bringen.

Wien. Als US-Präsident Donald Trump im Februar gerade frisch im Amt war, beauftragte er in seinem ersten Dekret das US-Finanzministerium, das gesamte Finanzsystem einmal gründlich zu durchforsten. Alle Verträge und Gesetze, die mit „Kernprinzipien“ kollidieren, sollten ausfindig und möglichst eliminiert werden.

Nun, genau vier Monate später, hat US-Finanzminister Steven Mnuchin auf 147 Seiten seine Ausbeute präsentiert und gleichzeitig dargelegt, wie er die US-Finanzaufsicht zu reformieren gedenkt. Auf seine Vorschläge hat die Bankenbranche gierig gewartet. Schließlich, soll ihnen – so forderte es der US-Präsident mit Vehemenz – das Leben endlich wieder erleichtert werden. Insbesonders hat es Trump auf das Dodd-Frank-Gesetz abgesehen. Sein Vorgänger Barack Obama setzte es als Reaktion auf die Finanzkrise 2010 unter großen Widerständen in Kraft. Es verbot Banken etwa auf eigene Rechnung zu spekulieren. Trump bezeichnete das Dodd-Frank-Regelwerk als „Desaster“, das man größtenteils streichen könne. Es habe nämlich weder die Finanzstabilität noch den Konsumentenschutz gefördert.  Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , , , , | Leave a Comment »

Understanding Today’s Stagnation

Posted by hkarner - 24. Mai 2017

Posted in Artikel | Verschlagwortet mit: , , , , , , , , | Leave a Comment »

The $9 Trillion Question: What Happens When Central Banks Stop Buying Bonds?

Posted by hkarner - 11. Mai 2017

Date: 10-05-2017
Source: The Wall Street Journal

Central banks have been the world’s biggest buyers of government bonds and may soon turn into sellers

Recent data showed that the European Central Bank holds total assets of $4.5 trillion, more than any other central bank ever. Above, the ECB headquarters in Frankfurt.

Central banks have been the world’s biggest buyers of government bonds and may soon turn into sellers—a tidal shift for global markets. Yet investors can’t agree on what that shift will mean.

Part of the problem is that there is little agreement about how the massive stimulus policies, known as quantitative easing or QE, affected bonds in the first place. That makes it especially hard to assess what happens when the tide changes. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »

A decade after the financial crisis, how are the world’s banks doing?

Posted by hkarner - 6. Mai 2017

Date: 04-05-2017
Source: The Economist
Subject: Ten years on

Though the effects of the financial crisis in 2007-08 are still reverberating, banks are learning to live with their new environment, writes Patrick Lane. But are they really safer now?

THE ELECTION OF Donald Trump as America’s 45th president dismayed most of New York; Mr Trump’s home city had voted overwhelmingly for another local candidate, Hillary Clinton. But Wall Street cheered. Between polling day on November 8th and March 1st, the S&P 500 sub-index of American banks’ share prices soared by 34%; finance was the fastest-rising sector in a fast-rising market. At the time of the election just two of the six biggest banks, JPMorgan Chase and Wells Fargo, could boast market capitalisations that exceeded the net book value of their assets. Now all but Bank of America and Citigroup are in that happy position. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »