The Federal Reserve says it will keep the federal funds rate near zero percent until joblessness drops.
The Senate confirms two new members of the Federal Reserve Board, giving it a full seven-member board for the first time in six years.
It’s hard not to find the current savings situation irritating. Banks broke the financial system taking on excessive risk, got a bailout and can now pay dividends to shareholders but depositors are still paid nothing.
Last week Ben Bernanke, the Chairman of Federal Reserve, announced what has been referred to as Operation Twist. In short, the Fed will roll over the short-term bond purchases they made as they mature and purchase long-term bonds in order to push interest rates down on mortgages and long term debt. But arguably just as