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2014-07-09
R.I.P. William 'Bill' Herbert Kelder - Intellpuke

2013-11-28
Gamers Donate 37,500 Pounds Of Food To Needy

2013-09-30
Statement From The Whitehouse Regarding The Government Shutdown

2013-09-29
An Open Response To 'Organizing for Action'

2013-08-26
Bayou Corne: The Biggest Ongoing Disaster In The U.S. You Have Not Heard Of

2013-04-21
Boston Mayor Hopes Feds 'Throw the Book' at Marathon Bombing Suspect

2013-04-19
Boston Police Closing In On Suspects

2013-04-15
2 Explosions At Boston Marathon. 2 Dead, Many Injured.

2013-01-03
The Press vs Citizens Rights and Privacy - Act 3

2012-12-30
CBS News - Year In Review 2012

Nature.com - 366 Days: 2012 In Review

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TruTV - The Biggest Conspiracy Theories of 2012

Colbert Nation: 2012: A Look Back

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2012-12-25
Happy Holidays

2012-12-21
Welcome To A New Era!

2012-12-16
An Open Letter To United Health Care, Medcom, And The Medical Insurance Industry In General

2012-11-17
Whitehouse Petition To Remove "Under God" and "In God" From Currency And The Pledge.

2012-11-15
December 21, 2012

2012-11-11
If Hillary Clinton Ran For President, She Would Probably Be The Best-prepared Candidate In American History

2012-11-10
CIA Director David Petraeus Resigns After FBI Investigation Uncovers Affair With High-Profile Journalist

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2012-11-07
Thank you for voting.

2012-11-06
Live Election Results

2012-09-30
FIP In Hiatus

2012-09-18
U.S.-Afghan Military Operations Suspended After Attacks

Iran Nuclear Chief Says IAEA Might Be Infiltrated By 'Terrorists And Saboteurs'

Romney Stands By Gaffe

2012-09-17
President Obama Says China Trade Practices Harm American Auto Parts Workers


Chicago Fed Reserve Official Urges U.S. Federal Reserve To Act On Unemployment
2012-08-27 16:10:43 (104 weeks ago)
Posted By: Intellpuke

The U.S. Federal Reserve needs to take action now to bring down the jobless rate, a top Fed official said on Monday.

Charles Evans, president of the Chicago Federal Reserve, said the central bank should not wait for more data. "I don't think we should be in a mode where we are waiting to see what the next few data releases bring. We are well past the threshold for additional action; we should take that action now," he told reporters at a seminar at the Hong Kong Bankers Club.

Last week the Fed released minutes from its last meeting a the end of July which showed its members were increasingly concerned about the slowdown in the U.S.'s fragile economic recovery. At their previous meeting in June the minutes showed only "a few members" thought further stimulus would likely be needed.

Evans said that without a change in policy, the unemployment rate, now at 8.3%, was unlikely to fall below 7% before 2015 at the earliest.

Last year the Fed launched a securities buying program known as Operation Twist aimed at bringing down longer-term interest rates. Evans appeared to be giving support to a similar move. "It is time to take even stronger steps," he said.

(story continues below)




His comments come ahead of a speech Friday from Fed chairman Ben Bernanke at the Kansas City Fed's annual gathering of policy makers in Jackson Hole, Wyoming. That speech will be closely watched in Washington as well as by the financial markets. The economy is central to the 2012 election cycle and any move by Bernanke could trigger a furious backlash from Republican critics.

After its last meeting the Fed signaled it was increasingly concerned about the apparent slowdown in the U.S. recovery. Strong jobs growth over the winter collapsed in the spring. It has since recovered but remains historically weak compared to the job growth after previous recessions.

Next Friday the Labor Department will release non-farm payroll figures for August – the closely watched monthly survey of U.S. employment. Last month the U.S. added 163,000 new jobs, higher than the 100,000 gain expected by economists but not enough to bring down the unemployment rate.

The Federal Reserve Open Markets Committee, which sets Fed policy, meets after the release of those figures on September 12 and 13. That meeting is seen by economists as the last before the election at which the Fed in likely to act.

Intellpuke: You can read this article by Guardian U.S. Business Correspondent Dominic Rushe, reporting from New York City, N.Y., in context here: www.guardian.co.uk/business/2012/aug/27/federal-reserve-offical-us-unemployment


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