by Warren E. Weber - Center for Financial Innovation and Stability, Federal Reserve Bank of Atlanta
Today"s institutions and technologies differ from those that existed in the past. Nonetheless, many past institutions and technologies are similar enough to those that exist today that much can be learned from studying their history. The notes issued by banks in the United States prior to 1933 are one such case. Bank notes were distinguishable by issuer and were payable to the bearer in gold or silver on demand. As a result, they share many of the characteristics of the financial instruments that are and would be classified as e-money.
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from the Philadelphia Fed
The Federal Reserve conducts monetary policy in order to achieve maximum employment, stable prices, and moderate long-term interest rates. Monetary policy currently implemented by the Federal Reserve and other major central banks is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth. Any decisions regarding redistribution are considered to be the province of fiscal policy, which is determined by elected policymakers.
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FOREX NEWS by DailyForex
Changes are not expected in the Fed’s plan to raise interest rates in the very near future. Fed Chair Janet Yellen will point to some progress in raising employment and lowering inflation when she meets today to discuss the economy’s progress.
The Euro managed to recover some losses made in the wake of the Federal Reserve’s policy release yesterday which tended to support the greenback given that there were no Fed surprises.
The Japanese economy is the third largest in the world, behind the USA and China. Roughly 60% of Japan’s economic output is consumed by the domestic market with 40% of output exported to the rest of the world.
The latest report out of China, its Flash China Manufacturing Output Index, pointed to a drop in factory activity for the third straight month in May, down to 48.4 from an April high of 50.0 and hitting a 13-month low.
After several days when the pressure was high against it, the US Dollar touched a 3-week peak versus the common currency Euro and 2-month high against the Japanese Yen.
by Dirk Ehnts, Econoblog101
"Europe finally starts pumping markets with cash", CNN Money titled in early March 2015 when the ECB announced its program of quantitative easing (QE). Other press outfits wrote similar lines (Telegraph, RT, Reuters, ...) whereas some understood what was going on at the time (among others, the BBC).
Investing Daily Article of the Week
by Robert Rapier, Investing Daily
A great deal has already been written about Elon Musk"s recent announcement that Tesla Motors (NASDAQ: TSLA) has developed the Powerwall home battery, a rechargeable lithium-ion battery for homes, businesses, and utilities.
22May2015 Market Close: Markets Closed Mixed, Small Caps Closed In The Green Ahead Of The Memorial W
22May2015 Pre-Market Commentary: Investors See Little Future In Today's Financial Posting Sending U.
ECRI"s WLI Growth Index which had spent 28 weeks in negative territory - is now in its third week in positive territory. It is now forecasting better growth later this year. ECRI also released its coincident indicator this week and is reported below.