Report and the state of the economstate of theeconomy before banking committee. This hearing begins with Committee Chairman tim johnson i call this hearing to order. This morning we welcome you back to the committee for testimony and the Federal Reserve semiannual Monetary Policy report to the congress. Since the chair was the last before the committee, Fisher Bernard and jerome were to effectively carry out the Monetary Policy and military functions. To that end, there are two remaining spots to be filled on the board and i hope for a swift nomination of qualified candidates with expertise in Community Banking as well as tough and effective oversight experience. The fed continues to grapple with many issues to spend both monetary and regulatory policy and look forward to hearing yellens perspective on these issues today. The study path of economic recovery will fall on the Great Recession took a sidestep with First Quarter. The Unemployment Rate has continued to drop in recent months
The kidney will likely reduce the payment of assets the committee will likely reduce the payment of assets. However its not on a preset course. Forward guidance on Interest Rates, the threshold of 6. 5 unemployment is still the language. But there is something new here. Maintain its current target range, especially runnflation continues to below the committees percent longerterm goal. Is Economic Activity expanding at a moderate pace, labor Market Conditions have shown pervert further improvement. Household spending, Business Investment advancing, while recovery in the housing sector slowed somewhat in recent months. Fiscal policies, restraint over Economic Growth may be running below inflation. The longerterm Inflation Expectations have remained stable. Finally, the Committee Sees the risk to the allocation of the labor economy. Inflation persistently below its two percent objective could pose a problem for Economic Performance. The vote here was not unanimous. Eric rosengren, the bos
A benchmark for credit markets source of world, as a safe investment. I hope as we have this discussion we can be candid about what we are talking about here. As we all know, if we do not raise the debt ceiling sometime soon, then at some point we will have disruptive consequences, because tax revenue is only 85 of all the money we are planning to spend, not 100 , and that means the other 15th percent 50 has got to be our it, and if not, then you have to make some decisions about what gets cut. That is disruptive, not where we want to go, and i hope the president will agree to actually address the underlying problems underlying problems that got us are so we can avoid it. Having said that, there is no circumstances under which we should ever tolerate choosing, willfully, to make sure that a missed payment would include a missed payment on the Treasury Security. Processing because of uniquely Important Role the treasury securities play. I was disappointed that the treasury secretary in
Care act. He said everything was good despite the problems of online sign up. New Jersey Governor Chris Christie withdrew his legal opposition to samesex marriages. And one of chinas largest cities harbin shut down because of choking smog, and declaring air pollution as a major cause of cancer. Those are the headlines. Im tony harris in new york city. Inside story is next on al jazeera. The nations biggest bank may be on the verge of paying the biggest penalty t to date in the wake of the Financial Markets collapse. Thats tonights inside story. Hello, im libby casey in washington. In the five years since the mortgage security meltdown triggered the financial crisis and the Great Recession many have wondered whether the big banks on wall street will ever be held responsible for their role. The answer is yes. According to insider reports, an agreements with struck between bank Ceo Jamie Dimon and eric holder. If it holds up homeowners could get relief and the bank could still be subject
Which households thats you and me, borrowed lessed and pays down a lot of debt. Good for you. As it turns out not so great for the wider economy. Credit card balances are a lit eight more under control, home equity line as lot more so. Are the latest stats that show an increase in borrowing good news . Indicates americans are ready to spend again. Or does that borrowing demonstrate persisting weakness, debt as a resort when raises and over time arent in presentful supply . Lets start this inside story with a look at the numbers. Americans borrowed more than 11. 5 trillions the highest amount since the end of 2007. Just. The u. S. Economy plunged into crisis. According to the latest report from the Federal Reserve bank of new york, more americans started taking on Household Debt again, buying homes, cars and educations after years of recession. Compared to the same quarter in 2012, almost each credit line saw an increase in borrowing. For mortgage debt, the total amount borrowed in two