Power Central Bankers

AFTER a general election in Japan and another EU summit in Brussels, our correspondents discuss the ever-increasing power of central bankers -The Economist

Federal Reserve Press conference Highlights

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Fed's Bernanke says that future asset buys depend on substantial improvement in labour market Says: - FOMC can modify the programme as appropriate. - Fed intends to be flexible on the pace of purchases
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 Fed's Bernanke says reaching one of the thresholds will not automatically trigger tightening Says: - Goal of asset purchases is to increase near term economic momentum. - Decisions to modify asset purchases and rate increases are tied to different criteria.
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Fed says 13 officials would prefer first rate hike in 2015 (Prev. 12); 1 in 2016 (Prev. 1) Says: - Cuts forecast for 2013 GDP growth, cuts forecast for 2013 unemployment rate, cuts forecast for 2013 core inflation. - Cuts forecast for 2014 GDP growth, raises forecast for 2014 unemployment rate, cuts forecast for 2014 core inflation. - Sees long-run jobless rate at 5.2% – 6.0% (Prev. 5.2% – 6.0%), GDP growth at 2.3% (Prev. 2.3% – 2.5%).
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Fed's Bernanke says that future asset buys depend on substantial improvement in labour market Says: - FOMC can modify the programme as appropriate. - Fed intends to be flexible on the pace of purchases. - No single indicator gives full assessment of labour market.
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Fed's Bernanke says FOMC may increase stimulus in fiscal cliff event Says: - Sustainable long run unemployment rate could be less than 6%


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Why is gold selling off?

Why is gold selling off? Gold recently dropped below the psychologically important $1,700 level.

BERNANKE BEGINS

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