Click here to check the ultimate guide to learn how to leverage your PC and internet to make money online.
The Washington Independent
The Washington Independent

Fed Revises Down Growth Forecast, Chooses to Maintain Current Policies

Today, the Federal Reserve released the minutes of its June Federal Open Market Committee meeting. Noting strong economic headwinds, the FOMC revised down its

Madihah Walls
News
Last updated: Jul 31, 2020 | Jul 15, 2010

Today, the Federal Reserve released the minutes of its June Federal Open Market Committee meeting. Noting strong economic headwinds, the FOMC revised down its forecasts for growth, inflation and employment. The FOMC essentially determined that conditions had deteriorated, but not enough to warrant any changes to the Fed’s behavior:

In their discussion of monetary policy for the period ahead, members agreed that it would be appropriate to maintain the target range of 0 to 1/4 percent for the federal funds rate. The economic outlook had softened somewhat and a number of members saw the risks to the outlook as having shifted to the downside. Nonetheless, all saw the economic expansion as likely to be strong enough to continue raising resource utilization, albeit more slowly than they had previously anticipated. In addition, they saw inflation as likely to stabilize near recent low readings in coming quarters and then gradually rise toward more desirable levels. In sum, the changes to the outlook were viewed as relatively modest and as not warranting policy accommodation beyond that already in place.

This** **recognition of the troubles but hesitancy to do anything — from buying up corporate debt to raising the inflation target to dropping money from a helicopter — has a number of prominent economists perplexed. (See Brad DeLong and Paul Krugman.) There are a variety of reasons why; primary among them is the sense that the economy is not in a state of “emergency,” and therefore the Fed should stick to conventional policy-making instruments. But I would add one other important one: Congressional action would be far less unusual, and far more immediate, than what the Federal Reserve would do.

Madihah Walls | Madihah Walls is an author who specializes in carriages, corsets, and smartwatches. Publishers Weekly, Library Journal, and Booklist have all given her books starred reviews. Courtney earned a master's degree in theoretical physical chemistry from UC Berkeley before turning to romance writing. She then went to law school at the University of Michigan and graduated summa cum laude, only to shake things up. After that, she did a few clerkships. She used to be a law professor. She is now a full-time writer.

Related

Giffords shooting leads nation to introspection and political finger wagging

In the wake of the shooting in Arizona this weekend that critically injured Rep.

EPA Administrator Addresses Concerns About Oil Spill Waste Management

At a hearing of the national oil spill commission today, Environmental Protection Agency Administrator Lisa Jackson addressed concerns about waste disposal from

E-Verify Mandate Begins Today

The Obama administration today begins implementation of a new mandate to require all federal contractors to check the legal status of their employees to confirm

EPA administrator defends allowing Florida to write its own water pollution rules

The EPA seal (Pic via sentryjournal.com) The Environmental Protection Agency has come under fire for its decision to allow the state of Florida to write its own water pollution rules (known as “numeric nutrient criteria”). EPA Regional Administrator Gwendolyn Keyes Fleming is now firing back, writing that the Agency commends the state Department of Environmental Protection for its draft of a proposed standard. A host of environmental groups filed suit in 2008, seeking to compel the EPA to implement a strict set of water pollution standards in Florida, arguing that the state was in violation of the Clean Water Act.

EPA administrator fires back at critics in op-ed

EPA Administrator Lisa Jackson (Pic by USACEpublicaffairs, via Flickr) EPA Administrator Lisa Jackson penned a new op-ed for the Los Angeles Times , criticizing House Republicans desperately seeking to undermine the authority of the agency they have dubbed a “job killer.” Arguing that the environment affects red states and blue states alike, Jackson writes that “it is time for House Republicans to stop politicizing our air and water.” As head of the Environmental Protection Agency, Jackson has faced harsh criticism from House Republicans and GOP presidential candidates who say the agency’s regulations are an undue burden on businesses that have to cut jobs simply to comply with clean water and air rules. Presidential hopeful Michele Bachmann  has pledged to end the EPA if she takes office. “Since the beginning of this year, Republicans in the House have averaged roughly a vote every day the chamber has been in session to undermine the Environmental Protection Agency and our nation’s environmental laws,” writes Jackson.

EPA administrator says federal nutrient criteria is a ‘myth’

In testimony given late last week, EPA Administrator Lisa Jackson said that false accusations about her agency’s numeric nutrient criteria to govern Florida waterways are proving to be a detriment to their implementation. # Testifying before the House Agriculture Committee, Jackson said her agency’s work was often “mischaracterized” and addressed several myths surrounding its work

EPA announces hold on nutrient standards if Florida can come up with own criteria

The EPA announced today that it is now prepared to withdraw a portion of its proposed numeric nutrient criteria (a set of standards governing water pollution in inland waters) and delay the portion related to estuarine waters, to allow the state Department of Environmental Protection to develop its own criteria. # From a statement released by the EPA earlier today: # EPA recognizes that states have the primary role in establishing and implementing water quality standards for their waters. Therefore, EPA is prepared to withdraw the federal inland standards and delay the estuarine standards if FDEP adopts, and EPA approves, their own protective and scientifically sound numeric standards

EPA Analysis Says Climate Bill’s Cost for Households Would Be ‘Modest’

All the attention on the energy front today is going to the BP spill, but the Environmental Protection Agency quietly released its long-anticipated analysis of

EPA and California Near Deal on Fuel Efficiency Standards

Two weeks ago, the Obama administration raised fuel efficiency standards by an average of two miles per gallon -- a modest change that disappointed some

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

Click here to check the ultimate guide to learn how to leverage your PC and internet to make money online.