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WASHINGTON — Chairman Ben Bernanke says the U.S. job market remains weak despite three months of strong hiring and that the Federal Reserve’s existing policies will help boost growth.
Ron Paul, making a return visit to Spokane in advance of today’s Republican precinct caucuses, showed again Friday that he continues to enjoy strong support across the Inland Northwest. Paul drew about 1,000 people to a rally at the Spokane Convention Center. Two weeks ago at the same place, about 2,300 came to hear him speak.
WASHINGTON – Chairman Ben Bernanke told lawmakers Wednesday that the economy has performed better in recent months than the Federal Reserve had expected. If the trend continues, he said the Fed might have to reassess its outlook for a slow recovery. Investors appeared to take Bernanke’s more optimistic words as a signal that the Fed is less likely to adopt further steps to boost growth. It could also mean that the Fed could back off its plan to hold its key interest rate near zero until late 2014.
A vacationing President Barack Obama today nominated a Harvard University professor and a former Treasury official under President George H.W. Bush — a Democrat and a Republican — to the Federal Reserve Board of Governors.
Federal prosecutors go to court in North Carolina on Monday in an attempt to obtain government ownership of an estimated $7 million in “Liberty Dollars” and silver bullion seized as contraband at a private mint in Coeur d’Alene. The forfeiture action comes 17 days after a jury in U.S. District Court in Statesville, N.C., convicted Bernard von NotHaus of conspiring against the U.S. government and manufacturing and selling counterfeit coins.
The economic recovery will grind slowly forward next year, extending this year’s modest improvements but not breaking out strongly enough to significantly affect unemployment and household income, economists John Mitchell and Grant Forsyth said Tuesday. Speaking at a Greater Spokane Incorporated forecast breakfast, Mitchell said businesses are delaying investment decisions because of uncertainty regarding future tax policy, health care reform and environmental regulation.
Cheap capital almost killed AmericanWest Bank. Documents filed with the U.S. Bankruptcy Court on Oct. 27 describe how money raised while the bank was growing snarled efforts to raise new funds that would block the Spokane bank’s seizure by regulators weary of its financial losses.
AmericanWest Bancorporation will sell operating subsidiary AmericanWest Bank to private investors in a deal that Patrick Rusnak, company president and CEO, said Wednesday was the best possible outcome for the Spokane-based bank, its employees and customers. The holding company will file bankruptcy, he said, but AmericanWest’s 58 branches in Eastern Washington, Idaho, and Utah will remain open, with additional capital to support more lending, he said.
The Federal Reserve is offering a dim view of the economy and signaling that it’s prepared to provide new relief if necessary to support the recovery.
Stocks extended their September rally into a fourth week today as investors hoped for more moves by the Federal Reserve to prop up the economy.
Worried about the economy, the Federal Reserve is taking a small step to bolster the sputtering recovery.
Federal Reserve policymakers are pondering ways to jump-start the economic recovery. The trick: making sure whatever they do or say doesn't rattle Wall Street.
Federal Reserve Chairman Ben Bernanke told Congress today the economic outlook remains “unusually uncertain,” and the central bank is ready to take new steps to keep the recovery alive if the economy worsens.
Bank of Whitman and the Federal Reserve Bank of San Francisco have reached an agreement that imposes a multitude of requirements on the Colfax-based institution, including some that must be met within 10 days of its signing on July 8. The Federal Reserve disclosed the agreement Wednesday. It is one of many – 17 in July alone – the regulator has reached with banks around the country struggling to recover from significant loan losses.
The Federal Reserve struck a more cautious tone about the strength of the U.S. economic recovery, indicating Europe’s debt crisis poses a risk to it.
Inflation has essentially disappeared, and that gives the Federal Reserve more room to keep interest rates at record lows. Consumer prices fell in April for the first time in more than a year.
Federal Reserve officials have a slightly brighter view of the economy than they did at the start of the year.
WASHINGTON – The Senate voted 96-0 Tuesday to authorize a congressional audit of the secretive Federal Reserve Board’s emergency aid program and full disclosure of who got the money, a plan that could reveal more details about government help for embattled investment firm Goldman Sachs. “We are on the verge of lifting the veil of secrecy on perhaps the most important government agency in the United States of America,” said independent Vermont Sen. Bernard Sanders, the proposal’s chief sponsor, “an agency which has control and spends trillions of dollars. They do it behind closed doors.”