There are positive signals in the international data, although trouble spots still exist. Emerging markets were showing strong growth in the second quarter. Some advanced economies began growing as well. However, unemployment is rising in most countries, and credit growth in Europe is stagnant. Inflation remains low (negative in some cases) in advanced economies.
October 30, 2009
Remarks Before the 55th Annual Meeting of the North Dallas Chamber of Commerce
“As to the Federal Reserve reducing its balance sheet so as not to monetize the excess reserves waiting to be converted to bank loans to the private sector, I have been very clear: Given the lag between the time monetary policy is initiated and when it impacts the economy, that wind-down process needs to begin as soon as there are convincing signs that economic growth is gaining traction and that the lending capacity of the banking system is capable of expansion”
Excerpts from Richard W. Fisher’s Remarks Before the Texas Christian University Business Network of Dallas
“I have faith my colleagues on the Federal Open Market Committee will stand and deliver in a timely way. And I expect that when it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity to that with which we pursued monetary accommodation.”
Dallas Fed: Too Soon to Say Adverse Feedback Loop Broken
Arresting the adverse feedback loop could prove to be the seminal challenge of early 21st century monetary policymaking, according to the latest issue of the Dallas Fed’s Economic Letter.
Dallas Fed Trimmed Mean PCE 1.3 Percent
The Trimmed Mean PCE inflation rate for August was 1.3 percent at an annualized rate, according to the Federal Reserve Bank of Dallas.
Post-Traumatic Slack Syndrome and the Economic Outlook (With Thanks to Finn Kydland, Dolly Parton and John Kenneth Galbraith)
“I envision an output path going forward from here that looks something like a check mark, with the Johnny Mercer effect giving us a near-term snapback from the short, intense downstroke, followed by a transition to a long period of slower growth corresponding to the elongated side of the mark.”
Dallas Fed: TALF Jump-Starting ABS Markets; Securitization May Be in Early Stages of Recovery
The Federal Reserve’s term asset-backed securities loan facility, or TALF, appears to be jump-starting securitization markets, which should contribute to an economic recovery, according to the most recent issue of the Federal Reserve Bank of Dallas’ Economic Letter.
Texas Factory Activity Improves, According to Dallas Fed Survey
Texas factory activity showed signs of bottoming out in September, according to the Federal Reserve Bank of Dallas’ Texas Manufacturing Outlook Survey.
GDP by Metropolitan Area, Accelerated 2008, 2007, and Revised 2005-2006
New statistics released today by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread: 60 percent of metropolitan areas saw economic growth slow down or reverse. Real GDP growth slowed in 220 of the nation's 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas. Growth in real U.S. GDP by metropolitan area slowed from 2.0 percent in 2007 to 0.8 percent in 2008.
U.S. International Trade in Goods and Services, August 2009
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that total August exports of $128.2 billion and imports of $158.9
billion resulted in a goods and services deficit of $30.7 billion, down from $31.9 billion
in July, revised. August exports were $0.2 billion more than July exports of $128.0
billion. August imports were $0.9 billion less than July imports of $159.8 billion.