• Most Popular
  • Most Shared

Fed's Stern sees more job losses

CHICAGO
Tue Oct 7, 2008 11:35am EDT

CHICAGO (Reuters) - The United States economy is in for further job losses and soft consumer spending in the short run, which should help pull down inflation, Minneapolis Federal Reserve President Gary Stern said on Tuesday.

U.S.

Most of Stern's comments to the Council of Institutional Investors meeting in Chicago focused on the need for a new bank supervision regime to address the issue of systemic risk, and were similar to remarks he made on August 14.

Moves by the Fed to bolster financial stability over the past year have been "appropriate," said Stern, who added that a comprehensive program is now needed to unlock frozen global credit markets.

(Reporting by Ros Krasny; Editing by James Dalgleish)
U.S.


More from Reuters

Photo

Accused 9/11 plotters may face NY "Guantanamo"

NEW YORK (Reuters) - If the men accused of plotting the September 11 attacks wonder what conditions they might face when they are moved to New York from Guantanamo Bay for trial, they can expect solitary confinement, 23-hour-a-day lockdowns, constant video surveillance and almost no visitors.

» More Top News
Traders in the oil options pit work at the New York Mercantile Exchange, September 9, 2008. REUTERS/Chip East
Analysis:

"More assumptions, more risk"

New oil and gas reserve rules were supposed to improve transparency, but the unforeseen consequences of the regulations could add a layer of uncertainty for investors.  Full Article 

regulatory news
The sun sets over the Mackenzie Delta near Inuvik, Northwest Territories November 11, 2009. Credit: REUTERS/Jeffrey Jones

An Arctic economy in limbo

Beset by political and economic setbacks, one of the world's biggest pipeline projects is on hold, and it's unclear if the project will ever break ground.  Full Article 

Green Business