Federal Reserve

Revolt at the Richmond Fed.

"In today’s Wall Street Journal, two Fed insiders Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, and John A. Weinberg, director of research of the Federal Reserve Bank of Richmond, effectively argue that central bank “actions that alter the allocation of credit … endanger the stability the Fed was designed to ensure.”  Their explicit targets for criticism are the Fed purchases of mortgage backed securities and other “actions in the recent crisis” that “bore little resemblance to the historical concept of a lender of last resort.” In my view they correctly recognize that while “these actions were intended to preserve the stability of the financial system, they may have actually promoted greater fragility.” They correctly assert “(w)hen the central bank buys private assets, it distorts markets”."

I bet these guys lose their jobs soon.

Fed says it won't raise interest rates, so stocks rise.

China pushes renminbi to join IMF's basket of currencies.

More banks targeted in hack.