Word: centralism
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...testimony to "act in a timely manner as needed to support growth and provide adequate insurance against downside risks." And Fed actions speak louder than words: the 1.25 percentage point reduction in the overnight policy rate at the end of January was the most rapid cut by the U.S. central bank in recent history...
...last year to inject billions of dollars of liquidity into the banking system. The reason is the continued rise of key interest rates - including all-important mortgage rates - due to financial market distress. We are therefore poised not only to see further policy-rate cuts, but also continued nontraditional central-bank actions to get credit markets working again, including possible outright purchases of U.S. mortgage-backed securities...
...clear that even these aggressive actions will be sufficient to avoid a major U.S. slowdown or recession, given the deadweight of the sinking housing market. With the standard playbook and tools like the Taylor Rule less relevant to the immediate challenges at hand, central bankers are finding themselves looking at stock and bond markets to help them decide what to do. The markets in turn are looking back at central banks, trying to guess how monetary policy will affect asset prices. It reminds us of the early Ozzy Osbourne lyrics: "You, looking at me, looking at you .../ I know...
...Ying-jeou is weary. The presidential candidate for the Kuomintang, or KMT, slumps into an economy-class seat on a high-speed train bound for central Taiwan. It's 8 p.m. on a Tuesday night and he has already endured a grueling 12-hour schedule of campaign events - seminars, speeches, and a ceremony launching his latest book, Silent Courage. Yet with a crucial presidential election only days away, Ma, 57, can't afford to waste a single second. Minutes after his train arrives in the city of Taichung, Ma is whisked from the tracks into a waiting car and driven...
...Games have often been symbolic wars dressed in short pants. Beijing views this summer as its superpower debut, and the central government won't let separatists or free-thinking dissidents undermine its lockstep message. "At the highest levels," says China analyst Russell Leigh Moses, "showing some teeth is much more viable than marching off into the unknown of reform...