Word: feds
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...What do these numbers say to the Fed...
...that's right. The Fed, the Supreme Court of Wall Street, has five openings on its seven-member board to fill in the next year, thanks to Fed Gov. Edward Kelley's decision to step down before his term ends in 2004 and the slow confirmatory workings of the Clinton years. And W. gets to fill them...
...emperor with a briefcase - and fiddle with the money supply in an attempt to keep the business cycle from bucking too much. (They also do some other stuff, which nobody cares about.) Greenspan chairs the seven-member Federal Reserve board, and they are joined for meetings by five regional Fed Bank presidents. This 12-person group is the Federal Open Market Committee. Each board member has a 14-year term...
...course it's the chairman's show, and this Fed is Greenspan's show in spades. But there are always rumblings of dissent, particularly in tense times such as these, and Greenspan still has to take a vote to budge rates. So the other 11 men (and occasionally women) in suits are not without influence...
...Economically, there are two big pluses - we're entering the time when the first of the Fed's interest-rate cuts should be starting to kick in, and the tax-cut rebates are coming soon. Some retail stores reported some encouraging numbers Thursday as well, and that not only helped goose the Dow but bodes well for consumer spending. On the other hand, layoffs and unemployment is still on the rise...