Word: targetting
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That brings us to the other big news in the announcement. The FOMC left the door wide open for even more rate cuts, which would bring us into uncharted territory. The federal-funds target rate previously bottomed out at 1% from June 2003 to June 2004. The actual federal-funds rate did drop below 1% a few times in the 1950s, but that was another era - an era when the Fed didn't announce interest-rate targets, banks completely dominated the financial system and the U.S. completely dominated the global economy, and there was no such thing as a money...
...federal-funds target rate were cut to 0.75%, many money-market funds that invest exclusively in government debt would struggle to cover their costs and still pay a positive return to investors. The Fed has a new facility in the works, the Money Market Investor Funding Facility, that's intended to ease these pressures. Once that's up and running, don't be surprised if short-term interest rates keep dropping, even to 0% - as was the case in Japan from 1999 to 2006. The Fed would literally be giving money away...
...November 2002, during his first stint on the Fed - as a mere member of the board, not the chairman - Bernanke gave a now somewhat infamous speech about what central banks could do to fend off deflation even after short-term interest rates hit zero. The Fed could target longer-term interest rates, he argued. It could buy private securities, not just Treasuries. It could, figuratively speaking, drop money out of helicopters...
...borrowed from the playbook of many a successful challenger, aligning himself with the status quo where it suits, veering from it only on sure-fire perennials like getting tougher on criminals and providing more tax cuts. He's made himself, in other words, a small target, and Clark has struggled to lay a glove on him. In the Oct. 14 debate, a panel member explored the idea of Key as a Nowhere Man, the candidate having admitted in an interview that while he was a commerce student at the University of Canterbury, he'd had no strong feelings about...
...street musician or paying the highway tolls of 10 cars behind you. If you upgrade your room, the hotel will donate $25 to one of three local charities, including the Chicago Food Bank. Generosity must be contagious: Another Chicago hotel, Hotel Indigo, is handing guests $25 gift cards to Target or Best Buy. And Detroit-area Marriott hotels are giving away $25 Visa gift cards; they're also offering $94 weekend rates to entice you to stay (mention the code D53, when you call 800-228-9290 to book...