Federal Reserve

6:00am

Mon December 23, 2013
Planet Money

A Locked Door, A Secret Meeting And The Birth Of The Fed

Originally published on Mon December 23, 2013 10:01 am

J.P. Morgan: Not a pussycat.
Hulton Archive Getty Images

In 1907, the U.S. economy was in the grip of a financial crisis. Unemployment was up. The stock market was down.

People started panicking. They were lining up overnight to pull their money out of healthy banks. This can be deadly for an economy: Healthy banks have to shut down, businesses can't get credit, they lay people off, and the economy gets worse.

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12:28pm

Wed September 18, 2013
Business

Fed Says It Will Continue Stimulus; Markets Reach New Highs

Originally published on Wed September 18, 2013 4:28 pm

Federal Reserve Chairman Ben Bernanke speaks during a news conference at the Federal Reserve in Washington, D.C.
Mark Wilson Getty Images

The Federal Reserve said today that it is not slowing down its monthly purchase of $85 billion in bonds.

The program is intended to stimulate a sluggish economy and the Fed was widely expected to announce that in light of a recovering economy, it was tapering the bond-buying program. Instead, it delivered a surprise that caused the markets to jump, as the Dow and the S&P closed at record highs.

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6:46am

Tue September 17, 2013

11:40am

Mon September 16, 2013
The Two-Way

With Summers Out, Will Obama Turn To Yellen For Fed Post?

Federal Reserve Board Vice Chairman Janet Yellen is considered a top candidate to replace Ben Bernanke now that Lawrence Summers has withdrawn his name for contention for the Fed's top job.
Robert Galbraith Reuters/Landov

Financial markets rallied Monday, a day after Lawrence Summers took himself out of the running to be the next chairman of the Federal Reserve. Summers had been seen as a front-runner to replace Ben Bernanke, whose term expires in January.

His exit improved the odds for his chief rival for the position — Fed Vice Chairman Janet Yellen — as well as those of Donald Kohn, the former vice chairman of the Fed board.

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3:15pm

Sun September 15, 2013
Business

Summers Pulls Out Of Running To Be Federal Reserve Chief

Originally published on Mon September 16, 2013 9:01 am

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Citing what he calls an "acrimonious" confirmation process, Lawrence Summers called President Obama to tell him of his decision not to seek the job of Federal Reserve Chairman Sunday.
AFP AFP/Getty Images

Larry Summers has removed his name from the running to be the next chairman of the Federal Reserve. The former Treasury secretary informed President Obama of his decision in a phone call Sunday. The withdrawal was first reported by The Wall Street Journal.

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