WASHINGTON: Four former US Federal Reserve chairs published an essay on Monday advocating for the independence of the institution, which has been the target of recent criticism by President Donald Trump. Writing in The Wall Street Journal, the four living former Fed chiefs, Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen, defended the central bank and its current chair Jerome Powell from Trump’s public criticism. “We are united in the conviction that the Fed and its chair must be permitted to act independently and in the best interests of the economy, free of short-term political pressures and, in particular, without the threat of removal or demotion of Fed leaders for political reasons,“ they wrote. The essay never named the president directly, despite his long history of antagonism towards both Powell and the bank. Last December, he criticized the Fed for raising rates despite signs of a weakening global economy. He has repeatedly berated the Fed for … [Read more...] about Former Fed chiefs back bank’s independence after Trump criticism
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WHEN YOU DON'T HAVE CASH TO PAY FOR BIG-TICKET ITEMS, WHAT OPTIONS DO YOU HAVE? Between replacing your worn-out aircon, switching out a broken-down fridge, repairing your car, and renewing your gym membership, there will be more than a few occasions when you'll need to pay for a big-ticket item. With an array of perks, credit cards are the preferred way to pay for large purchases. However, you should always pay back the amount spent within the statement cycle, lest you incur hefty interest charges. But what if you need to make an expensive purchase, but don't have the money available to pay it off at once? Or if the shop you are buying from a shop that doesn't accept plastic? Don't fret, there are still several alternative payment methods you can use, each with their own pros and cons. To help you make the right choice, here are 4 methods for paying off big-ticket items, ranked in order from best to worst. 1. CREDIT CARD 0 PER CENT INSTALMENT PLAN: RECOMMENDED FOR MOST PURCHASES … [Read more...] about What are the best ways to pay for big-ticket items in Singapore?
Easing of bank secrecy, consumer protection top BSP agenda Lawrence Agcaoili (The Philippine Star) - July 1, 2019 - 12:00am MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has prioritized amendments to the bank deposit secrecy law as well as consumer protection in its legislative wish list for the next Congress. BSP Governor Benjamin Diokno said bills pertaining to amendments to the bank deposit secrecy law, the financial consumer protection bill, and the agricultural financing reforms, among others would further improve access to quality financial products and promote the interests of the general public. “We shall work with the 18th Congress in the legislation of laws that support a strong economy and promote a high quality of life for all Filipinos. This is the BSP’s vision. But we cannot do it alone. We need the help of various stakeholders to make this happen,” Diokno said. Proposed … [Read more...] about Easing of bank secrecy, consumer protection top BSP agenda
Major Philippine banks are still hoping that a cut in reserve requirement ratios, currently at 18 percent, will be decided keeping with the current condition of local and global financial markets. In March and June last year, the Bangko Sentral ng Pilipinas (BSP) allowed banks to bring down reserve ratios twice, from 20 percent to the current 18 percent by 100 basis points each, to free up about P200 billion for increased lending and bank investments. It was supposed to start a gradual easing in recognition of a slowdown in the entry of foreign investment funds to the country and the recovery of the US market and other major world economies. However, an escalation of inflation resulting from manipulated rice and food shortages in the local economy, with commodity prices rising by an average of 4.3 percent in the first half of 2018, led the BSP to temporarily hold back further reserve ratio reductions. Instead, the BSP continued with increasing its interest rates throughout the year in … [Read more...] about Time to bring down bank reserve ratios?
WASHINGTON -- The US central bank opened its third policy meeting of the year on Tuesday under renewed attack from President Donald Trump, who called on officials to reverse course and cut interest rates. Trump slammed the Federal Reserve for "incessantly" raising interest rates and said cutting rates by a full percentage point would make the economy surge. The Fed raised rates 4 times last year -- and has done so a total of nine times since December 2015 -- moving from zero in the aftermath of the global financial crisis to the current range of 2.25 percent to 2.5 percent. But this year the Fed has been on hold and signaled clearly that it has no intention of moving monetary policy anytime soon as it grapples with conflicting signs on the economy. Trump's call for a rate cut of a full point would reverse all of the Fed moves last year and likely undermine any credibility the central bank has with financial markets. And if Trump continues to browbeat the Fed in public comments, central … [Read more...] about News Fed opens meeting as Trump calls for deep rate cut