N.Y. Fed’s Chief Backs Preemptive Crisis Moves

The Federal Reserve should break with past policy and try to identify and deflate asset bubbles before they can damage the U.S. economy, New York Federal Reserve President William C. Dudley said. While interest-rate policy may not be the appropriate tool for popping bubbles, Fed officials have “other instruments in their toolbox,” Dudley notes in [...]

N.Y. Fed Chairman’s Ties to Goldman Questioned

There are questions surrounding the ties of the Federal Reserve Bank of New York’s chairman, Stephen Friedman, to Goldman Sachs, according to a report in The Wall Street Journal. While the New York Fed was helping to come up with a solution to keep Wall Street banks afloat, including Goldman, Mr. Friedman was sitting on [...]