Gary Siegel

The economy’s ills are not the result of a lack of liquidity or the need to ease monetary policy, and that’s the reason Federal Reserve Bank of Dallas president Richard Fisher gave for casting a dissenting vote at the recent Federal Open Market Committee meeting.

The economy’s ills are not the result of lack of liquidity or the need to ease monetary policy, and that’s the reason Federal Reserve Bank of Dallas President and CEO Richard W. Fisher gave for casting a dissenting vote at the recent Federal Open Market Committee meeting.

The Treasury Department Wednesday sold $20 billion 12-day cash management bills, dated Aug. 19, due Aug. 31, at a 0.015% high tender rate.

Calling the Federal Open Market Committee’s decision “inappropriate policy at an inappropriate time," and its statement on the economy “excessively negative,” Federal Reserve Bank of Philadelphia President Charles I. Plosser said he would have liked to wait until September and watch data before making such a decision.

The Treasury Department Tuesday auctioned $35 billion of four-week bills at a 0.010% high yield, a price of 99.999222.

The Treasury Department said it will auction $20 billion 12-day cash management bills on Wednesday, August 17.

Builders' confidence in the market for new single-family homes held at its low level as the National Association of Home Builders' housing market index — a monthly gauge of builder sentiment — remained at 15 in August.

The Empire State Manufacturing Survey showed "conditions for New York manufacturers continued to worsen," the Federal Reserve Bank of New York reported Monday, as the general business conditions index declined to negative 7.72 in August from negative 3.76 in July.

Though he is "cautious" about the need for more monetary action since "we do not yet have enough information to conclude the economy won't resume a healthier pace of growth," Federal Reserve Bank of Atlanta president Dennis Lockhart Monday said the Fed has the tools, if needed, to ease policy.

Banks ease lending standards and most terms on loans, excluding those backed by real estate, according to the July 2011 Senior Loan Officer Opinion Survey on Bank Lending, released by the Fed Monday.

Although he’s “cautious” about the need for more monetary action since “we do not yet have enough information to conclude the economy won't resume a healthier pace of growth,” but the Fed has the tools, if needed, to ease policy, Federal Reserve Bank of Atlanta President Dennis Lockhart said Monday.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.035% high rate, down from 0.045% the prior week, and the six-months incurred a 0.080% high rate, up from 0.065% the week before.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills Tuesday.

Builders’ confidence in the market for new single-family homes held at its low level as the National Association of Home Builders' housing market index - a monthly gauge of builder sentiment – remained at 15 in August.

The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to worsen,” the Federal Reserve Bank of New York reported Monday, as the general business conditions index declined to negative 7.72 in August from negative 3.76 in July, the Fed reported.

Third-quarter gross domestic product will show 2.2% growth and for the entire year GDP will be up 1.7%, according to the estimates by 37 forecasters surveyed by the Federal Reserve Bank of Philadelphia for its third-quarter survey of professional forecasters, released Friday.

Monetary policy did not need to become more accommodative at the last meeting of the Federal Open Market Committee, according to Federal Reserve Bank of Minneapolis president Narayana Kocherlakota, so he dissented, according to a statement released Friday.

The University of Michigan’s preliminary August consumer sentiment index reading was 54.9, compared to the final July 63.7, preliminary July 63.8, and the final June 71.5, according to market sources.

Third-quarter gross domestic product will show 2.2% growth and for the entire year GDP will be up 1.7%, according to the estimates by 37 forecasters surveyed by the Federal Reserve Bank of Philadelphia for its third-quarter survey of professional forecasters, released Friday.

The University of Michigan's preliminary August consumer sentiment index reading was 54.9, compared to the final July 63.7, preliminary July 63.8, and the final June 71.5, according to market sources.