US Federal Reserve Chair Janet Yellen on Friday met with a group of conservative activists who are unhappy with the way the Fed is conducting its interest-rate policies.
The meeting, which was set up early this month, came two days after Yellen came under heavy criticism from Republican lawmakers during a US House of Representatives hearing.
They said Yellen had politicized decisionmaking at the central bank by favoring policies pushed by US President Barack Obama and other Democrats.
Yellen rejected the criticism as unfounded.
Yellen listened carefully to the group’s proposals and asked thoughtful questions, but did not indicate whether she supported its recommendations, said Steve Lonegan, director of monetary policy at the conservative American Principles in Action.
Representatives of the Heritage Foundation and Cato Institute also participated in the meeting.
The group, which included 21 activists assembled by the conservative organizations, met with Yellen and Fed board member Lael Brainard. Yellen, Brainard and other Fed officials had met in November last year with a group of liberal activists. That meeting prompted the conservatives to request their own meeting.
Yellen listened to economists for the conservative organizations lay out a series of recommendations for how the Fed should conduct interest rate policies, including proposals to have the central bank adopt a specific rule to guide interest-rate policy, Lonegan said.
That proposal and a measure that would expand congressional oversight of the Fed through audits of its monetary decisions are being supported by Republicans in both the House and Senate.
Yellen has voiced strong opposition to both proposals, saying the audit bill would subject the Fed to undue political influence and that using a single rule to set interest rates would be unworkable.
SELF-SUFFICIENCY: Alibaba is one of a number of Chinese firms that has answered Beijing’s call to invest in the development of cutting-edge technologies Alibaba Group Holding Ltd (阿里巴巴) yesterday unveiled a new server chip that is based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency. The Chinese tech giant’s newest chip is based on micro-architecture provided by the SoftBank Group Corp-owned Arm Ltd, it said. Alibaba, which is holding its annual cloud summit in Hangzhou, China, said that the chip is to be used in its own data centers in the “near future” and would not, for the time being, be sold commercially. “Customizing our own server chips is consistent with our ongoing efforts toward boosting our computing capabilities with better
‘SHORT-TERM ECONOMIC PAIN’: A military takeover would only temporarily weigh on wafer production on both sides of the Taiwan Strait, IC Insights said Taiwan has more chip manufacturing capacity than any other economy in the world, US-based market information advisory firm IC Insights said in a research paper last week, cautioning that the nation’s strength could prompt China to attempt to take over Taiwan. Taiwan commanded 21.4 percent of global installed IC capacity, ahead of South Korea’s 20.4 percent, Japan’s 15.8 percent and China’s 15.3 percent, North America’s 12.6 percent and Europe’s 5.7 percent, IC Insights said. Taiwan is one of two countries that uses 10-nanometer technology or better to produce wafers, holding 62.8 percent of global capacity, with South Korea holding the remaining 37.2
AGGRESSIVE STEP: With the new processors, Apple is aiming at the high-end chips Intel has provided for the MacBook Pro and other top-end Macs for about 15 years Apple Inc on Monday took the most aggressive step yet to strip Intel Corp chips from its computers, announcing more powerful homegrown Mac processors alongside a total revamp of its MacBook Pro laptop computers. The company showcased the chips at an event called “Unleashed,” which also included its latest audio products. The new components, called the M1 Pro and M1 Max chips, are 70 percent faster than its M1 predecessors, Apple said. It also unveiled a redesigned MacBook Pro, adding larger screens, MagSafe charging and better resolution. With the new processors and devices, Apple is aiming squarely at the high-end chips that Intel has
PRICE SPREAD: Oil trading under the Brent futures contract is giving the US a hefty edge in pricing, increasing the rush to secure cheap fuel as winter approaches Asian demand for US oil is rising as the energy crisis boosts prices for other crudes that are priced against the global Brent futures contract. China and other Asian buyers have been snapping up supertankers of US oil for delivery next month and seeking more for December, some traders have said. Most buyers are seeking US grades that had recently slumped to the lowest levels in more than a year, with an added incentive after Beijing awarded millions of tonnes of crude oil import quotas. A wide spread between Brent and West Texas Intermediate (WTI) oil futures is accommodating higher US crude
RSS