Friday, April 22, 2011

Federal Reserve to Hold Press Conference for First Time Ever!

**UPDATE - April 27, 2011 - I'm dropping a fat update of the below post for today's Federal Reserve press conference including the official media statement, time and place of the press conference. I have not found a direct link to where you can view the press conference, but the press release says that Fed's statement will not be released until 12:30pm, so perhaps a video link will be active at that time.

For immediate release
Chairman Ben S. Bernanke will hold press briefings four times per year to present the Federal Open Market Committee's current economic projections and to provide additional context for the FOMC's policy decisions.

In 2011, the Chairman's press briefings will be held at 2:15 p.m. (Eastern) following FOMC decisions scheduled on April 27, June 22 and November 2. The briefings will be broadcast live on the Federal Reserve's website. For these meetings, the FOMC statement is expected to be released at around 12:30 p.m., one hour and forty-five minutes earlier than for other FOMC meetings.

The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication. The Federal Reserve will continue to review its communications practices in the interest of ensuring accountability and increasing public understanding.


I wonder what piece of news the Federal Reserve will reveal on April 27. It must be important, because this will be the first time that the Federal Reserve has ever held a press conference in its history. Will Bernanke announce the end of the dollar? The IMF is taking control of the Federal Reserve? The United States has defaulted on its debts? The Federal Reserve will keep printing as much money as it wants? Your guess is as good as mine.

For the first time for a Federal Reserve chief, after the next Open Market Committee meeting on Wednesday, Chairman Ben Bernanke will hold a press conference to review the bank's latest maneuver, which may be the least surprising part of the show.


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