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Federal Reserve Board
The First District (Boston) economy shows few signs of improvement. Retailers cite disappointing December (2002) results, although some gained in January and February (2003). Most manufacturing contacts report weak demand for goods. Commercial real estate markets in New England remain very slow - no one wants to buy. Most software and information technology providers report that demand is declining. The outlook for Boston is highly uncertain and virtually no contacts are making plans based on expectations of an upturn.
Tourism
Conditions in the travel and tourism sector in the First District seem to remain weak; contacts report hotel occupancy rates in the Boston area remain low because of light corporate and international travel.
Insurance
Those in the insurance industry report prosperous financial results, in combination with...
Companies in the property and casualty arena continue to purport high demand and healthy revenues, as rates are up twelve percent to twenty-five percent from 2001. Though the majority of firms remain unaffected by the economy's tedious recovery, non-collectible receivables from the manufacturing sector are starting to become worrisome. Low interest rates and weaker investment performance have also put strain on earnings, causing downward revisions to capital spending and employment, efficiently putting a freeze hiring. However, some say the short- and long-term outlook remains positive as they foresee strong sales.
Life insurance companies report robust results in traditional life insurance in spite of rising compensation costs and flat product pricing. Employment continues to remain level and capital budgets are stationary. Providers of…
Works Cited
Federal Reserve Board. Federal Reserve Board Beige Book (December 2003).
Federal Reserve Board [...] history of the Board, and what its purpose is in the United States. The Federal Reserve Board is an integral part of the Federal Reserve System of the United States, and it creates and maintains much of the monitorial policy of the nation. The board members are responsible for the monetary health and security of the country, and so shoulder a huge responsibility to the
Federal Reserve Board is the most powerful financial institution in the country and is actually the Central bank of United States. This institution is responsible for regulating financial system of the country by formulating monetary policies and by changing the fund rates. The Fed is not completely independent and works together with the administration and the Department of the Treasury. It is responsible for formulating and implementing monetary policies in
" (Structure of the Federal Reserve System) The 12 Federal Reserve Banks extend banking service to the depository institutions and also to the federal government. To the financial institutions it takes the responsibility of maintaining reserve and clearing out accounts and entails various payment services incorporating checks, electronically transferring funds and circulating and receiving coins and currency notes. As the banker of the Federal Government they function as fiscal agents. They
This is the interest rate that banks lend their balances on at the Federal Reserve to other banks. It exercises this control by influencing the demand for and supply of these balances through the following means: Open market operations -- the purchase or sale of securities, primarily U.S. Treasury securities, in the open market to influence the level of balances that depository institutions hold at the Federal Reserve Banks (The
Federal Reserve Bank Financial services as an industry has progressed to become one of the widely transforming sectors of the global economy, having significant changes in information transference and processing, innovation in terms of commodities and processes, and rapid competition among the financial institutions -- among themselves and also among their several customers. The industry and its part in the transformations in the economy show that the supervising and regulatory structure
The new government banks put heavy taxes on state banks, and they were forced to go under. After this, the government had a monopoly on banking and money again, and they used it to the fullest extent possible. One of the main problems with the banking system, though, was that there were still a lot of cash flow problems and other weaknesses that led to panics for individuals who