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Now maybe in a few years someone will ask Bernanke a question about gold
Bernanke to Hold Press Briefings After FOMC Rate Votes
By Scott Lanman
Bloomberg News
Thursday, March 24, 2011
http://www.bloomberg.com/news/2011-03-24/bernanke-to-hold-press-briefing...
WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke will hold press conferences after policy meetings four times per year in one of his biggest efforts to improve the central bank's connections with a skeptical public.
The briefings will be broadcast on the Fed's website and coincide with the Federal Open Market Committee meetings when officials update economic projections. The first will be April 27 at 2:15 p.m. Washington time, the Fed said today in a statement. The FOMC's statement will be released at 12:30 p.m. on the days when Bernanke is speaking, instead of the usual time of 2:15 p.m., the central bank said.
The announcement brings the Fed in line with other central banks and marks the most significant change to its communication policy since 2007. Bernanke has spent almost five months countering criticism from Republican lawmakers over record monetary stimulus. A majority of Americans said in a December poll that the Fed should either be brought under tighter political control or abolished outright.
It’s important to the Fed that "they be seen as transparent, that they're not hiding secrets and that they head off any criticism from Congress," Diane Swonk, chief economist at Mesirow Financial Inc. in Chicago, said in an interview with Bloomberg Television.
... Dispatch continues below ...
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Fed Vice Chairman Janet Yellen led a group of officials tasked in November with reviewing practices to determine where to draw the line between confidential policy discussions and public comments.
"The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication," the central bank said in its statement. "The Federal Reserve will continue to review its communications practices in the interest of ensuring accountability and increasing public understanding."
The other press briefings this year will be June 22 and Nov. 2, both following FOMC meetings when governors and regional Fed presidents present updated economic forecasts. Bernanke will hold the briefings to discuss the projections and "to provide additional context for the FOMC's policy decisions," the Fed said.
The timing of the first briefings will give Bernanke a chance to clarify or elaborate on any decisions on completing the $600 billion of Treasury purchases begun in November in an effort to boost growth and reduce unemployment. The Fed is scheduled to finish the purchases in June; Bernanke hasn't said what the central bank will do after that.
Bernanke, 57, had been the only head of a Group of Seven nations central bank not to give press conferences to explain actions and projections. He had previously relied mainly on speeches, congressional testimony and occasional interviews to convey his messages.
European Central Bank President Jean-Claude Trichet and Bank of Japan Governor Masaaki Shirakawa each hold one after every policy meeting, while Bank of England Governor Mervyn King speaks once a quarter. Bank of Canada Governor Mark Carney also holds regular briefings.
The Fed, which began announcing its interest-rate decisions in 1994, undertook its broadest review of communications in three years as officials approved the $600 billion monetary stimulus that sparked backlash from some politicians and foreign governments, who said the move risked inflation and asset-price bubbles.
In October, central bankers, in a special videoconference meeting, considered whether Bernanke should hold regular press conferences and whether the Fed should adopt a numerical inflation or price-level objective, the Fed said in November.
Bernanke indicated Feb. 3 that the central bank was leaning toward starting press conferences, saying officials were "very seriously" considering the move. Policy makers had to weigh "valuable" transparency against the risk of "unnecessary volatility" in financial markets from remarks being "misinterpreted," he said in a question-and-answer session at the National Press Club.
The last broad review of communications in 2006-07 focused on how to give the public more information on policy objectives. Before that, Bernanke and some other officials advocated adopting a numerical inflation target, and others, including former Vice Chairman Donald Kohn, said they were more skeptical. Ultimately the Fed decided to double the frequency of published economic forecasts to four times a year and add a third year to its projections.
The Fed updated its economic-projection policy in 2009, adding longer-run forecasts for inflation, economic growth and joblessness to give the public a better idea of the levels officials view as consistent with legislative mandates for stable prices and maximum employment.
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Prophecy Resource Spins Off Platinum/Palladium Venture:
World-Class PGM Deposit in Yukon
Company Press Release, January 18, 2011
VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY)and Pacific Coast Nickel Corp. announce that they have agreed that PCNC will acquire Prophecy's Nickel PGM projects by issuing common shares to Prophecy.
PCNC will acquire the Wellgreen PGM Ni-Cu and Lynn Lake nickel projects in the Yukon Territory and Manitoba respectively by issuing up to 550 million common shares of PCNC to Prophecy. PCNC has 55.7 million shares outstanding.
Following the transaction:
-- Prophecy will own approximately 90 percent of PCNC.
-- PCNC will consolidate its share capital on a 10 old for one new basis.
-- Prophecy will change its name to Prophecy Coal Corp. and PCNC will be renamed Prophecy Platinum Corp.
-- Prophecy intends to distribute half of its PCNC shares to shareholders pro-rata in accordance with their holdings.
Based on the closing price of the common shares of PCNC on January 17, $0.195 per share, the gross value of the transaction is $107,250,000.
For the complete announcement, please visit:
http://prophecyresource.com/news_2011_jan18.php
