The Norman Transcript

Headlines

October 14, 2013

World finance officials pledge to deal with global risks

(Continued)

WASHINGTON —

In addition for the need for developing countries to improve their economic fundamentals to withstand the transition, the IMF called on the Fed and other major central banks to pursue interest-rate policies that are “carefully calibrated and clearly communicated.”

Critics have charged that the Fed has botched its communications strategy and left investors confused while Fed officials contend that the economy has not improved as expected, and because of that, it delayed an expected initial reduction in bond purchases at the September meeting.

Now with the hit to the U.S. economy from the partial government shutdown and the uncertainty over the debt ceiling, many economists believe the Fed will not start trimming its $85 billion in monthly bond buys until next year after Vice Chair Janet Yellen, who was nominated this week to succeed Fed Chairman Ben Bernanke, takes over in February. Her nomination by President Barack Obama must win Senate approval.

Many economists believe that once the transition has been accomplished, the global economy should actually begin growing at better rates in part because less support from the Fed will mean the U.S. economy is doing better and serving as a market for foreign products.

“A while ago there was an excess of exuberance and now perhaps an excess of pessimism,” Alexandre Tombini, the head of Brazil’s central bank, told the International Monetary Fund’s policy-setting panel Saturday.

Lew told finance ministers that the United States understands the role it plays as “the anchor of the international financial system.” He assured the finance officials that the administration was doing all it could to reach a resolution with Congress to reopen the government and increase the borrowing limit.

Russian Finance Minister Anton Siluanov, whose country currently holds the rotating chair of the G-20, told reporters that no emergency plans had been discussed by the group to deal with the potentially catastrophic impact on the global economy of a U.S. debt default.

“We trust the U.S. authorities will find a way out of this complex situation,” Siluanov said. Other finance leaders attending the meeting said they saw the risk of default as remote.

Text Only | Photo Reprints
Headlines
  • Fracking Operation Norman library to host community dialogue about fracking

    Are Oklahoma oil companies an oligarchy that is controlling state policy? Is fracking safe? These and other topics will be the subject of an upcoming Fracking Forum from 7 to 8:30 p.m. Aug. 11 in the Norman Public Library’s Lowry Room, 225 ...

    July 24, 2014 1 Photo

  • Information scarce on ‘dark money’ group in Oklahoma superintendent campaign

    An independent expenditure group that paid for television advertisements opposing State Superintendent Janet Barresi in last month’s primary has not filed required spending reports with the Oklahoma Ethics Commission....

    July 24, 2014

  • Medical examiner says inmate died of an accidental drug overdose

    The Oklahoma Medical Examiner’s Office on Wednesday said a woman found dead in the Cleveland County jail Feb. 23 died of a drug overdose....

    July 24, 2014

  • Ride CART fare free on Ozone Alert Day

    Environmental officials have declared today as an Ozone Alert Day. Passengers ride fare free on Cleveland Area Rapid Transit on Ozone Alert Days....

    July 24, 2014

  • Board votes to delay plan

    OKLAHOMA CITY — Oklahoma’s State Board of Education voted on Wednesday for a second time to delay a formal plan for adopting new education standards in math and English amid opposition to the proposal from three education groups that ...

    July 24, 2014

  • Arizona inmate dies two hours after execution begins

    PHOENIX — A condemned Arizona inmate gasped and snorted for more than an hour and a half during his execution Wednesday before he died in an episode sure to add to the scrutiny surrounding the death penalty in the U.S....

    July 24, 2014

  • Man injured in motorcycle wreck ID’d

    Norman police identified a man transported to Norman Regional Hospital’s emergency room after a two-vehicle collision involving a motorcycle and a car Wednesday....

    July 24, 2014

  • Wine, Organ and Compline at St. Thomas More

    St. Thomas More University Parish, 100 Stinson St., is hosting the Wine, Organ and Compline at 7 p.m. today. The series will begin with a wine and cheese gathering in the atrium, followed by an organ recital presented by guest organist ...

    July 24, 2014

  • 48 dead after Taiwan plane crash

    TAIPEI, Taiwan — Family members of victims of a plane crash were flying to the small Taiwanese island today where the plane had unsuccessfully attempted to land in stormy weather, killing 48. There were 10 survivors, and authorities were ...

    July 24, 2014

  • Felonies filed

    The following persons were charged with felony counts in the Cleveland County Court Clerk’s Office: · Kenneth Leo Turk, 64, aggravated count of driving a motor vehicle under the influence of alcohol · Kelly Revonn Turner, 21, ...

    July 24, 2014