Chairman of the US Central Bank will Maintain Progress of Banking Regulations

The new Federal Reserve or Bank of America head Jerome Powell pledged on Tuesday to maintain important progress made in banking regulations since the global financial crisis and continue to raise interest rates gradually.

Powell, who took over the leadership position of the Central Bank on February 5, when Wall Street tumbled, also said the central bank will continue to reduce its bond holdings by more than 4.5 trillion dollars.

"We are in the process of gradually normalizing the interest rate policy and balance sheet with the intention of extending the recovery and achieving our goals, "Powell said in his address to the inauguration ceremony.

He formally took control of the Central Bank last week, replacing Janet Yellen, the only woman who ever led the central bank in 100 years of Bank history Central.

Powell praises Yellen and his predecessor Ben Bernanke for having made a policy of m oneter by supporting recovery and employment while "strengthening and securing" Powell's financial system is widely seen as more reliable for the deregulation agenda of President Donald Trump, but Powell insists he prefers a balance between oversight and regulation while preventing new risk buildup. [19659002] The central bank will "maintain a significant milestone in financial regulation while ensuring our policies are as efficient as possible," Powell said and adding, "We will remain vigilant of the growing risks to financial stability." [my/jm]

The European Central Bank slams the US for undermining the weak dollar

European Central Bank chief Mario Draghi blasted Washington on Thursday for underestimating the weak dollar, a move that he said threatened a decade-old pact not to target currencies and could force his bank to change policy

Commenting on the spike in the value of the euro as a source of uncertainty, Draghi said that any unjustifiable move could force the ECB to rethink its strategy because a strong currency can stop inflation, thwart its bid to raise prices.

He speaks after US Treasury Secretary Steven Mnuchin this week said he welcomed the weak dollar because it is good for US trade. and Trade Minister Wilbur Ross said the US is now in a global trade war.

The sentiment sent the euro to its highest level in three years against the dollar.

In a moderate tone, Draghi also damped expectations of an interest rate hike, arguing there was almost no chance to do that step this year, although some investors bet on a rise in early December.

But his comments about the most-highlighted currency at the press conference after the regular ECB meeting.

"When someone says a good exchange rate is which is good for exporters and it's good for the economy, that means targeting exchange rates, "Draghi said when asked about Mnuchin's comments. [as/ii]

Cold Weather Record Selimuti Central and Eastern America

The record-breaking cold temperatures will spread across the Middle East and East Coast on Friday, just a day after the storm hit the Atlantic coast with heavy snow, strong winds and floods of ice.

Very cold wind temperatures in about 25 major cities in the United States is expected to drop to minus 40 degrees Celsius on Friday. Weather conditions like this are not only uncomfortable, but also dangerous.

People looking for a comfortable atmosphere in Florida will be disappointed. Temperatures will reach 10 degrees Celsius until the weekend in moderate temperate cities like Tampa and Orlando.

Residents in Miami are shocked to see an iguana animal falling from a tree Thursday. Biologists say the reptiles are not used to low temperatures and fall asleep during the cold. Experts warn people not to disturb animals that fall from the tree, because they do not die and will bite when they wake up.

The coastal storm on Thursday, called a "bombing storm" due to sudden drops in air pressure, resulting in storms along the Atlantic Coast, from Carolina to Canada.

Millions of people are warned about snowstorms and emergencies. Schools and offices were closed, thousands of flights were canceled, and emergency workers rushed to save the stranded riders. Tens of thousands of homes have no electricity.

High winds push ice-water into coastal roads in Massachusetts and Maine, including tidal waves one meter high along the historic pier in downtown Boston.

At least 14 people have died from this extreme weather.

But weather officers say next week's temperatures will return to normal and even above freezing in most parts of the Eastern United States. [sp/ii]

Storm Disaster Kills 30 in Central Philippines

A slow-moving storm has caused more than 30 people dead and several others missing mostly from landslides and floods. Thousands of people came for holiday in the central Philippines, officials said on Sunday.

Sofronio Dacillo Jr., the disaster relief official, said 26 villagers had died and 23 were missing, mostly due to landslides in various in the province of Biliran island, where the weather has improved after Tropical Storm Kai-Tak struck it on Saturday.

At least 7 others were killed in landslides and floods in four central Philippine regions due to Kai-Tak storm, which weakened into a tropical depression but moving north-west and its pace increased on Sunday with a wind of 55 kilometers per hour, according to officials and police.

The National Disaster Risk Management and Reduction Council says they are trying to ascertain the number of fatalities reported by the storm, forcing more of the 89,000 people were displaced to makeshift shelters. Thousands of people on Christmas vacation were stranded by inter-island ship transport and canceled flights. [gp]

US Central Bank Raises Interest Rate Amid Stronger Labor Market

The US central bank on Wednesday (13/12) raised its benchmark interest rate for the third and last time this year, and officials indicate they will most likely not be more aggressive next year, at least for now.

, The Federal Open Market Committee, set the benchmark lending rate to 1.25-1.5 percent, an increase of 0.25 percent.

But quarterly forecasts by central bank officials showed no change in expectations for 2018 and 2019, with three interest rate increases expected next year and next year, similar to their September projections. [as]