By Michael S. Derby
A Dow Jones Column
NEW YORK (Dow Jones)–Congressional testimony by Federal Reserve Chairman Ben Bernanke Wednesday flagged a potentially seismic shift in how the central bank communicates its objectives to financial markets.
He said odds are high that when policy makers decide to lift short-term interest rates, they will target something other than the fed funds rate, for decades the primary focus of central bank policy. “It is possible that the Federal Reserve could for a time use the interest rate paid on reserves, in combination with targets for reserve quantities, as a guide to its policy stance, while simultaneously monitoring a range of market rates,” he said in written testimony to the House Financial Services Committee, adding “no decision has been made on this issue.” Continue reading…
Tags: Banking, Dow Jones Newswires Column, Federal Reserve
Posted by Pat Sullivan
on February 11, 2010
Bank of America,
Broker's World,
Dow Jones Newswires Column,
Edward D. Jones & Co.,
Merrill Lynch,
Morgan Stanley Smith Barney,
Nicolaus & Co.,
Oppenheimer & Co.,
Raymond James Financial Services,
Stifel,
UBS Swiss Banking,
Wells Fargo /
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By Annie Gasparro
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)–The steady, if sometimes exaggerated, trend of wirehouse advisers shifting to independent brokerages is proving to be more than just a passing fad.
The independent channel took in about 90 advisers from the four major wirehouses last month, while those wirehouses only hired 25 brokers from independents, according to research firm Discovery’s report on registered representative movement for January.
The four wirehouses are Morgan Stanley Smith Barney, Bank of America Corp.’s (BAC) Merrill Lynch, Wells Fargo Advisors, and UBS Wealth Management U.S. Their biggest indie competitors lately: LPL Financial Corp., Ameriprise Financial Services and Raymond James Financial Services. Continue reading…
Tags: Broker's World, Dow Jones Newswires Column
