Economy
Related: About this forumWary of natural disaster, NY Fed bulks up in Chicago
(Reuters) - The New York branch of the U.S. Federal Reserve, wary that a natural disaster or other eventuality could shut down its market operations as it approaches an interest rate hike, has added staff and bulked up its satellite office in Chicago.
Some market technicians have transferred from New York and others were hired at the office housed in the Chicago Fed, according to several people familiar with the build-out that began about two years ago, after Hurricane Sandy struck Manhattan.
Officials believe the Chicago staffers can now handle all of the market operations that are done daily out of the New York Fed, which is the U.S. central bank's main conduit to Wall Street.
The satellite office in the Midwest readies the New York Fed for perhaps the most delicate U.S. interest-rate hike ever. With rates having been near zero for more than six years, and markets flooded with reserves, the Fed will rely on an array of new tools to help it tighten policy, likely later this year.
http://www.reuters.com/article/2015/04/14/us-usa-fed-disaster-idUSKBN0N528G20150414
dixiegrrrrl
(60,010 posts)What "other eventuality could shut down its market operations" in New York?
If they are anticipating rioting crowds, why would Chicago be any safer?
And sorta along those lines, why is the military opening Cheyenne Mountain which it closed less than 10 years ago?
High tech communications being installed that are impervious to electromagnetic pulses
The bunker is build under 2,000 feet of the Rocky Mountains and is able to withstand a hit by a 30 megaton nuclear blast
Decommissioned 10-years ago because 'the Russians were no longer a threat'
jakeXT
(10,575 posts)I believe.
http://time.com/39131/barack-obama-nuke-manhattan-new-york/
dixiegrrrrl
(60,010 posts)so if a nuke does go off in Manhattan.......
hmmmmmmmmmm.