LATEST NEWS : Fed Weighs Change to Rate Guidance for Added Flexibility

Federal Reserve officials are considering whether to alter their guidance on the likely path of interest rates to give them more flexibility to react to changes in the economy. The Fed has said since March that its benchmark rate would stay low for a “considerable time” after it completes monthly bond buying intended to boost […]

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LATEST NEWS : EU Banks Must Shun Bitcoin Until Rules in Place, EBA Says

The European Commission signaled it will try to impose rules on virtual currencies such as Bitcoin after the bloc’s banking regulator ordered lenders to shun them. “It’s imperative to move quickly on this issue,” Chantal Hughes, a spokeswoman for Financial Services Commissioner Michel Barnier, said by e-mail today. “The potential for money laundering and terrorist financing is too serious […]

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Bernanke’s Unprecedented Rescue Unlikely to Be Repeated

As Federal Reserve Chairman Ben S. Bernanke shuts the door to his office for a final time in two days, he can say he took actions that were the first or the biggest of their kind in the central bank’s 100-year history. Some will probably also be the last. Bernanke was the first to devise a monetary […]

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House Unveils $1.01 Trillion Measure to Fund Government

“House and Senate appropriators agreed to a $1.01 trillion bipartisan bill to fund the U.S. government through Sept. 30, unveiling the measure days before funding for federal agencies is scheduled to lapse. The legislation, announced by lawmakers including House Appropriations Committee Chairman Hal Rogers, a Kentucky Republican, and Senate Appropriations Chairman Barbara Mikulski, a Maryland […]

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The Issue: U.S. long-term unemployed about to lose extended benefits

Vera Volk of Lynn, Mass., is scared. With her state unemployment benefits about to run out, the federal extended benefits about to expire and her husband’s information technology consulting business in the tank, she doesn’t know how her family will survive. Volk was among the witnesses who appeared before a Democratic Steering and Policy Committee […]

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Iran Agrees to Deal With Powers to Curb Nuclear Work

Iran’s accord with world powers to limit its nuclear program in exchange for as much as $7 billion in relief from sanctions left Presidents Barack Obama and Hassan Rouhani the task of selling the deal to critics. By agreeing to curtail its nuclear activities, Iran won an easing of certain sanctions on oil, auto parts, gold and precious metals […]

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Fed Seen Avoiding Historic Loss by Holding Mortgage Debt

“The Federal Reserve can avoid unprecedented losses by never selling mortgage-backed securities from its record $3.84 trillion balance sheet, according to updated estimates by Fed economists in Washington. The Fed every month is purchasing $85 billion in Treasuries and mortgage-backed securities in a program aimed at fueling economic growth and combating unemployment, which was 7.2 percent in September.”   […]

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Germany Summons U.S. Ambassador to Explain Merkel Phone Tapping

Germany summoned the U.S. ambassador to the Foreign Ministry over reports ChancellorAngela Merkel’s mobile phone was monitored by U.S. spy agencies as European Union leaders prepared to discuss tighter data protection. Ambassador John B. Emerson was called in for talks with Foreign Minister Guido Westerwellein Berlin this afternoon, a ministry spokeswoman said, speaking under customary condition of anonymity. France summoned […]

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Senate Passes Accord to End Shutdown as House Set to Act

The Senate voted 81-18 to halt the 16-day government shutdown and raise the U.S. debt limit, moving one step closer to ending the nation’s fiscal impasse. The House of Representatives began debate at 9:24 p.m. and plans to vote later tonight. The Senate acted the day before U.S. borrowing authority was scheduled to lapse as Congress […]

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A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall

“Anyone who remembers the collapse of Lehman Brothers Holdings Inc. little more than five years ago knows what a global financial disaster is. A U.S. government default, just weeks away if Congress fails to raise the debt ceiling as it now threatens to do, will be an economic calamity like none the world has ever […]

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