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Federal Reserve holds course on lowered U.S. growth forecast

The Federal Reserve slashed its 2014 growth forecast for the US economy after the rough winter but kept policy on hold on Wednesday, showing faith in a modest rebound. Fed Chair Janet Yellen said the economy had picked up after the first quarter’s contraction, but she also downplayed a pickup…

Federal Reserve: 29 of 30 big banks could survive another economic crash

All but one of the 30 largest banks are now strong enough to weather another severe economic crash, the Federal Reserve said Thursday. In the newest of the series of health examinations mandated after the 2008 financial crisis, only Zions Bancorp could not measure up to a basic capital standard…

Federal Reserve reports $4 trillion balance at end of 2013

The Federal Reserve said Friday its balance sheet swelled to $4.0 trillion at the end of 2013 as it made massive asset purchases to support the U.S. economy. The Fed, in a report of its 2013 financial results, said net assets increased by $1.1 trillion compared with its balance on…

Federal prosecutors indict British man for hacking into Federal Reserve and NASA

The United States on Thursday slapped two extra charges against a British man accused of hacking into thousands of U.S. government computer systems, officials said. Prosecutors in New York indicted Lauri Love, 28, on one count of hacking into the Federal Reserve and one count of aggravated identity theft. If…

Janet Yellen chosen to lead Federal Reserve group on open market policy

The Federal Reserve’s key monetary policy-making panel, the Federal Open Market Committee, officially chose incoming Fed chief Janet Yellen as its chair Thursday. One day after outgoing Fed Chairman Ben Bernanke oversaw his final FOMC meeting, the Fed said the panel had unanimously selected Yellen to replace him. The FOMC…

What is quantitative easing?

AMERICA'S Federal Reserve surprised markets in December by starting to "taper" its programme of monthly purchases of government and mortgage bonds—a process known as "quantitative easing", or QE—from $85 billion a month to $75 billion. Some worry……

Jobs report buoys strong U.S. stock showing

US stocks ended sharply higher Friday after a strong jobs report fueled expectations that the Federal Reserve will begin to reduce its huge stimulus soon. The Dow Jones Industrial Average gained a hefty 198.69 points (1.26 percent) at 16,020.20. The broad-based S&P 500 advanced 20.06 (1.12 percent) to 1,805.09, while…

U.S. stocks surge after solid job creation report

US stocks surged Friday after a better-than-expected labor report showed solid job creation in November and boosted prospects that the Federal Reserve will begin to taper stimulus. After 45 minutes of trade, the Dow Jones Industrial Average surged 130.39 points (0.82 percent) to 15,951.90. The broad-based S&P 500 advanced 15.03…

Senate panel advances Janet Yellen nomination to run Federal Reserve

The Senate Banking Committee on Thursday approved Janet Yellen to chair the US Federal Reserve, setting up a likely confirmation by the full chamber next month. President Barack Obama’s pick to replace outgoing Fed chairman Ben Bernanke passed the committee 14-8, and if approved by the overall Senate would be…

Janet Yellen: ‘Imperative’ for Federal Reserve to boost strong recovery

Janet Yellen, the White House nominee to lead the Federal Reserve, said Thursday the central bank will do whatever is in its power to back a robust US economic recovery. “I consider it imperative to do what we can to promote a very strong recovery,” she told a Senate hearing…

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