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Fed prepared to act to boost growth: Bernanke

The Federal Reserve is ready to take new action to speed up the economy, Fed chief Ben Bernanke said Thursday, but warned that government budget-cutting could hold back growth. “The Federal Reserve has a range of tools that could be used to provide additional monetary stimulus,” Bernanke said in a…

Standard & Poor’s downgrades U.S. debt rating

Despite an earlier report from CNN that the Obama administration had successfully challenged the model used by Standard & Poor to justify downgrading the credit of the United States, the rating agency has gone ahead with the change, lowering the U.S. from AAA to AA+. A statement released by S&P…