US stocks climbed on Tuesday pushing the S&P 500 to a new intraday record, after weaker-than-expected job creation last month validated expectations the Federal Reserve will maintain its economic stimulus into next year.
President Barack Obama has nominated Federal Reserve Vice-Chair Janet Yellen to run the world's most influential central bank and urged the Senate to confirm her without delay. Yellen, an advocate for aggressive action to stimulate US economic growth through low interest rates and large-scale bond purchases, would replace Fed Chairman Ben Bernanke, whose second term ends on January 31.
The International Monetary Fund trimmed its forecasts for global output for the sixth time since early last year, saying stronger growth in most advanced economies would fail to make up for a more sluggish expansion in the developing world
The US Federal Reserve has issued a new hi-tech 100 dollar banknote comprising several new security features. It includes a blue 3D security ribbon and a bell and inkwell logo that authorities say are particularly difficult to replicate.
New York Judge Thomas Griesa has ruled against Argentina's request to dismiss a lawsuit over the Central Bank (BCRA) reserves, which if upheld could allow holdout creditors to seize assets belonging to the country.
The International Monetary Fund urged US policymakers to support major reforms at the global lender and bury political differences over the budget to ease one source of risk to the economy and markets.
Brazilian Finance Minister Guido Mantega, on Wednesday cheered the Federal Reserve's decision to leave stimulus unchanged, saying it may signal an end to market turmoil. Mantega, who gained international fame for using the term currency wars to describe rich nations’ efforts to lift exports by weakening their currencies, said a gradual stimulus withdrawal may boost Latin America's largest economy.
In a surprise move after a two-day meeting the US Federal Reserve said on Wednesday that it would continue buying bonds at a rate of 85 billion dollars monthly and expressed concern that a sharp rise in borrowing costs in recent months could weigh on the economy.
Advanced economies led by the United States will increasingly drive global growth while emerging countries are at risk of slowing due to tighter US monetary policy, the IMF said in a note according to Reuters news agency.
Federal Reserve Chairman Ben S. Bernanke in September will trim the Fed’s monthly bond buying to 65 billion from the current pace of 85 billion dollars, according to a growing number of economists surveyed by Bloomberg News.