Exports of US goods and services rose to a record 175.6bn in April, helping to shrink its trade deficit. Data from the Commerce Department showed the gap between imports and exports fell by 6.7% to 43.7bn as manufacturers shipped more items such as computers.
The Federal Reserve does not need to consider additional monetary policy stimulus as the world's largest economy is likely to pick up in coming quarters due to growth in exports and disposable incomes, IMF acting chief John Lipsky said.
US Federal Reserve rejected criticism that its actions (‘accommodative monetary policy’) have pushed down the foreign exchange value of the US dollar and thereby boosted the price of commodities, adding that the Fed is “fully committed” to maintaining the dollar’s purchasing power and to keeping inflation in check.
Federal Reserve Bank of New York President William C. Dudley said the US must reduce the federal budget deficit without derailing the economic recovery. “No issue is more important than a credible commitment for getting our fiscal house in order, but at a pace that does not forestall a sustained recovery” said Dudley this week addressing the Foreign Policy Association in New York.
US Federal Reserve Chairman Ben Bernanke said the “frustratingly slow” US recovery warrants sustained monetary stimulus while predicting that growth will gain speed in the second half of the year.
“United States is “ready and very willing” to work with Peru's president-elect Ollanta Humala said Washington’s top diplomat for Latin America, Arturo Valenzuela during the Organization of American States meeting Monday in El Salvador.
Scientists are launching an international mission to measure salt levels at the surface of the ocean. A rocket carrying an Argentine-built spacecraft is set to lift off Thursday from the Vandenberg Air Force Base along the central California coast.
The United States mortgage market has gone and is going through rough changes. Many laws have been introduced regarding lending and borrowing and a new initiative is again triggering debate as to its effects on the mortgage market.
The United States House of Representatives demanded that President Barack Obama clarify the US role in the conflict in Libya, but rejected an attempt to force him to end America's military involvement there.
Moody's has warned it may downgrade the US debt rating if Congress fails to increase the US debt limit in the coming weeks and risks default. The agency warned of political entrenchment preventing an increase.