Arguing that possible increases in resource utilization as well as elevated energy prices have the potential to add inflation pressures the Federal Reserve Open Market Committee decided Tuesday to raise its target for the federal funds rate by 25 basis points to 4.5%.
The Organization of the Petroleum Exporting Countries, (OPEC) oil ministers decided Tuesday in Vienna to keep the official quota of 28 million bpd while the group's second biggest producer Iran, locked in a dispute over its atomic program, gave assurances it would not halt its exports.
The United States Senate approved Tuesday the nomination of Ben Bernanke to be the next chairman of the Federal Reserve, generally considered the most influential economic policy job in the world.