Fed Officials Endorse Slow Pace as They Eye September Action
Federal Reserve officials pressed for a more aggressive response to the economy's slowdown in August but settled on keeping rates near zero for two more years. Minutes from the Aug. 9 meeting show consideration of additional Treasurys purchases with a weaker economy cited as justification. They planned to keep policy loose until at least mid-2013 and added a second day to the September meeting, fueling speculation of further measures after that session.
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Market summary: stocks and commodities update
Tuesday markets show Dow at 11,559.95 up 20.70 while Nasdaq rises to 2,576.11 and the S P 500 at 1,212.92. Treasuries yield 3.51 percent with corn at 525 cents, soybeans at 14.57, wheat at 8.68, and oil trading near 88.90 dollars a barrel.
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Consumers remain cautiously hopeful as spending holds steady
Economists note a gloomy August Conference Board confidence index of 44.5, its lowest since April 2009, yet retail sales stay healthy and spending rises may outpace prior months. Analysts argue confidence surveys misstate behavior, pointing to a 5 percent July savings rate and resilient consumer outlays amid debt ceiling worries.
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Obama eyes tax credits to spur private hiring plan
President Obama weighs measures to urge employers to spend cash reserves and hire more workers amid high unemployment. A proposed $33 billion tax credit would reward net new hires with up to $5,000 credit against payroll taxes, but data on the earlier HIRE Act’s impact is unclear. The plan faces budget limits while linking to broader jobs and trade initiatives, including a highway bill renewal.
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