Fed signals slow economy but holds rates steady
The Fed said the US economy is losing strength with weak hiring and softer consumer spending. It kept short term rates near zero through late 2014, pledged further easing if needed, and noted the economy had decelerated while monitoring incoming data. Market reaction was muted with slight stock moves and a small rise in the 10 year yield.
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Obama casts Romney as tax hikes proponent
Obama framed Mitt Romney as seeking big tax cuts for the wealthy at the expense of common tax breaks, citing a Tax Policy Center Brookings study. He warned that middle income families would pay more under Romney’s plan, while noting the study’s findings on revenue loss and who benefits. President campaigned in Mansfield and Akron to frame the tax debate ahead of conventions.
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Netanyahu says sanctions not changing Iran nuclear drive
Israeli Prime Minister Benjamin Netanyahu, beside U S Defense Secretary Panetta, asserts sanctions and diplomacy have failed to slow Iran's nuclear program. He warns time to resolve peacefully is running out and calls for stronger action, while Panetta urges exhausting nonmilitary options first.
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