Bernanke says fiscal cliff is hurting economy already
Federal Reserve Chairman Ben Bernanke warned the fiscal cliff standoff is weighing on consumer and business confidence and prompting reduced investment. He said a timely budget deal could avert long term damage while the Fed keeps rates near zero and continues an $85 billion monthly bond-purchase program to spur growth. He stressed the impact of tax hikes and spending cuts if allowed to take effect in January.
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Washington
U.S
Federal Reserve
Ben Bernanke
Bernanke
Fed
Congress
Obama
Barack Obama
Fed projects unemployment to stay high for three years
The Federal Reserve released forecasts showing unemployment unlikely to fall below 6.5 percent before late 2015 while keeping short term rates near zero. Growth is seen near 3 percent next year, rising to 3.5 and 3.7 percent in 2014 and 2015, with inflation at or below 2 percent.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Fed
Congress ends second bag checks on some flights
The No Hassle Flying Act passed the House and goes to the president. It allows TSA to waive rescreening for flights from international airports that install U S equivalent baggage screening. Likely initial airports include 14 sites in Canada Ireland and the Caribbean.
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Washington
U.S
House
Transportation Security Administration
Canada
Ireland
Caribbean
U.S. Customs and Border Protection Agency
United States
TSA
Senate
Amy Klobuchar
D-Minn
Roy Blunt
R-Mo
Illinois
Joe Walsh
John Pistole
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