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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jun 20, 2013
Page
5
Investors reacted to the Federal Reserve signaling possible scaling back its stimulus later this year and ending it by mid next year. The 10 year Treasury yield rose to 2.35 percent as the Dow fell over 200 points, while Bernanke indicated purchases could slow and the economy looked brighter.
Microsoft announces it will not require a constant Internet connection to play Xbox One games after initial setup and confirms no limits on sharing used games or offline play. The changes follow consumer outcry and come ahead of the November launch alongside Sony's PS4, which also limits offline requirements.
Detroit buyers crave voice recognition and navigation but data show systems failing to recognize commands or connect via Bluetooth. J D Power survey reveals technology glitches eroding overall quality scores despite rising mechanical reliability.
Fed Chairman Ben Bernanke indicated the central bank will ease its $85 billion monthly bond purchases this year and end them by mid 2014 as the economy strengthens. Markets rallied and yields rose on the prospect while unemployment forecasts improved and the Fed kept the buys in place for now.
The Federal Reserve has acted repeatedly to bolster the U.S. economy during the crisis era. It announced large scale purchases of mortgage bonds, government bonds, and extended Operation Twist to shift yields and support growth through 2012.
George Zimmer, executive chairman and longtime face of The Men's Wearhouse, was abruptly fired by the company. The board provided no reason, but Zimmer said ongoing clashes over the company's direction led to his termination after four decades building the retailer from a single Texas store to a 1143-location chain.
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