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By Matt Kibbe
The short-term deal will assure long-term overspending
Independent voices from the The Washington Times Communities
Topic - Ben S
The stock market got a boost from Macy's on Wednesday, pushing the Standard & Poor's 500 index back into record territory.
Janet Yellen, President Obama's pick to be the next head of the Federal Reserve, is vowing to maintain the central bank's ultra-easy policies on interest rates until she sees more convincing growth in the economy and job market, in prepared testimony to be delivered at her Senate confirmation hearing Thursday.
The Dow Jones industrial average held at a record high on Wall Street on Monday.
President Obama's nomination of Federal Reserve Vice Chairman Janet Yellen to become the next Fed chairman faces the threat of significant delays at a delicate time for the U.S. economy as a result of a recent move by Sen. Rand Paul to hold up the nomination to try to force a vote on auditing the central bank.
The Federal Reserve likely will put its plans to start withdrawing stimulus from the U.S. economy off until well into 2014 as a result of a report Tuesday that showed the economy posted only tepid job growth in September, even before the federal shutdown and debt crisis weighed on the economy.
Democrats are loath to admit their role in irresponsible lending
Wall Street rallied Wednesday morning amid news reports that Washington was moving closer to an agreement that would raise the debt ceiling and end the government shutdown.
International Monetary Fund chief Christine Lagarde on Thursday praised the Federal Reserve's decision this week not to tap the brakes on its bond-buying program to stimulate the U.S. economy, saying it was still too soon to start the widely expected "tapering" operation on the Fed program.
The U.S. economy has fared better than expected this year after widespread fears that $85 billion of automatic spending cuts and sharp increases in taxes imposed at the beginning of the year would snuff out growth.
Mining companies and banks helped the stock market overcome some disappointing quarterly performances on Monday.
Federal Reserve Chairman Ben S. Bernanke says the central bank's timetable for reducing its bond purchases is not on a "preset course" and the Fed could increase or decrease the amount based on how the economy performs.
The Federal Reserve might put off its plans to stop infusing cash into world financial markets in the middle of next year if Congress enacts further deep budget cuts that prevent a pick-up in economic growth, Fed Chairman Ben S. Bernanke told a congressional hearing Wednesday.
While the U.S. economy is healthy enough for the Federal Reserve to consider ending the extraordinary cash infusions it has pumped into world markets since 2008, such a change of course would pose big challenges for Europe's debt-strapped economies and for many of the world's developing countries.
The stock market nudged higher Tuesday, putting it on track for a fourth day of gains, as investors waited for more quarterly results from companies.
"In all likelihood," he told MSNBC earlier this month, Ms. Yellen will be confirmed.
"It introduces another uncertainty about Fed policy," he said. "It alters the view of a smooth transition in the leadership of the central bank."