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By David Keene
Conference showed that the values Reagan cherished still endure
Topic - Ben S
The Federal Reserve on Wednesday shook global markets, cutting back once again on its economic stimulus program and signaling that a recent softening of job gains and turmoil in emerging markets will not deter it from ending its extraordinary easing measures this year.
Citing underlying strength in the recovering U.S. economy, the Federal Reserve surprised world financial markets Wednesday by cutting back its bond purchase program by $10 billion a month in 2014.
The Federal Reserve gave the first hint that it will ease off the economic accelerator, announcing plans to "modestly reduce the pace" of its asset purchases in 2014.
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.
The Fed also should not concern itself unduly with the turmoil in emerging markets, he said, in particular because it is actually aiding U.S. consumers by lowering U.S. interest rates as investors worldwide dive into U.S. Treasury securities as a safe haven from the storm.