When the Federal Reserve explained its decision to keep pumping money into the financial system, it pointed to stubbornly high unemployment.
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That has long been a concern for the number two official at the Fed, Janet Yellen. She is now considered the leading candidate to replace Ben Bernanke, when he steps down as Fed chairman. His term expires in January.
If you are trying to buy a home, you just got good news: The Federal Reserve said Wednesday it is not going to try to drive up long-term interest rates just yet.
Stock investors are happy for you. They like cheap mortgages too because a robust housing market creates jobs. To celebrate, they bought more shares, sending the Dow Jones industrial average up 147.21 to an all-time high of 15,676.94.
The stock market hit new highs today after the Federal Reserve made a surprise announcement. Investors and economists had expected the Fed to start winding down it's $85 billion a month stimulus program at its policymaking meeting today, but it didn't. As NPR's John Ydstie reports, the Fed said it wanted to make sure a recent improvement in the economy and labor market continued before pulling back its stimulus.
This is ALL THINGS CONSIDERED from NPR News. I'm Robert Siegel.
A giant of the auto business died yesterday, a few days after he turned 100. Eiji Toyoda was president and later chairman of Toyota. The family name is T-O-Y-O-D-A. Toyoda played a key role in the company going worldwide, especially Toyota's move into the U.S. market. Micheline Maynard covers the automotive industry. She's a contributing editor for Forbes these days. Welcome to the program.
Originally published on Wed September 18, 2013 5:28 pm
The Federal Reserve said today that it is not slowing down its monthly purchase of $85 billion in bonds.
The program is intended to stimulate a sluggish economy and the Fed was widely expected to announce that in light of a recovering economy, it was tapering the bond-buying program. Instead, it delivered a surprise that caused the markets to jump, as the Dow and the S&P closed at record highs.
Originally published on Wed September 18, 2013 2:31 pm
The man behind Beanie Babies, the toy animals that saw their heyday in the mid-1990s, has agreed to plead guilty to tax evasion for failing to report income held in Swiss bank accounts.
H. Ty Warner, 69, has been charged in U.S. District Court with felony tax evasion. The indictment alleges that in 1996, Warner traveled to Zurich to open an account with Union Bank of Switzerland with the intent to "evade and defeat" taxes on $3.1 million in foreign income.