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Bernanke: No specific target for bond purchases

Submitted by Fox First at Ten on September 13th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - The Federal Reserve does not have a specific economic target for its new stimulus program, Ben Bernanke said Thursday. He said the Fed will keep buying bonds until it sees more jobs, lower unemployment and stronger growth. "We are

How Fed policymakers affect the economy

Submitted by Fox First at Ten on September 13th

By The Associated Press The Federal Reserve's chief policymaking group, the Federal Open Market Committee, has vast power over the economy through its ability to set monetary policy. Here is a look at how the FOMC operates. Q: What is the FOMC's primary role? A: Its mission is to keep

News Summary: Europe's minority youth face hurdles

Submitted by Fox First at Ten on September 13th

By The Associated Press GENERATION OUT OF WORK: Young graduates from Europe's Class of 2012 are finding that university diplomas are no protection against rising unemployment. Nearly a quarter of young people in the eurozone are jobless, and the hurdles are higher for minorities. BIAS:

Italian government sells 1.7 percent stake in Eni

Submitted by Fox First at Ten on September 13th

MILAN (AP) - The Italian government finance company says it has sold a 1.7 percent stake in the Eni gas and oil company for €1.096 billion ($1.4 billion) over recent weeks. The Cassa Depositit e Prestiti SpA said Thursday that it sold the shares to help finance its purchase of a nearly 30 percent

Fed cuts 2012 growth forecast, raises next 2 years

Submitted by Fox First at Ten on September 13th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - The Federal Reserve has lowered its growth forecast for this year but is more optimistic about the next two years. The brighter outlook likely reflects a series of bold stimulus measures that the Fed launched Thursday aimed at boosting

Smart Spending: The secrets of the value menu

Submitted by Fox First at Ten on September 13th

By CANDICE CHOIAP Food Industry Writer NEW YORK (AP) - That cheeseburger on the value menu may end up costing more than you think. Whether it's the "Dollar Menu" at McDonald's or the "Why Pay More Menu" at Taco Bell, fast-food chains often spotlight their cheapest offerings to attract

US budget deficit hits $1.16 trillion through Aug

Submitted by Fox First at Ten on September 13th

By DANIEL WAGNERAP Business Writer WASHINGTON (AP) - The U.S. federal budget deficit increased by $191 billion in August and has topped $1 trillion for the fourth straight year. The deficit for the first 11 months of the 2012 budget year totaled $1.16 trillion, the Treasury Department said

German president signs permanent bailout fund

Submitted by Fox First at Ten on September 13th

BERLIN (AP) - Germany's president signed off Thursday on the eurozone's permanent €500 billion ($645.5 billion) rescue fund and Europe's budget-discipline pact, bringing the continent's financial firewall a step closer to completion. President Joachim Gauck signed the legislation a

Major airlines raise some fares $10 each way

Submitted by Fox First at Ten on September 13th

DALLAS (AP) - Led by Southwest Airlines, several airlines are raising prices again. Southwest raised fares Wednesday by $10 per round trip on about 10 percent of its routes. United Airlines expanded the increase later in the day to cover most of its U.S. flights. "We raised fares to cover the

Text of the Federal Reserve's statement Thursday

Submitted by Fox First at Ten on September 13th

WASHINGTON (AP) - Below is the statement the Fed released Thursday after its policy meeting: Information received since the Federal Open Market Committee met in August suggests that economic activity has continued to expand at a moderate pace in recent months. Growth in employment has been slow,