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Investors have been nervous about the Federal Reserve's intentions after hints that it might reduce its massive bond buying program. Amid volatile markets, traders and investors complained they wanted more clarity. Chairman Ben Bernanke obliged on Wednesday after a regular two-day meeting of Fed policymakers.
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The Federal Reserve will continue its program of purchasing $85 billion in securities and will leave the target interest rate for federal funds untouched to support the U.S. economy, the U.S. central bank said in a policy update issued Wednesday afternoon.
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At Princeton's commencement, the central bank chief mixed in some humor with his advice. He even quoted comedienne Lily Tomlin. That's not your typical "Fed speak."
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The Fed chairman cautioned Wednesday that if interest rates were to start rising now, the economy could slump. Meanwhile, the National Association of Realtors said sales of existing homes rose — and would have been even stronger if not for tight inventory.
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The new note, delayed for three years because of printing problems, will include a new 3-D security stripe and a color-shifting image of the Liberty Bell.
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The central bank made a mistake. It sent minutes from its most recent policy meeting to a small group of influential institutions, including some major banks, a day earlier than scheduled. But the minutes are always weeks old. Why are they important? Because they contain clues to the Fed's thinking.
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The Fed is staying the course with its $85 billion monthly bond-buying stimulus. Chairman Ben Bernanke is also expected to answer questions about the banking crisis in Cyprus.
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Prices rose overall by 0.7 percent. The major factor: a 9.1 percent surge in gasoline. Since February, though, gas prices have retreated. So economists do not think the latest report changes the inflation picture.
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The stock market's long climb has some people concerned it may be a bubble about to burst — a bubble artificially pumped up by the Federal Reserve's easy-money policy. That's led to calls — even from within the Fed — for an end to the central bank's extraordinary efforts to keep interest rates low.
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As the year began there was at least some growth in most parts of the country, the central bank says.