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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Federal Reserve will buy government debt

Aug 10, 2010 02:14 PM

The Federal Reserve will buy up U.S. Treasury notes, reports the NYTimes. The paper broke the news of further quantitative easing measures and a comment from the Fed that "the pace of recovery in output and employment has slowed in recent months."

The Federal Reserve will use proceeds from its mortgage-bond portfolio to buy long-term Treasury notes, injecting cash into the economy as it did back in 2007, the paper reported.

The benchmark short-term interest rate will remain unchanged.

This news will likely push up stock index and commodity futures, as investors see more government support for the economy. In addition, the increase in the money supply will raise fears of inflation, which will likely have a negative impact on the dollar and a positive impact on foreign currencies and most commodities.

U.S. stock indexes spiked after the announcement. The major indexes spent most of the day 1 to 2 percent below Monday's close.

At 2:15 p.m. EST, Dow Jones Industrial Average Index futures were down 46 points to 10,620, after being negative by over 150 points earlier in the day.ADNFCR-3323-ID-19923205-ADNFCR

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