The dollar remained lower after a two-day drop against the euro before Federal Reserve Chairman Ben S. Bernanke addresses Congress amid concern he will disappoint expectations for a paring back of monetary stimulus.
Federal Reserve Bank of New York President William C. Dudley said he has not decided whether the Fed’s next move should be to enlarge or shrink its bond buying program as he called for a fresh look at its eventual retreat from record asset purchases.
The Standard & Poor’s 500 Index returned to a record as a Federal Reserve official said bond purchases should continue and Goldman Sachs Group Inc. forecast the stock rally will last at least through 2015. Treasuries rose and the yen pared earlier losses while grains and gold fell.
Federal Reserve Bank of St. Louis President James Bullard said Europe risks an extended period of low growth and deflation like Japan’s unless the European Central Bank acts with an aggressive quantitative easing program.
Government of Singapore Investment Corp., which manages more than $100 billion of assets, said it’s more cautious about seeking higher returns as yields remain low ahead of the “end game” in the next five to 10 years.
As Japan’s cherry trees bloomed and the stock market soared, Kohetsu Watanabe flew to a blossom- viewing party in Tokyo hosted by Prime Minister Shinzo Abe to tell the premier personally how bad things really are.