Edna Love’s 58 years as a nurse for Detroit’s health department earned her a $2,000-a-month pension when she retired in 2011. That pales next to the $1 million she got from a separate city-sponsored savings plan where she put 5 percent of her pay year after year.
The Hungarian central bank’s expanded plan to boost economic growth with discounted funding to companies will overshadow the interest-rate path in monetary- policy importance next year, Morgan Stanley said.
Federal Reserve Bank of Dallas President Richard Fisher said fiscal discord has led to the U.S. government playing a suppressive role in the economy’s recovery and the central bank should move back to interest-rate driven monetary policy at the earliest possible time.
The shekel weakened for a fourth day on increased bets the Bank of Israel will lower borrowing costs in coming months to boost economic growth and stem the rally in this year’s best-performing major currency.
Federal Reserve Bank of Dallas President Richard Fisher, who has criticized the central bank’s bond buying program, said he wouldn’t rule out backing a tapering of purchases by March depending on economic conditions.
State Bank of India , the nation’s largest, set its minimum loan rate at 7.5 percent, beating a July 1 deadline by the regulator for lenders to shift to using the so-called base rate system for pricing loans.