Federal Reserve economists warned in December 2008 that five years could pass before growth revived enough to warrant raising interest rates from near zero, as the magnitude of the economic meltdown dawned on Fed officials.
Jeanina Jenkins, a 20-year-old high- school graduate from St. Louis, is stuck in a $7.82-an-hour part-time job at McDonald’s Corp. that she calls a “last resort” because nobody would offer her anything better.
Treasury 10-year yields rose the most since September after stronger-than-forecast job gains in February suggested that the economy, which has been hampered by severe cold this winter, is poised for faster growth.
U.S. stocks rose a second week, sending the Standard & Poor’s 500 Index to a record, as better- than-forecast data on hiring and manufacturing fueled optimism in the economy and overshadowed concern on Ukraine.
The euro rallied for a fifth week as European Central Bank President Maro Draghi said he expects inflation in the currency bloc to gradually rise, damping bets that policy makers would reduce the benchmark interest rate.
Efforts by Citigroup Inc. senior executives to tighten controls in Mexico were rebuffed by managers there for at least five years before the U.S. bank found the local unit had suffered a $400 million loan fraud last month, four people with direct knowledge of the matter said.