Federal Reserve Vice Chairman Janet Yellen is the most qualified and most likely candidate to run the central bank, according to the majority of private economists in a Bloomberg News survey that showed Lawrence Summers trailing by wide margins in both categories.
Manufacturing expanded in July at the fastest pace in more than two years, sparked by surges in orders and production that signal companies are growing more optimistic about the U.S. economy’s prospects.
Here’s what to look for when the Federal Open Market Committee releases a statement at 2 p.m. tomorrow after a two-day meeting in Washington. Unlike last month, the policy-making panel will not release economic forecasts, and Chairman Ben S. Bernanke will not be briefing the press afterwards.
Federal Reserve Chairman Ben S. Bernanke opened the door to a delay in reducing the central bank’s bond buying program, saying it will depend on data that economists say are falling short of the Fed’s own forecasts.
Federal Reserve Chairman Ben S. Bernanke said rising bond yields partly reflect an unwinding of leveraged and “excessively risky” investments, calling the tighter financial conditions “unwelcome” as monetary policy stays highly accommodative.