China’s stocks fell, sending the benchmark index to the lowest level in seven weeks, and the yuan weakened as an unexpected plunge in exports spurred concern that the world’s second-largest economy is slowing.
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.
Federal Reserve Bank of New York President William C. Dudley said he sees a “reasonably favorable” outlook for the U.S. economy, even as elevated joblessness and too-low inflation warrant a high level of stimulus for a “considerable time.”
A 64-year-old physicist, identified by Newsweek magazine as Bitcoin’s creator, was chased by reporters through Los Angeles and denied any role in the digital currency, saying he first heard of it three weeks ago.
Stepping up verbal intervention may be the Reserve Bank of Australia’s only option to curb the Aussie as strengthening economic data and a neutral policy stance drive the currency toward a three-month high.
The Bitcoin world reacted with a mixture of acceptance and resignation to a Newsweek magazine report that the creator of the digital currency is a 64-year-old Japanese-American man living in the Los Angeles area.