The Federal Reserve’s bond purchases and guidance on future policy are “weak instruments” the central bank resorted to after pushing down the benchmark interest rate to zero, according to a paper presented at a Fed conference in Jackson Hole, Wyoming.
The U.S. labor market’s “weak and faltering” recovery doesn’t imply the economy is sliding back into a recession and may instead reflect productivity gains, said Stanford University economist Robert Hall , who heads the National Bureau of Economic Research’s business-cycle dating committee.
Stanley Fischer, said to be the leading candidate for the No. 2 job at the Federal Reserve, offers crisis-fighting experience and a dose of skepticism about efforts to shape expectations on the outlook for interest rates.
Lenders to Philadelphia Newspapers LLC, bankrupt owner of the Philadelphia Inquirer, are fighting a group led by billionaire Ronald Perelman for control of the publisher in an auction that has lasted more than 24 hours.