“Reflecting its concerns about the slow pace of progress in reducing employment and downside risks to economic outlook, the Committee made clear at its June meeting that it is prepared to take further action as appropriate to promote a stronger economic recovery and sustained improvement in labor market conditions. Europe’s financial markets and economy remain under significant stress, with spillover effects on financial and economic conditions in the rest of the borrowers, including the United States. Moreover, the possibility that the situation in Europe will worsen further remains a significant risk to the outlook.” 

 

That’s Ben Bernanke. Let’s go to the market. The Dow rose 78 points. The NASDAQ gained 13. The S&P500 also improved. But in London, the FTSE shed 33 points. Checking commodity markets, West Texas crude is trading at 89 U.S. dollars and 5 cents a barrel. TAPIS crude is at 107 U.S. dollars and 1 cent a barrel. And gold is at 1582 U.S. dollars an ounce. The Australian dollar has firmed, is also buying 84 Euro cents and 66 pence sterling.