Fed Will Taper Later This Year, But Not for Obvious Reasons: Bill Gross
By Rick Newman The billion-dollar question on Wall Street is this: When will the Federal Reserve begin to rein in the aggressive monetary stimulus program known as “quantitative easing?” Fed Chairman Ben Bernanke got the guessing game started on May 22 when he told a Congressional committee the Fed could begin to scale back QE “in the next few meetings” if the economy continues to improve. Bernanke seemed to be saying the Fed could begin to roll back QE by the end of 2013, even though many investors had been expecting the program to remain at full strength until sometime in 2014. The uncertainty caused by Bernanke’s remarks triggered a modest stock selloff, with interest rates on the benchmark 10-year Treasury bond rising about half-a-percentage point during the past month.
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Nasdaq OMX appoints CFO
Lee Shavel, an 18-year veteran of Bank of America Merrill Lynch, has been appointed as chief financial officer and executive vice president of corporate strategy.
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