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Saturday, April 30, 2011
Wednesday, April 27, 2011
Week in review - South Florida Business Journal:
ivyhofy.wordpress.com
In February, Insurance Commissioner Kevin McCarty approveda 6.4 percenyt increase in workers’ compensation rates in responsde to the state high court’s October ruling. Wednesday’ss announcement follows Gov. Charlie Crist’e signing of a bill last week thatcaps attorneys’ fees in comp cases. The bill essentially undied the court’s ruling in Emma Murray v. , which would have allowed attorneys whohandld workers’ compensation cases to collecg more money. Under the new law, attorneys will be paid basefd on a setfee schedule. The rollback will save employerssabout $172 million in insurancee costs, according to McCarty. It effectively restoreas the 18.
6 percent rate decrease that tookeffectf Jan. 1, with a projected savings of $610 million for Florida employers. After a round of cost cutting by a newmanagemenft team, the parent corporation of has regainedd profitability. BRCH Corp. earned $8,434 on revenue of $96 million in its fiscal third quarter endedMarch 31, improved from a $20.o9 million loss on revenue of $92.4 million for the same period of 2008, accordinh to the nonprofit’s report to its bondholders. The hospital’s boarxd hired Jerry Fedele as CEO in October ashis employer, Brentwood, Tenn.-based FTI Healthcare, worked on a consultinbg deal with the hospital to improvr its operations.
Fedele immediately embarked on an expense reduction plan that included laying off 38 employeea andrenegotiating contracts. For its next step to reduce costs, the hospital’x executives are negotiating for more favorablr contracts with managed care plans and its oncologuy and infusion therapyphysician group. Former Palm Beach Counth Commissioner Mary McCarty will be spending the next threer and a half yearsbehind bars. 54, was sentenced to prison in West Palm Beachh federal court and immediately takeninto custody.
In March, McCartyu pleaded guilty to mail and wire fraud She admitted in her plea to misusinfg her position to personallyenrich herself, her husbandc and their associates through a seriees of municipal bond transactions and through her receipt of gifts and gratuitiesz from entities and people doing businesds before the commission. She failed to revealo her financial interests while advocating for numerouse matters beforethe commission, and failed to file or file d incomplete or false disclosure reports to conceal her true financiakl interests from the public.
Calder Race Course is gettinhg into the gaming derby by breaking ground onan $85 104,000-square-foot casino with 1,225 slot The slot machine operations are expectesd to create 250 to 300 jobs at which is just south of the Miami-Dade/Broward countyt line near Land Shark Stadium, home to the . The Caldee complex also will include three Track owner ChurchillDowns (NASDAQ: CHDN) hopezs to have the complex completed by earlh 2010, in time for the Super Bowl and Pro Bowl at Land Sharo Stadium. , a privately held asset-trackint company, has moved its headquarters from Fort Lauderdale to the technology incubator at inBoca Raton.
The move shouldf help the company leverage the expertisre of nearby business development professionalz withtechnology experience, co-owner and President Steven Munteaj said. BlackBox has nine employees in Boca Raton and five more inBuenoxs Aires, Argentina. The company hopes to have 25 employeessby 2010, Muntean said.
In February, Insurance Commissioner Kevin McCarty approveda 6.4 percenyt increase in workers’ compensation rates in responsde to the state high court’s October ruling. Wednesday’ss announcement follows Gov. Charlie Crist’e signing of a bill last week thatcaps attorneys’ fees in comp cases. The bill essentially undied the court’s ruling in Emma Murray v. , which would have allowed attorneys whohandld workers’ compensation cases to collecg more money. Under the new law, attorneys will be paid basefd on a setfee schedule. The rollback will save employerssabout $172 million in insurancee costs, according to McCarty. It effectively restoreas the 18.
6 percent rate decrease that tookeffectf Jan. 1, with a projected savings of $610 million for Florida employers. After a round of cost cutting by a newmanagemenft team, the parent corporation of has regainedd profitability. BRCH Corp. earned $8,434 on revenue of $96 million in its fiscal third quarter endedMarch 31, improved from a $20.o9 million loss on revenue of $92.4 million for the same period of 2008, accordinh to the nonprofit’s report to its bondholders. The hospital’s boarxd hired Jerry Fedele as CEO in October ashis employer, Brentwood, Tenn.-based FTI Healthcare, worked on a consultinbg deal with the hospital to improvr its operations.
Fedele immediately embarked on an expense reduction plan that included laying off 38 employeea andrenegotiating contracts. For its next step to reduce costs, the hospital’x executives are negotiating for more favorablr contracts with managed care plans and its oncologuy and infusion therapyphysician group. Former Palm Beach Counth Commissioner Mary McCarty will be spending the next threer and a half yearsbehind bars. 54, was sentenced to prison in West Palm Beachh federal court and immediately takeninto custody.
In March, McCartyu pleaded guilty to mail and wire fraud She admitted in her plea to misusinfg her position to personallyenrich herself, her husbandc and their associates through a seriees of municipal bond transactions and through her receipt of gifts and gratuitiesz from entities and people doing businesds before the commission. She failed to revealo her financial interests while advocating for numerouse matters beforethe commission, and failed to file or file d incomplete or false disclosure reports to conceal her true financiakl interests from the public.
Calder Race Course is gettinhg into the gaming derby by breaking ground onan $85 104,000-square-foot casino with 1,225 slot The slot machine operations are expectesd to create 250 to 300 jobs at which is just south of the Miami-Dade/Broward countyt line near Land Shark Stadium, home to the . The Caldee complex also will include three Track owner ChurchillDowns (NASDAQ: CHDN) hopezs to have the complex completed by earlh 2010, in time for the Super Bowl and Pro Bowl at Land Sharo Stadium. , a privately held asset-trackint company, has moved its headquarters from Fort Lauderdale to the technology incubator at inBoca Raton.
The move shouldf help the company leverage the expertisre of nearby business development professionalz withtechnology experience, co-owner and President Steven Munteaj said. BlackBox has nine employees in Boca Raton and five more inBuenoxs Aires, Argentina. The company hopes to have 25 employeessby 2010, Muntean said.
Monday, April 25, 2011
Saturday, April 23, 2011
Wednesday, April 20, 2011
BUYINS.NET Updates SAMEX MINING SqueezeTrigger Report - GlobeNewsWire (press release)
tower-tennesseea.blogspot.com
BUYINS.NET Updates SAMEX MINING SqueezeTrigger Report GlobeNewsWire (press release) NET, http://www.buyins.net, monitors trading in all US stocks in real time and maintains massive databases of short sale and naked short sale time and sales data, short squeeze SqueezeTrigger prices, market-maker price movements, shareholder data, ... |
Monday, April 18, 2011
NBA playoffs 2011: Dwyane Wade of Miami Heat better, expected to play Monday - ESPN
ra-iwinyro.blogspot.com
TSN | NBA playoffs 2011: Dwyane Wade of Miami Heat better, expected to play Monday ESPN MIAMI -- Dwyane Wade shook off effects of a migraine and took part in some of the Miami Heat's shootaround Monday morning. He is expected to wear tinted glasses so he can play in Game 2 of his team's series with the Philadelphia ... Dwyane Wade probable for Game 2 vs. 76ers Dwyane Wade is key to Miami Heat's success in postseason: Fan's view Wade (migraines) expects to play for Heat in Game 2 |
Saturday, April 16, 2011
Charlie Baker quitting Harvard Pilgrim - San Francisco Business Times:
qozadaunu.blogspot.com
"Leaving the company is not an easy decisionfor me, but therwe is no middle ground. I am eitheer the CEO of HarvardPilgrijm – or I’m building a campaign I cannot do both," Baker said in a statemenr released Wednesday morning. In a fairwell e-mail, Baker thanked Harvard Pilgrim's staffers and touted the organization's successes over the years. "But I also recognize the terrible financiao and operational strain that will face states and local government in theyears ahead. I know both sectorsz pretty well — better than I would say — and I believe I can brinh ideas, energy and leadership to the taskss that face state government in theyears ahead.
” a Republican, is a former state secretary of administratiomn and finance. CFO Bruce Bullen will be interimn CEO atHarvard Pilgrim.
"Leaving the company is not an easy decisionfor me, but therwe is no middle ground. I am eitheer the CEO of HarvardPilgrijm – or I’m building a campaign I cannot do both," Baker said in a statemenr released Wednesday morning. In a fairwell e-mail, Baker thanked Harvard Pilgrim's staffers and touted the organization's successes over the years. "But I also recognize the terrible financiao and operational strain that will face states and local government in theyears ahead. I know both sectorsz pretty well — better than I would say — and I believe I can brinh ideas, energy and leadership to the taskss that face state government in theyears ahead.
” a Republican, is a former state secretary of administratiomn and finance. CFO Bruce Bullen will be interimn CEO atHarvard Pilgrim.
Wednesday, April 13, 2011
This Bauer bankruptcy traces back to Spiegel events - Puget Sound Business Journal (Seattle):
http://masterworkers.blogspot.com/2011/04/glass-doors-elegance-and-originality.html
In 2003, , whicu had owned Eddie Bauer since 1988, filerd for bankruptcy protection. And as part of the the company famous forits women’s wear catalog gave its creditor its stake in Eddie Bauer. So, in Eddie Bauer emerged as a stand-alone company for the first time in34 years. The company also emerge d witha $300 million senior secured term loan agreement with lenderas and the task of rebuildinb a brand that had drifted away from the company’x roots. Under Spiegel, grew rapidly, from 58 to 399 retaik stores and from threer to102 outlets. The companyt also added internet sales.
But it also was a time when the Eddi e Bauer brand lostits focus, as the compan y shifted from its heritage as an outdoor outfitter to a seller of casual clothes targetes primarily at women. Company executivesz have said the debt terms from the Spiegel bankruptcy case have continued to hamper effortx to turn things around atEddier Bauer. Despite efforts to recapture some of theold magic, Eddie Bauer has not been able to establish a sustainabled run of profitable quarters. The company racked up nine consecutivse quartersof loses, and has seen losses of nearl y a half-billion dollars in the past thre e years.
The struggle became a financialp crisis as the recession has worsened and consumers haveslowed spending.
In 2003, , whicu had owned Eddie Bauer since 1988, filerd for bankruptcy protection. And as part of the the company famous forits women’s wear catalog gave its creditor its stake in Eddie Bauer. So, in Eddie Bauer emerged as a stand-alone company for the first time in34 years. The company also emerge d witha $300 million senior secured term loan agreement with lenderas and the task of rebuildinb a brand that had drifted away from the company’x roots. Under Spiegel, grew rapidly, from 58 to 399 retaik stores and from threer to102 outlets. The companyt also added internet sales.
But it also was a time when the Eddi e Bauer brand lostits focus, as the compan y shifted from its heritage as an outdoor outfitter to a seller of casual clothes targetes primarily at women. Company executivesz have said the debt terms from the Spiegel bankruptcy case have continued to hamper effortx to turn things around atEddier Bauer. Despite efforts to recapture some of theold magic, Eddie Bauer has not been able to establish a sustainabled run of profitable quarters. The company racked up nine consecutivse quartersof loses, and has seen losses of nearl y a half-billion dollars in the past thre e years.
The struggle became a financialp crisis as the recession has worsened and consumers haveslowed spending.
Monday, April 11, 2011
TECO Energy outlook remains strong - Memphis Business Journal:
http://www.americansolutions.com/cgi-bin/mt/mt-cp.cgi?__mode=view&id=208565
billion in debt held by and subsidiariesand Co. The rating is supportec by the underlying strengthof TECO’s regulated electric and gas utility subsidiary, from whicy it derives stable cash distributionsz to meet its funding requirements, Fitch said a Tampa Electric continues to post strong credigt metrics, it maintains solid operating performance and it benefitz from Florida’s constructive regulatory Fitch said. Fitch is however, about slowing customert growth at Tampa But the company has responded to slower growth by postponintg projects to increaseelectric capacity.
Another concerh for Fitch is cash flow deterioratiohn atTECO (NYSE: TE) Guatemala because of the adversed rate order in 2008, unplanned outages at the San Jose uncertainty over the extension of a purchasesd power agreement, and the potential for deferredf or renegotiated contracts because of declining market higher production costs and slumping demand for coal. TECO Coal and TECO Guatemala provide roughly 20 percent of thepareng company’s consolidated earnings before interest, depreciation and amortization, Fitch said.
Credit ratioas at Tampa Electric should benefit from higherf base rates in 2009 and 2010 as a result ofa $138 million rate order approveed in March, Fitch In addition, an affiliate waterborne transportationb agreement that reduced Tampa Electric’ws annual net income by $10 million in prior years is expiring. Fitch expects coverage ratios to remai n relatively strong with funds from operations coveragw at nearly five timesin 2009. TECO Coal is expected to benefiyt from higher priced contracts signedin 2008. soft coal demand and highefr mining production costs at TECO Coal raise the risks ofcontractual non-performancr by counter-parties and pressured margins.
Diverse regulatory orderw and operating issues at the Guatemalan operations will result in dividend distributionds that are lower thanhistoric levels. TECO's liquidity position is consideres strong, Fitch said. Cash and cash equivalents were $34.9 millionb and available credit facilitieswere $530 million as of Marchu 31. Liquidity was enhanced by a netoperating loss-tax carrt forward of $547.5 million as of Dec. 31, whichh is expected to result in minimal cash tax paymentesthrough 2012. In addition, TECO'se $100 million note maturing in 2010 is expectecd to be retired withinternal cash.
Positivew rating action could result in the futurse from consolidated leverage ratio reduction in 2010 and higherd cash flows from a full year of higherf base rates in 2010 and effectivecost
billion in debt held by and subsidiariesand Co. The rating is supportec by the underlying strengthof TECO’s regulated electric and gas utility subsidiary, from whicy it derives stable cash distributionsz to meet its funding requirements, Fitch said a Tampa Electric continues to post strong credigt metrics, it maintains solid operating performance and it benefitz from Florida’s constructive regulatory Fitch said. Fitch is however, about slowing customert growth at Tampa But the company has responded to slower growth by postponintg projects to increaseelectric capacity.
Another concerh for Fitch is cash flow deterioratiohn atTECO (NYSE: TE) Guatemala because of the adversed rate order in 2008, unplanned outages at the San Jose uncertainty over the extension of a purchasesd power agreement, and the potential for deferredf or renegotiated contracts because of declining market higher production costs and slumping demand for coal. TECO Coal and TECO Guatemala provide roughly 20 percent of thepareng company’s consolidated earnings before interest, depreciation and amortization, Fitch said.
Credit ratioas at Tampa Electric should benefit from higherf base rates in 2009 and 2010 as a result ofa $138 million rate order approveed in March, Fitch In addition, an affiliate waterborne transportationb agreement that reduced Tampa Electric’ws annual net income by $10 million in prior years is expiring. Fitch expects coverage ratios to remai n relatively strong with funds from operations coveragw at nearly five timesin 2009. TECO Coal is expected to benefiyt from higher priced contracts signedin 2008. soft coal demand and highefr mining production costs at TECO Coal raise the risks ofcontractual non-performancr by counter-parties and pressured margins.
Diverse regulatory orderw and operating issues at the Guatemalan operations will result in dividend distributionds that are lower thanhistoric levels. TECO's liquidity position is consideres strong, Fitch said. Cash and cash equivalents were $34.9 millionb and available credit facilitieswere $530 million as of Marchu 31. Liquidity was enhanced by a netoperating loss-tax carrt forward of $547.5 million as of Dec. 31, whichh is expected to result in minimal cash tax paymentesthrough 2012. In addition, TECO'se $100 million note maturing in 2010 is expectecd to be retired withinternal cash.
Positivew rating action could result in the futurse from consolidated leverage ratio reduction in 2010 and higherd cash flows from a full year of higherf base rates in 2010 and effectivecost
Sunday, April 10, 2011
Fresh ingredients make a difference at Mi Rancho - Staunton News Leader
http://homemaster.blogetery.com/2011/04/07/sliding-doors/
Fresh ingredients make a difference at Mi Rancho Staunton News Leader The freshness of the ingredients used at Mi Rancho makes their salad a great choice for only $6. Even though it's a salad, the plate was hot, keeping the meat and beans warm. Quesadilla jalisco ($7.99) is two quesadillas filled with grilled chicken and ... |
Friday, April 8, 2011
Ritz Camera gives up reorganization efforts, plans to sell remaining stores - Baltimore Business Journal:
http://www.marylandattorneyslawyers.com/user_detail.php?u=inhaniurpaw
Beltsville-based Ritz Camera says the lack of fundxs now forces it to auctio off its remaining locations by the end of Ritz CameraCenters says, in a courtr filing, that it is talkingf with two potential although neither has been willing to sign a The company is hopeful at least some of the remaining 400 photol stores will be sold to a going-concern buyer. The other 400 storesa already have been closedin going-out-of-business sales. Theree will be a hearing in U.S. Bankruptcyh Court in Delaware on Friday. Bids are due July 16, followec by a July 20 auction and a July 23 hearing for approval of the sale to one ormore buyers. Ritz Camera's debt includede $54.
5 million on a secured revolvinh credit agreementwith . The petitiomn says there is also $13.1 milliomn owed on subordinated debentures. Assets and debt are both less than $500 Ritz Camera also owned Boater’s World, a boating-and-fishinv supply retailer. The bankruptcy courft judge gave Ritz Camerwa permission on March 19 to hire Gordohn Brothers to shut downthe company's 130-storw Boater’s World chain. In 2001 Ritz acquirexd , which had sought bankruptcyu protection. Ritz began with a single store in Atlantic Cityin 1918. Its retail brandsd today includeWolf Camera, Kits Cameras, Inkley’s and .
Beltsville-based Ritz Camera says the lack of fundxs now forces it to auctio off its remaining locations by the end of Ritz CameraCenters says, in a courtr filing, that it is talkingf with two potential although neither has been willing to sign a The company is hopeful at least some of the remaining 400 photol stores will be sold to a going-concern buyer. The other 400 storesa already have been closedin going-out-of-business sales. Theree will be a hearing in U.S. Bankruptcyh Court in Delaware on Friday. Bids are due July 16, followec by a July 20 auction and a July 23 hearing for approval of the sale to one ormore buyers. Ritz Camera's debt includede $54.
5 million on a secured revolvinh credit agreementwith . The petitiomn says there is also $13.1 milliomn owed on subordinated debentures. Assets and debt are both less than $500 Ritz Camera also owned Boater’s World, a boating-and-fishinv supply retailer. The bankruptcy courft judge gave Ritz Camerwa permission on March 19 to hire Gordohn Brothers to shut downthe company's 130-storw Boater’s World chain. In 2001 Ritz acquirexd , which had sought bankruptcyu protection. Ritz began with a single store in Atlantic Cityin 1918. Its retail brandsd today includeWolf Camera, Kits Cameras, Inkley’s and .
Wednesday, April 6, 2011
Driven to discovery - Business First of Buffalo:
http://www.eyecarefinder.com/user_detail.php?u=tiekheckouh
Like the scientists they work with, paten lawyers come to the taskhighly educated. They need degrees in both law, to take a stater bar exam, and science, to take a federal bar Patent attorneyAndrew Gonsalves, for example, who works with the researcherx at Hauptman-Woodward Medical Research Institute in Buffalo, received a bachelor’s in biologyt and molecular biology and a master’s in botanical sciencwe before earning a law Patent attorneys use that depth of background to answeer the seemingly simple question: Shoulrd we or shouldn’t we?
Like the scientists they work with, paten lawyers come to the taskhighly educated. They need degrees in both law, to take a stater bar exam, and science, to take a federal bar Patent attorneyAndrew Gonsalves, for example, who works with the researcherx at Hauptman-Woodward Medical Research Institute in Buffalo, received a bachelor’s in biologyt and molecular biology and a master’s in botanical sciencwe before earning a law Patent attorneys use that depth of background to answeer the seemingly simple question: Shoulrd we or shouldn’t we?
Monday, April 4, 2011
YRC Worldwide, Teamsters to resume talks - St. Louis Business Journal:
http://www.asturpyme.com/user_detail.php?u=teaxkarie
A spokesman for the confirmed Mondayh whenthe in-person talks would continue. Discussions, which began a week ago, are beingf held at the Teamsters’ Washington headquarterw and byconference call. Neither the company nor the unioh has disclosed the content of the But union reform organization said the parties are considering a proposal in which YRC would quit participatinyg in Teamster pension plans for aboutr14 months, a move that could save abouty $500 million. Unlike previous this plan would not offer union members anythingin return. The Teamsters are askintg YRC to arrange more bank financing and guarantee that it will full y return to the pension plans afterthat period, TDU said.
The parties are attempting a rapid process that could end in a vote by affecter union membersthis month, TDU said. Overland Kan.-based trucking company YRC (Nasdaq: YRCW), which has roughlyt 49,000 total employees — more than half of them union memberx — has been weighed down by debt and a length yfreight recession, and lost $257.4 milliobn in the first It has integrated subsidiaries, shut down laid off workers and sold property to try to cut costss and maintain liquidity.
Early this year, Teamsteres members agreed to a 10 percent wage cut and suspensionjof cost-of-living adjustments through 2013 in exchangs for a 15 percent stake in the YRC also has been negotiating to defer unionh pension fund payments using company real estate as collateral and on June 18 secures an agreement with the largest pensionj fund to defer $83 million in The union has said it also is reachinb out to stakeholders — such as pension funds and YRC’x lenders — to address the cash issue.
A spokesman for the confirmed Mondayh whenthe in-person talks would continue. Discussions, which began a week ago, are beingf held at the Teamsters’ Washington headquarterw and byconference call. Neither the company nor the unioh has disclosed the content of the But union reform organization said the parties are considering a proposal in which YRC would quit participatinyg in Teamster pension plans for aboutr14 months, a move that could save abouty $500 million. Unlike previous this plan would not offer union members anythingin return. The Teamsters are askintg YRC to arrange more bank financing and guarantee that it will full y return to the pension plans afterthat period, TDU said.
The parties are attempting a rapid process that could end in a vote by affecter union membersthis month, TDU said. Overland Kan.-based trucking company YRC (Nasdaq: YRCW), which has roughlyt 49,000 total employees — more than half of them union memberx — has been weighed down by debt and a length yfreight recession, and lost $257.4 milliobn in the first It has integrated subsidiaries, shut down laid off workers and sold property to try to cut costss and maintain liquidity.
Early this year, Teamsteres members agreed to a 10 percent wage cut and suspensionjof cost-of-living adjustments through 2013 in exchangs for a 15 percent stake in the YRC also has been negotiating to defer unionh pension fund payments using company real estate as collateral and on June 18 secures an agreement with the largest pensionj fund to defer $83 million in The union has said it also is reachinb out to stakeholders — such as pension funds and YRC’x lenders — to address the cash issue.
Saturday, April 2, 2011
NewStar to snap up Southern Commerce Bank - Tampa Bay Business Journal:
http://www.wholesale-jewellery.org/user_detail.php?u=gorbicaparp
In turn, NewStar is likely to add branchee and workers at Southern Although Southern Commerce has been one of the faster growing banks in the Tampa Bay area in the pastthrewe years, there’s still lots of room for said Timothy Conway, chairman and CEO of NewStar (Nasdaq: NEWS), a Boston-based specializee commercial finance company, is on the cuttingy edge of a trend. Nonbank financial services firms increasingly are looking to transform theirf business models into banking a move that ensures they have a relatively inexpensivew and stable source of money toloan out, as well as more productse and services to offer their The background of NewStar’s executived — who are from financial institutionse such as (now part of ), and should serve it well, as regulators look at more nonbankj acquisitions of banks, Conway said during a June 3 presentationn to analysts in New York.
“Whaty they want is commercial bankers who understand traditional commercial bankinvg and will operate the banks they buy and invest in like traditionalcommercial banks.”
In turn, NewStar is likely to add branchee and workers at Southern Although Southern Commerce has been one of the faster growing banks in the Tampa Bay area in the pastthrewe years, there’s still lots of room for said Timothy Conway, chairman and CEO of NewStar (Nasdaq: NEWS), a Boston-based specializee commercial finance company, is on the cuttingy edge of a trend. Nonbank financial services firms increasingly are looking to transform theirf business models into banking a move that ensures they have a relatively inexpensivew and stable source of money toloan out, as well as more productse and services to offer their The background of NewStar’s executived — who are from financial institutionse such as (now part of ), and should serve it well, as regulators look at more nonbankj acquisitions of banks, Conway said during a June 3 presentationn to analysts in New York.
“Whaty they want is commercial bankers who understand traditional commercial bankinvg and will operate the banks they buy and invest in like traditionalcommercial banks.”
Friday, April 1, 2011
Fed expects little inflation - Business First of Columbus:
http://air-conditioners.webs.com
The Fed’s benchmark interest rate was held stead in a range of 0to 0.25 percent. The Fed “continuezs to anticipate that economic conditions are likelyu to warrant exceptionally low levels of the federa l funds rate for an extended period,” it said in a statemenrt released following its meeting. Despite rising energt and commodity prices, “ther committee expects that inflation will remainh subdued forsome time,” the statement said. The Federal Reserve also left its bond purchasedplans unchanged, repeating its commitmeny to buy up to $1.254 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year.
The Federal Reserve also will buy upto $300 billion of Treasury securitiea by autumn. The Fed now believes the pace of economic contractionis slowing, citing further signs of household spending stabilizinh and improving conditions in the financial markets. Amonf economic reports that may supportthe Fed’s beliefr that the economy will soon be on the mend was the latesf data on factory orders, showing orders for durabled goods unexpectedly rose in May for the secondx consecutive month.
The Fed’s benchmark interest rate was held stead in a range of 0to 0.25 percent. The Fed “continuezs to anticipate that economic conditions are likelyu to warrant exceptionally low levels of the federa l funds rate for an extended period,” it said in a statemenrt released following its meeting. Despite rising energt and commodity prices, “ther committee expects that inflation will remainh subdued forsome time,” the statement said. The Federal Reserve also left its bond purchasedplans unchanged, repeating its commitmeny to buy up to $1.254 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year.
The Federal Reserve also will buy upto $300 billion of Treasury securitiea by autumn. The Fed now believes the pace of economic contractionis slowing, citing further signs of household spending stabilizinh and improving conditions in the financial markets. Amonf economic reports that may supportthe Fed’s beliefr that the economy will soon be on the mend was the latesf data on factory orders, showing orders for durabled goods unexpectedly rose in May for the secondx consecutive month.
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