U.S. consumer spending rose for a fifth straight month in June, but a moderation in price increases suggested the Federal Reserve will not raise interest rates anytime soon.
US Federal Reserve
In her testimony before the Senate Banking Committee, Federal Reserve Chair Janet Yellen said that the Fed does not possess any authority to supervise the Bitcoin, The Wall Street Journal blog MoneyBeat reported.
According to Central Bank of the Philippines Governor Amando Tetangco, the policy of increasing rates to cope with volatile currencies set in place by fellow emerging markets would be more harmful, the Financial Times reported.
This week, emerging market economies were battered. A report written on Bloomberg View by its editors gives the reasons why this has happened and what can be done about it.
The Federal Reserve is optimistic that the US economy will grow strong this year and is expected to announce the next reduction of its bond-buying program on January 28-29, the Wall Street Journal reported.
Countries in emerging markets like Turkey and India should see the bright side of the tapering of the $85 billion-a-month money-printing program by the US Federal Reserve this month, according to a Reuters report.
Despite recording huge losses in 2013, gold and silver investments are seen increasing, and analysts attributed these to the improving major economies, including the US.
Asian Development Bank President Takehiko Nakao expressed his confidence about Asia's economy should US Federal Reserve proceed with its plans to reduce its quantitative easing program.
A report on Arabian Business read that gold will be recording its lowest annual plunge since three decades ago due to combined pressure from the monetary stimulus easing of the US Federal Reserve.
As talk about the US Federal Reserve tapering grows, a Financial Times report said markets are now more prepared should a reduction in asset purchases actually become a reality.
China's holdings in US Treasury securities were seen increasing to a figure nearing $1.314 trillion it last hit in July 2011 as the world awaits for the decision of the US Federal Reserve to taper its $85 billion monthly purchases, said a Bloomberg report.
As investors await for the decision of the US Federal Reserve to the timeline when it will begin with its tapering of its monthly bond purchases, prices of gold and other minerals saw increases in the financial markets.
Some industry observers believed excess liquidity spurred by central banks' economic monetary policies could result to asset bubbles in niche markets by year 2014.
A report by former investment banker and Wall Street observer Robert Lenzner highlighted the points why financial markets should welcome the appointment of a conservative and experienced economist like Stanley Fischer a vice chair of the US Federal Reserve.
Major banks on Wall Street are extremely anxious about the threat of the final deliberations of the Volcker rule, of which its provisions regarding the definition and exemption of market-making is set to be deliberated soon.
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