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The Federal Reserve was widely anticipated to announce that it was tapering its $85-billion-a-month bond-buying program. But, instead, it delivered a surprise that markets embraced joyously.
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Federal Reserve Chairman Ben Bernanke testified before the House Committee on Financial Services Wednesday, saying that when and how the Fed winds down its stimulus program will depend on economic conditions.
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The central bank's latest "Beige Book" review of conditions around the nation adds to evidence that the economy continues to chug along.
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Stock and bond markets reacted positively to Federal Reserve Chairman Ben Bernanke's remarks on the economy Wednesday morning. Bernanke was on Capitol Hill delivering the Fed's twice yearly update on the economy and Fed policy before the House Financial Services Committee.
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The Federal Reserve Chairman continued to soothe investors, saying the Fed would not wind down its bond-buying program until economic conditions improve.
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The minutes of the Federal Reserve's June meeting will be released a 2 p.m. That's the meeting chairman Bernanke said the Fed could begin to think about reducing the amount of money it pumps into the economy.
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The sharp drop follows remarks by Fed Chairman Ben Bernanke that the central bank's monthly bond-buying spree could soon end. Fears over a freeze in interbank lending in China have also contributed to investor concerns.
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Investors have been nervous about the Federal Reserve's intentions after hints that it might reduce its massive bond buying program. Amid volatile markets, traders and investors complained they wanted more clarity. Chairman Ben Bernanke obliged on Wednesday after a regular two-day meeting of Fed policymakers.
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At Princeton's commencement, the central bank chief mixed in some humor with his advice. He even quoted comedienne Lily Tomlin. That's not your typical "Fed speak."
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The Fed chairman cautioned Wednesday that if interest rates were to start rising now, the economy could slump. Meanwhile, the National Association of Realtors said sales of existing homes rose — and would have been even stronger if not for tight inventory.