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Forex News and Rumors – Afternoon Update

FOMC Maintains Interest Rates – Looks to Quantitative Easing

The Federal Open Market Committee (FOMC) earlier today voted to keep interest rates at 0.25 percent and also expects to buy mortgage-backed securities and other assets as part of its new commitment to quantitative easing as a means to ensure sufficient capital and liquidity within the economy. More [1]

Federal Reserve to Buy $300 B in Bonds

The US Federal Reserve said today as part of its FOMC announcement that it will buy up to $300 billion in long-term government bonds. This action should boost Treasury prices and force down rates; because other forms of debt such as mortgages are linked to Treasury rates, this could help lead to lower overall borrowing costs.More [2]

Oil Prices Fall on News of Large Surplus

The Energy Information Agency reported that crude oil inventories increased by two million barrels for the week ending March 13 pushing crude oil for April delivery down from $49.16 a barrel to $47.79. More [3]

AIG Executives Asked to Return Bonuses

Under pressure from the Obama administration and a public growing public backlash, Edward Liddy – named head of AIG last September just days after the government extended an initial $85 billion to stave off bankruptcy – has asked executives who received more than $100,000 in extra bonus money to voluntarily give back half. More [4]

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Scott Boyd

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