The Federal Reserve stuck to its
pledge to keep interest rates near zero for a “considerable
time” after it stops buying assets, even as it outlined a
strategy to exit from six years of unprecedented easing.
Treasuries fell while the dollar
gained as the Federal Reserve raised estimates for interest
rates at the end of next year even as it pledged to keep rates
low for a “considerable time.” U.S. stocks pared earlier ...
China’s central bank joined its
European counterpart in boosting liquidity to address weakening
growth, underscoring a divergence in direction among the world’s
biggest economies as the U.S. reduces stimulus.
The California Public Employees’
Retirement System’s decision to divest its entire $4 billion
from hedge funds came after officials concluded the program
couldn’t be expanded enough to justify the costs.