Federal Reserve chairwoman Janet Yellen said on Friday that the US economy was improving but warned there was a “possibility that the severe recession caused persistent changes in the labour market’s functioning”.
San Francisco Federal Reserve President John Williams said hiking the benchmark interest rate in the summer of 2015 is a "reasonable guess" based on the current economic progress, noting a broad improvement the labor market.
Federal Reserve Bank of Boston President Eric Rosengren said broker regulation needs a 'major re-examination' to prevent funding shortfalls during a crisis, and New York Fed President William C. Dudley said the wholesale funding system must have greater stability.
Bank of America has raised its quarterly dividend to 5 cents a share and dropped plans to buy back stock after the Federal Reserve approved its resubmitted capital plan for 2014.
A surge in activity across the US services sector in July fuelled by spending on new homes put the economy on track for a strong second half of 2014, according to a business survey.
A second-quarter economic rebound did nothing to change the Fed, which stayed the course Wednesday with ultra-easy monetary policy.
Continuing to buck the trend.
'Wide-ranging remedial action' appears to have been required.
It's been a long time since the jobless rate in the United States was as low as 6.1%.
The Fed's "wildly accommodative" monetary policy risks triggering the next world financial crisis, market veteran Stephen Roach has warned.