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Trader's Blog
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Today's News
Text of the Federal Reserve's statement Wednesday
1 hour, 38 minutes ago
Here is the statement the Federal Reserve released Wednesday after its two-day policy meeting: Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall. The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective.
Polaris recalling about 4,500 off-road vehicles
1 hour, 38 minutes ago
Snowmobile and ATV maker Polaris Industries Inc. is recalling about 4,500 of its 2011 Polaris Ranger RZR XP 900 recreational off-highway vehicles due to a potential burn hazard. The company said Wednesday that the firewall in back of the driver and passenger seats can overheat and melt. There has been one report of an incident in which a consumer suffered burn injuries to a finger.
Banks fall short in helping struggling homeowners
1 hour, 38 minutes ago
Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers, a report said Wednesday. Such delays can plunge borrowers deeper in debt. "It is clear to me that the servicers have additional work to do both in their efforts to fully comply with the (settlement) and to regain their customers' trust," Smith said in the report.
Mayors take victory lap on Minn. local aid bump
1 hour, 38 minutes ago
Mayors from around Minnesota said Wednesday they'll be able to maintain their fire and police staffing, tackle backlogs of local road projects and pay down debt thanks to an $80 million bump in state aid to cities. Local government aid was an attractive target for state budget cutters over the years, which local officials have blamed for making sharp property tax increase unavoidable.
