WASHINGTON - The Federal Reserve expects the U.S. economy this year will sink at a slower pace than it previously thought, but that unemployment will top 10 percent and remain high for the next few years, according to a new forecast released Wednesday.
Calpers, the biggest U.S. public pension fund, has sued the three largest credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses.
The Federal Reserve held fire on additional asset purchases at its meeting last month because of doubts about how financial markets would react to more buying, documents on Wednesday showed.
U.S. credit card companies said defaults and delinquencies were lower in June than analysts feared, sending the shares of some up over 10 percent and helping the stock market rally on Wednesday.
A key index of the Indian equities markets continued to trade in the green Wednesday as investors bought into realty, metal and capital goods stocks.
Oil prices peeked above $60 a barrel Wednesday in Asia as investors looked to a weekly inventory report for clues on U.S. gasoline demand.
The BSE building is reflected on a glass window as people look at a large screen displaying India's benchmark share index.
Administrators for the main European unit of bankrupt U.S. investment bank Lehman Brothers Holding Inc.
Asian stock markets rose for a second day Wednesday, underpinned by better-than-expected U.S. earnings and optimism the regional economy is on the mend.
With government officials locked in negotiations about a possible bailout for business lender CIT Group Inc., the Federal Deposit Insurance Corp.
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