Sailing-Winds of change for America's Cup in Bermuda Triangle
HAMILTON, Bermuda, June 24 Mystery surrounds what next for the America's Cup if New Zealand win sailing's most prestigious prize in Bermuda next week.
Dec 17 A top U.S. Federal Reserve policymaker on Monday redoubled his opposition to the U.S. central bank's accommodative policies, warning that its latest policy steps "test the limits" of the Fed's hard-won credibility on inflation.
Repeating arguments he has made in the past, Richmond Fed President Jeffrey Lacker said the central bank's growing stable of assets makes it much more vulnerable to "small errors."
The Fed is "straining to provide as much stimulus as possible without endangering our price-stability credibility," he said on CNBC television. "My worry and the reason I dissented ... is that we seem to be willing to test the limits of that credibility."
The Fed last week stepped up its bond-buying plan, meant to spur investment and economic growth. For the first time, it also pledged to keep interest rates near zero while unemployment remained above 6.5 percent, provided inflation remains contained below 2.5 percent. This replaced a previous commitment to hold rates down until at least mid-2015.
Lacker, who has dissented on every Fed policy decision this year, said he backed dumping the calendar-based policy. But he argued the 6.5 percent threshold is "risky" because the unemployment rate is not a fulsome measure of the labor market, and because the Fed cannot directly control the jobless rate.
"The risk is that people become fixated on it, and it becomes an interference in our communications," he said, adding it could create tension with the Fed's mandate to keep prices stable.
Lacker added he expects the United States to reach 6.5 percent unemployment in about three years. The jobless rate was 7.7 percent last month, down from previous levels but still high.
June 23 The U.S. Marine Corps said on Friday it resumed flight operations for Lockheed Martin Corp's F-35B fighter jets after temporarily suspended operations a day ago because of software problems.