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Fed nods to firmer prices yet still focused on labor weakness

WASHINGTON - The Federal Reserve on Wednesday reaffirmed it was in no rush to raise interest rates, even as it upgraded its assessment of the U.S. economy and expressed some comfort that inflation was moving up toward its target.

Recent Business News

Bank of America ordered to pay $1.27 billion for 'Hustle' fraud

NEW YORK - A federal judge on Wednesday ordered Bank of America Corp to pay a $1.27 billion penalty for fraud over shoddy mortgages sold by the former Countrywide Financial Corp.

BOJ should mull shifting focus to zero rates in future: Kiuchi

KOBE Japan - Bank of Japan board member Takahide Kiuchi said on Thursday the central bank should consider as a future option shifting the focus of its monetary policy to zero interest rates from asset purchases when it eyes an exit from ultra-loose policy.

11:17pm EDT

Exclusive: Cuomo intervened in BNP deal to get $1 billion more for NY state fund

- Only days before U.S. authorities reached a landmark $8.97 billion settlement with BNP Paribas over the bank’s dealings with countries subject to U.S. sanctions, New York Governor Andrew Cuomo intervened to ensure the state government got a much bigger share of the proceeds, according to three people familiar with the situation.

9:34pm EDT

S&P 500, Nasdaq end up as Fed in no rush to raise rates

NEW YORK - The S&P 500 and Nasdaq ended higher on Wednesday after the Federal Reserve gave a rosier assessment of the U.S. economy while reaffirming that it is in no hurry to raise interest rates.

5:24pm EDT

Yum says China food safety scare hurting KFC, Pizza Hut sales

- Yum Brands Inc on Wednesday said a television expose showing improper meat handling by one of its Chinese suppliers caused "significant, negative" damage to sales at its KFC and Pizza Hut restaurants over the past 10 days.

5:50pm EDT

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