| Euro falls against dollar after downgrade warnings and Bernanke Defends 'Secret' Bank Bailout |
| News - Financial News |
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The euro fell against the dollar Tuesday after Standard & Poor's warned it could downgrade the debt of Europe's bailout fund as well as most of the countries that use the euro. Cutting the bailout fund's credit rating could complicate the region's fight against the crisis. Losing the pristine AAA rating could make it harder for the fund to raise money cheaply, increasing the cost of European bailouts. The warnings from Standard & Poor's are putting pressure on European leaders to come up with a solution to the region's debt crisis when they meet this week. The euro fell to $1.3389 in afternoon trading Tuesday from $1.3401 late Monday. The British pound fell to $1.5579 from $1.5644. The dollar fell to 77.72 Japanese yen from 77.77 Japanese yen and to 1.0115 Canadian dollar from 1.0171 Canadian dollar. The dollar rose to 0.9273 Swiss franc from 0.9205 Swiss franc. [Read the full article] U.S. Federal Reserve Chairman Ben Bernanke pauses during a news conference following a two-day policy session in Washington November 2, 2011. REUTERS/Jason ReedWASHINGTON (Reuters) - The Federal Reserve looks set to hold off on easing monetary policy for a second meeting in a row as it gauges the impact of Europe's crisis on the U.S. economy and ponders additional transparency steps.The central bank has signaled it is close to wrapping up a months-long effort to revamp or beef up its communications strategy.It appears to be closing in on a decision to use its quarterly economic forecasts as a way to tell markets what they see as the likely paths of inflation, unemployment and even interest rates themselves.But analysts say the policy-setting Federal Open Market Committee has no reason to pull the trigger now given recent data showing moderately stronger economic growth and the fact that its next set of projections is not due until next month. [Read the full article] WASHINGTON (AP) -- Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit Dec. 5 15,025,169 Statutory debt limit 15,194,000 Total public debt outstanding Dec. 5 15,068,134 Operating balance Dec. [Read the full article] 
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