Word: feds
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...likely to be both in 2008, with the global economy and Bernanke's legacy as Fed Chairman hanging in the balance...
...Federal Reserve Chairman Ben Bernanke appears intent on avoiding such mistakes. He pledged during recent congressional testimony to "act in a timely manner as needed to support growth and provide adequate insurance against downside risks." And Fed actions speak louder than words: the 1.25 percentage point reduction in the overnight policy rate at the end of January was the most rapid cut by the U.S. central bank in recent history...
...Fed is also taking other steps. It recently expanded on a program introduced late last year to inject billions of dollars of liquidity into the banking system. The reason is the continued rise of key interest rates - including all-important mortgage rates - due to financial market distress. We are therefore poised not only to see further policy-rate cuts, but also continued nontraditional central-bank actions to get credit markets working again, including possible outright purchases of U.S. mortgage-backed securities...
...outgoing Chen. His administration has been so tarnished by corruption scandals that public confidence in the DPP has soured. Even First Lady Wu Shu-chen was indicted on charges of graft and forgery in 2006; she pled not guilty and a verdict has yet to be delivered. Fed-up voters carried the KMT to a landslide victory in legislative elections in January. (Ma was also indicted last year for misappropriating public funds but was cleared of wrongdoing by the courts. An appeal by prosecutors to the Supreme Court is now pending...
...rains came and that kind of killed a lot [of the promotion],” said James D. Burton, Chipotle’s manager. But he still had high hopes for the giveaway. “I’m hoping to get the entirety of Harvard Square fed,” he said with a grin. “I want every other restaurant to shut down because they can’t handle it.” To fight the rain, Chipotle staff handed out large Harvard umbrellas to many of the soaked burrito-waiters. Staff also brought...