Thu, Jun 27, 2013 12:01 PM EDT 1:07
The Federal Reserve's asset purchases would be more aggressive than the timeline Chairman Ben Bernanke outlined last week if economic growth and the labor market turn out weaker than expected, the influential head of the New York Fed said on Thursday. Pushing back hard against market concerns over the withdrawal of quantitative easing, William Dudley stressed in a speech that the newly adopted timeline for reducing the pace of bond buying depends not on calendar dates but on the economic outlook, which remains quite unclear. Contracts to purchase previously owned U.S. homes rose in May to the highest level in more than six years as buyers rushed to the market to lock in deals before interest rates climb higher. Rachel Jeantel, a friend of Trayvon Martin's who was on the phone with him shortly before his fatal fight with George Zimmerman testified hat she thought the encounter was racially charged.