Federal Reserve Latest News: Democrats Question Obama on Summers for Fed Chair Post

Wochit 0:55 mins

Meeting being closed doors with House Democrats Wednesday, President Barack Obama faced questions from his own party about his reported consideration of Larry Summers as the next chairman of the Federal Reserve. The Federal Reserve announced no changes following the latest meeting of its policy-making committee and offered no indication how soon it might start to reduce its monthly bond purchases. The Federal Reserve says the U.S. economy is growing modestly, a downgrade from its June assessment. The Fed expects growth will pick up in the second half of the year, but the more cautious message may signal it's not ready to slow its bond purchases soon.

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