Big news on the candidates for the Federal Reserve Chairman post that is set to be vacated by current Chairman Ben Bernanke in January of 2014. One of the front runners, former Secretary of the Treasury Lawrence Summers, has withdrawn from the race. This paves the way for current Federal Reserve Vice Chairman Janet Yellen to become the front runner to be nominated for the position. In economic news, the New York Federal Reserve reported that its Manufacturing Index fell to 6.29 in September from 8.2 recorded in August and below the 9.0 that was expected. Within the report it showed that labor market conditions were mostly steady while the future general business conditions rose for a third straight month. In a recent survey conducted Bankrate from 1,000 people showed that 40% of the respondents will pay higher costs for health care this year compared to last year with 8% reporting they will pay less. The first phase of the new Obamacare laws are due to be launched in a few weeks and the survey also reveals that about 28% said they are more negative about Obamacare than they were a year ago.
Posted on: Mon, 16 Sep 2013 19:12:08 +0000
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