WASHINGTON (MarketWatch)A majority of the Federal Reserve's 12 districts reported either slowing or contracting manufacturing, as concerns about the fiscal cliff clouded the outlook for factory owners, according to the latest Beige Book report on current economic conditions released on
Wednesday
The extent of weakness in manufacturing is unexpected
The report said overall activity expanded at a measured pace
Hurricane Sandy led to weaker conditions in New York but there were expectations of a rebound due to rebuilding
Labor market conditions only improved modestly
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WASHINGTON (MarketWatch)
The Federal Reserve will expand its bond purchase plan to add Treasury purchases at its meeting next month, according to a report by the Wall Street Journal. The Fed will continue with Treasury purchases that are now part of the Operation Twist program that is set to expire on Dec. 31, the report said. The Fed will meet on Dec. 11 and 12. The Fed might deviate the size of the purchases, now set at $45 billion, the report said. "A decision not to continue buying long-term Treasurys when Twist expires would be a surprise to markets and that would be counterproductive," John Williams, president of the San Francisco Fed, said according to the report. "It would push long-term rates up and cause financial conditions to be a little less supportive of growth."
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