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Nightly Business Report - Wednesday March 20 2013.pdf

Nightly Business Report - Wednesday March 20 2013.pdf

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Tonight on Nightly Business Report, the Federal Reserve says it sees slower growth but lower unemployment over the next few years. What does it mean for you? NBR asks Goldman Sachs’ Chief Economist Jan Hatzius.
Plus, with planes packed and passengers willing to pay more, airlines are going further to win over high-paying customers. We’ll show you how.
And, as part of our Spring Buying Season series, NBR looks at whether there is finally a thaw in the mortgage market.
Tonight on Nightly Business Report, the Federal Reserve says it sees slower growth but lower unemployment over the next few years. What does it mean for you? NBR asks Goldman Sachs’ Chief Economist Jan Hatzius.
Plus, with planes packed and passengers willing to pay more, airlines are going further to win over high-paying customers. We’ll show you how.
And, as part of our Spring Buying Season series, NBR looks at whether there is finally a thaw in the mortgage market.

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Published by: Nightly Business Report by CNBC on Mar 22, 2013
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<Show: NIGHTLY BUSINESS REPORT><Date: March 20, 2013><Time: 18:30:00><Tran: 032001cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for March 20, 2013, PBS><Sect: News; International><Byline: Susie Gharib, Tyler Mathisen, Steve Liesman, Michelle Caruso- Cabrera, KaylaTausche, Phil LeBeau, Diana Olick><Guest: Jan Hatzius, Sally Smith><Spec: Economy; Federal Reserve; Policies; Business; Stock Markets;Housing><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib.SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: No change. The FederalReserve leaves interest rates where they are and stocks move higher.TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Coming up short.Oracle (NASDAQ:ORCL) and FedEx (NYSE:FDX), two corporate bellwethers reportdisappointing earnings. We`ll ask Goldman Sachs` chief economist what the numbers say aboutthe economy.
 
 GHARIB: And hot houses. More good news on housing sends home building stockshigher. We`ll look at whether there`s a thaw in the mortgage market as we continue our springguide to housing.All that and more, ahead on NIGHTLY BUSINESS REPORT.So, Tyler, all about the Federal Reserve, the economy and earnings -- those were theheadlines today.MATHISEN: And Cyprus in there for good measure. It was a very busy news day.We`re here to tell you all about it.The Federal Reserve did it again, says it`s going to keep interest rates where they are,near zero percent at the short end. And it also says it`s going to keep up its bond-buying program in order to hold down longer term rates. The markets like what they heard from theFed, along with a pledge from the new head of Japan Central Bank about its own bold, easingmeasures to be unveiled on Thursday. As a result, stocks moved higher here about. The Dowtouching an all-time intraday high before easing back. Nevertheless, the blue chips did close 56 points higher, to end at 14,511. NASDAQ up by 25 and the S&P 500 rose for the first time in four sessions, adding 10 points and taking us towithin a few of an all-time high.Steve Liesman tells us where we go from here.(BEGIN VIDEOTAPE)STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: TheFederal Reserve voting 11 to one to keep its policy in place and purchasing $85 billion a monthin treasuries and mortgage-backed securities in an effort to drive down long-term interest ratesand kick-start economic growth in the United States.
 
 But the Federal Reserve Chairman Ben Bernanke in the press conference after thestatement came out, suggested that the Fed may, in fact, reduce the amount of monthly purchasesif he sees sustained improvement in the economy, and specifically, when asked, he said he`slooking for sustained improvement in the job market.BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: We are seeing improvement.I think one thing we would need is to make sure that this is not a temporary improvement. Sowe`ve seen periods before where we had as many as 300,000 jobs for a couple of months andthen things weaken again. So, I think an important criterion would be sustained not just theimprovement that we`ve seen, but is it going to be sustained for a number of months?LIESMAN: Significantly, to go along with that, the Federal Reserve did reduce itsoutlook for unemployment in the United States, the Fed saying that it sees unemployment fallingto 6.85 percent in 2014. That`s the first time since the Fed has been forecasting and makingthose public that it`s been below 7 percent, a quicker pace of improvement in the unemploymentrate could bring a near end to the Fed`s effort to stimulate the economy.And the Fed chairman as well for the first time made remarks about what`s going on inCyprus and the economic and financial difficulties in that small country.BERNANKE: So a lot of uncertainties and difficulties and these questions about how theway Cyprus has created, what implications it might have for other countries and the like. So, itdoes have some consequence.But having said that, you know, the vote failed and the markets are up today. And I don`t think that the impact has been enormous.LIESMAN: Finally, the Federal Reserve in its statement for the first time made mentionof fiscal restraint, which is another way of saying the sequestration that many analysts thoughtthe Fed did not think was going to happen. And Fed chairman in the press conference did saythat he has concerns that reducing federal spending could reduce economic growth.Back to you guys.

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