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Nightly Business Report - Thursday June 27 2013

Nightly Business Report - Thursday June 27 2013

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Tonight on Nightly Business Report.. Is Congress any closer to preventing student loan rates from doubling on Monday?
And, if you’re thinking of doing more banking on your mobile device, watch out for some steep fees.
Tonight on Nightly Business Report.. Is Congress any closer to preventing student loan rates from doubling on Monday?
And, if you’re thinking of doing more banking on your mobile device, watch out for some steep fees.

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Published by: Nightly Business Report by CNBC on Jun 28, 2013
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From: Alexei Egoryshev <aegoryshev@fdch.com>Date: June 27, 2013, 8:25:39 PM PDTTo: <richard.carolan@nbcuni.com>, <samantha.wright@nbcuni.com>Cc: FDCH Editors <list-newsteam@fdch.com>Subject: NBR 6-27<Show: NIGHTLY BUSINESS REPORT><Date: June 27, 2013><Time: 18:30:00><Tran: 062701cb.118><Type: SHOW><Head: Nightly Business Report><Sect: Business><Byline: Susie Gharib, Tyler Mathisen><Guest: Richard Madigan, Ed Yardeni><Spec: Business; Stock Markets; Economy; SIC: 7375><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib.TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Win streak, the Dowsees its best three-day gain in almost a year. Is the wobbly market behind
 
us? We`ll ask the chief investment officer of JPMorgan Private Bank.SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Pain in the apps. Whythe banking on your mobile device, the wave of the future, is going to costyou.MATHISEN: And failing grade, a trillion dollars in new student loanswill likely be issued over the next decade, and now Congress is just daysaway from letting the interest rate double.All that and more tonight on NIGHTLY BUSINESS REPORT for Thursday,June 27th.GHARIB: Good evening, everyone.If investors think the Fed will be hiking short-term interest ratesany time soon, they`ve got it wrong. So says Bill Dudley, president of the New York Federal Reserve Bank, and one of the most powerful policy-makersat the central bank after Chairman Ben Bernanke.In a speech today, Dudley said investors are misreading Fed policy,adding that a rise in short-term rates is "very likely to be a long wayoff."WILLIAM DUDLEY, PRESIDENT, FEDERAL RESERVE BANK OF NEW YORK: The
 
FOMC`s policy depends on the progress we make towards our objectives, andthis means that policy, including the pace of asset purchases, depends onthe economic outlook, not on the calendar.GHARIB: Well, investors were reassured by those comments from Dudley,and in reaction to some upbeat economic reports today. The government saidconsumers earned more and spent more in May, and first time jobless claimsfell by 9,000 over the past week.The Dow jumped 114 points, closing above the psychologically important15,000 level. The NASDAQ added 20, the S&P rose by almost 10 points.MATHISEN: Well, Susie, for more than a month, the market hasvacillated. And that`s putting it mildly, shifting sometimes day by dayfrom big gain to big drop and back again. More confounding some days, likeyesterday, the market`s rise is traced to weak economic data that mightstay the Fed`s tightening hand. Other days like today market gains arechalked up to good economic numbers, so go figure.So tonight that`s what we`re going to do. We`ve invited two of WallStreet`s best to help us and help you go figure. We`ll call it the "gofigure summit." Richard Madigan is chief investment officer of JPMorgan`sPrivate Bank; and Ed Yardeni, president of Yardeni Research, has probablymade more smart calls on the economy and the market over the years than just about anybody.

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