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Business Highlights: Fed s caution, Target s big profit
The Associated Press
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Fed officials in April cautioned about inflation pressures
WASHINGTON (AP) The U.S. economy’s faster-than-expected awakening from its pandemic-induced slumber had some Federal Reserve officials last month discussing whether it might be time to start planning for easing back on one of the central bank’s levers for keeping interest rates low. The discussions were revealed in the minutes of the Fed’s April meeting released Wednesday. They marked the first time the central bank has even hinted that the time could be approaching to consider reducing the Fed’s $120 billion monthly bond purchases. The purchases have the effect of putting downward pressure on long-term interest rates. Officials have been wary about broaching this subject out of concern they might roil financial markets.
BANGKOK (AP) â Shares were mixed in Asia on Thursday after benchmarks closed broadly lower on Wall Street in a third day of retreat.
The price of Bitcoin and other cryptocurrencies declined further. Stocks rose in Tokyo and Sydney but fell in Hong Kong and Shanghai.
Japan s government reported that exports rose 38% in April from a year earlier while imports climbed nearly 13%, indicating a recovery in overseas demand even as the country weathers its worst bout of coronavirus outbreaks so far.
Exports to the U.S. rose 45% while those to China jumped nearly 34% in a strong rebound after last year s shocks from lockdowns and other precautions taken to curb the pandemic.
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