After more than two years and 17 interest-rate hikes, the Federal Reserve Board said the economy has finally slowed sufficiently that it can leave short-term rates steady. This marks the first time since May 2004 that the Fed has voted not to lift rates in an effort to combat inflation.
This week, it's all about the Fed, as the Federal Reserve Board will decide whether to raise interest rates one more time. Wall Street is betting that the Fed will leave rates steady when it meets on Tuesday, given recent signs that the economy is decelerating. But if Fed Chairman Ben Bernanke pulls a fast one and raises rates one more time in an effort to whip inflation, then the markets could be in for a volatile ride.
The shutdown of BP's oil facilities in Prudhoe Bay, Alaska, because of a corroded pipeline alters the economic landscape in one of the nation's most important remaining centers of oil production, with the risk of an even greater supply crisis looming, some analysts say.
AP - Israel's Security Cabinet on Wednesday approved a wider ground offensive in south Lebanon that was expected to take 30 days as part of a new push to badly damage Hezbollah, a Cabinet minister said.
AP - Hours after a Democratic primary defeat, Sen. Joe Lieberman filed petitions Wednesday morning to run as an independent in the general election. Senate party leaders in Washington quickly endorsed the anti-war businessman who beat the three-term senator.
AP - U.S. Marines have arrested four Iraqi men in connection with the kidnapping of U.S. journalist Jill Carroll, who was freed last March after 82 days in captivity, a U.S. spokesman said Wednesday.
Sen. Joseph Lieberman conceded to anti-war candidate Ned Lamont in the Democratic primary for the Connecticut Senate nomination, but vowed to run as an "independent Democrat" this fall. Lieberman's campaign already has filed petitions for him to run as an independent.
Israeli helicopter gunships took the fight in Lebanon to that country's largest Palestinian refugee camp early Wednesday, just hours before Israel's Security Cabinet was to consider expanding its military campaign against Hezbollah in southern Lebanon.
A U.S. Army Black Hawk helicopter with six coalition troops on board went down in Anbar province, west of Baghdad on Tuesday, a military statement said.
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