Briefly:

The U.S. Federal Open Market Committee (FOMC) is holding steady on interest rates, suggesting that raising rates from the current target band of 0% to 0.25% could stifle the fledging economic recovery.

While economic activity has improved since the FOMC’s September meeting, conditions in the financial markets “were roughly unchanged,” the Fed said in its announcement.

“Although economic activity is likely to remain weak for a time, the committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will support a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability,” the Fed said.

The central bank gave little indication that it was even considering raising rates in the foreseeable future, saying it “continues to anticipate that economic conditions—including low rates of resource utilization, subdued inflation trends and stable inflation expectations—are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”

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BMO turns green

You can add green to the traditional blue, white and red associated with BMO.

The BMO Financial Group has purchased the 64 Bullfrog Power facilities in Nova Scotia, New Brunswick and Prince Edward Island and, in doing so, it has become the largest user of Bullfrog Power in Atlantic Canada.

“Customers expect us to show leadership when it comes to the environment,” said Steve Murphy, senior vice-president, Atlantic division, with BMO Bank of Montreal. “This means that we must adopt and integrate environmental best practices into everything we do. With this purchase, we are reaffirming our commitment to minimizing the impact of our operations on the environment—here in Atlantic Canada and everywhere else we do business.”

In Ontario, Alberta and British Columbia, 78 BMO branches are Bullfrog powered.

“At Bullfrog Power, we’re delighted that BMO has decided to expand its green power partnership with us as we bring a new green electricity choice to Maritime homes and businesses,” said Tom Heintzman, president of Bullfrog Power.

(11/04/09)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.