Fed eyes jobless rate

Minutes of the Federal Open Market Committee, the interest rate setting body of the U.S. Federal Reserve, indicate the latest round of stimulus was weighed carefully and that reducing unemployment has now become a higher-priority goal for the Fed. Read the meeting minutes.

Read: U.S. unemployment falls to 7.8%

Concerns about persistently high unemployment rates were cited as one reason to embark on a policy to hold interest rates close to 0% through sometime in 2015 and to buy $40 billion worth of mortgage-backed securities monthly to keep long interest rates low for home buyers.

The debate minutes also show some members want to see an economic trigger put in place that would lead to rate hikes, rather than holding to a mid-2015 target date for the Committee’s next move.

Read: U.S. unemployment falls to 7.8%

Civil suit targets MBS sellers

While the Fed may be in the market for mortgage-backed securities, a civil suit underway in New York claims misconduct by sellers of the investments in 2006 and 2007.

No criminal penalties are in play, however, since the statute of limitations for securities law violations is five years.

Morgan Stanley remade

In the wake of troubles earlier this year, Morgan Stanley has undergone some changes, which pundits say, will lead the better results for the firm and its clients.

The bank’s chief warned Wall Street more job cuts may be in the offing and that bonuses may shrink in an effort to improve returns for shareholders.

Good news for Greece

Notice there hasn’t been much Greece bashing lately? Perhaps that’s because the price of its 10-year bond has more than doubled since the end of May. It’s the rally nobody’s talking about.