Fed move tanks European markets

Plans announced yesterday by the Federal Reserve to purchase more long-term U.S. debt was translated by worldwide financial markets to mean America’s economic malaise won’t ease any time soon. European markets tanked shortly after opening.

Glimmers of hope continue to appear, though. The rate of initial applications for employment benefits dipped last week, and for the fifth week running. So far, though, the decreases aren’t enough to bring down the country’s overall unemployment rate.

Meanwhile, the U.S. house was unable to pass a stopgap spending bill, indicating Democrats are flexing their muscle in the U.S. lower legislative chamber. The move could lead to a government shutdown at the end of the month.

Staff

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