U.S. News
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Japanese equity futures tracked U.S. stocks lower as the dollar surged after Federal Reserve Chairman Ben S. Bernanke said bond purchases may be reduced later this year should risks to the U.S. economy abate. The Australian and New Zealand currencies slumped while oil slid.
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Federal Reserve Chairman Ben S. Bernanke said the central bank may start dialing down its unprecedented bond-buying program this year and end it entirely in mid-2014 if the economy finally achieves the sustainable growth the Fed has sought since the recession ended in 2009.
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Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest mutual fund, said investors who are selling Treasuries on expectations that the Federal Reserve will scale back its accommodative policy are missing the influence of inflation on the Fed’s decision.
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Micron Technology Inc. reported fiscal third-quarter sales and profit that topped analysts’ estimates as the largest U.S. maker of memory chips benefited from price increases.
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