Fed Refrains From QE Taper, Keeps Bond Buying Pace

Sept. 18 (Bloomberg) -- The Federal Reserve unexpectedly refrained from reducing the $85 billion pace of monthly bond buying, saying it needs to see more evidence of improvement in the economy. The Federal Open Market Committee released its statement at the conclusion of a two-day meeting in Washington. Peter Cook reports on Bloomberg Television's "Money Moves." (Source: Bloomberg)

Ermotti: UBS Operating in a `Challenging' Environment
08:25 - UBS Group AG said profit slipped 14 percent in the second quarter as both wealth management and investment banking generated less revenue during a rocky period for markets. Net income fell to 1.03 billion Swiss francs ($1.05 billion), from 1.21 billion francs a year earlier, the Zurich-based bank said in a statement Friday. That beat the 668 million-franc average of five analyst estimates compiled by Bloomberg. UBS CEO Sergio Ermotti told Bloomberg's Manus Cranny in Zurich the lack of visibility has an impact on clients’ risk aversion, saying “at this stage, our job is to stay close and try to find the right risk profile for clients. Many of them want to be extremely conservative.” Ermotti added that Brexit is posing “a lot of challenges” to the U.K. and the rest of Europe but UBS has a “high degree of flexibility.”
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