Business Highlights


Fed is moving toward rate hike, but just when still unclear

WASHINGTON (AP) — The Federal Reserve took note Wednesday of a strengthening U.S. economy and appears on track to raise interest rates this year for the first time in nearly a decade.

But Chair Janet Yellen declined to say just when or how fast the Fed would act.

In a statement after its latest policy meeting, the Fed noted that the job market, the housing industry and consumer spending are all improving. At the same time, it made clear it wants to see further economic gains and higher inflation before raising rates from record lows.

Wall Street powerhouse poised to loan money to Main Street

NEW YORK (AP) — Wall Street’s most iconic investment bank has decided to open its doors to Main Street.

Goldman Sachs plans to start lending money directly to consumers and small businesses, according to an internal memo released to The Associated Press. It would be the first time in its history that the firm has done business with ordinary borrowers.

Goldman’s move comes as new regulations have weighed on the firm’s other businesses, such as trading. Also, the online lending industry — growing at sometimes double or triple its levels from a year ago — could provide healthier returns without the need for Goldman to build bank branches.

Will Greece leave the euro? A look at its options

LUXEMBOURG (AP) — Stay or go? The time is approaching for momentous decisions for Greece and the nations using the euro currency.

Athens must pay 1.6 billion euros ($1.8 billion) off its debts at the end of the month to avoid a possible default and secure for a little longer its cherished place among the 19 countries using the single currency.

Greece needs new financial aid from creditors to be able to make the June 30 date with the debt collector. A deal is still nowhere in sight, though, with both sides refusing to compromise over what reforms Greece should make in exchange for more loans.

Source: post-gazette



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