Ben Bernanke: U.S. Federal Reserve

U.S. Federal Reserve: The loonie was up 0.17 of a cent to 97.24 cents US as the American currency weakened ahead of the end of a two-day meeting of the U.S. Federal Reserve on interest rates, according to 660 News. Statistics Canada reported that gross domestic product grew by 0.2 per cent. Economists had looked for a 0.3 per cent rise from April and TORONTO The Canadian dollar shook off early losses late Wednesday morning despite data showing the economy performed weaker than expected during May. There has been much speculation surrounding the Fed over the last two months, since chairman Ben Bernanke first mentioned that the central bank could start to taper its US$85 billion of monthly bond purchases later this year if economic conditions warrant. This key piece of economic stimulus is credited with keeping long term rates low and fuelling a strong rally on markets. (www.immigrantscanada.com). As reported in the news.