Federal Reserve

Federal Reserve: The loonie lost 0.24 of a cent to 88.69 cents US after tumbling almost 9/10s of a cent Wednesday to its first close below 89 cents US since mid-2009, according to Huffington Post. The Fed has been cutting back on those purchases, a key element of stimulus that had kept long-term rates low, and said Wednesday it would further taper purchases by another US$10 billion a month to $55 billion and The Canadian dollar continued to fall Thursday as the U.S. currency appreciated after the U.S. Federal Reserve suggested interest rates could be headed up sooner than thought. At the end of the Federal Reserve's two-day policy meeting, central bank chair Janet Yellen signalled that the Fed could begin raising short-term rates six months after it halts its bond purchases around years end. (www.immigrantscanada.com). As reported in the news.