Fed set to expand its monetary stimulus

WASHINGTON (Reuters) - The Federal Reserve is expected to announce a fresh round of bond buying on Wednesday as part of its efforts to support a fragile economic recovery threatened by political wrangling over the government's budget.

The central bank looks certain both to extend its purchases of mortgage-backed debt and replace another expiring stimulus program with a new bout of money creation.

Policymakers are also likely to repeat a pledge to keep buying bonds until the labor market outlook improves substantially. A drop in the jobless rate to 7.7 percent in November from 7.9 percent in October was driven by workers exiting the labor force, a fact certain to disappoint the Fed.

"The economic environment seems ripe for those at the Fed who support continued accommodation," said Victor Li, professor at the Villanova School of Business and a former St. Louis Fed economist.

As its last program of Treasury purchases, known as Operation Twist, draws to a close, officials look set to replace it with a fresh $45 billion per month in buying. Unlike those in Twist, which were funded by sales and redemptions of short-term debt, the new Treasury purchases will further expand the Fed's $2.8 trillion balance sheet.

Economists also expect the central bank to continue buying $40 billion per month in mortgage-backed securities as announced in September, keeping the monthly pace of total asset purchases at $85 billion -- a figure the Fed highlighted in its last policy statement.

"We want to see continued improvement in labor markets in the near term, and monetary policy should encourage faster economic growth to achieve that objective," Eric Rosengren, the dovish president of the Boston Federal Reserve Bank, said last week.

The central bank will announce its decision around 12:30 p.m. (1730 GMT), and Fed Chairman Ben Bernanke will discuss it at a news conference at 2:15 p.m. (1915 GMT).

SWEATING A WEAK RECOVERY

The Fed cut overnight interest rates to near zero in December 2008 and has bought about $2.4 trillion in securities in a further effort to push borrowing costs lower and spur a stronger recovery.

Despite the unconventional and aggressive efforts, U.S. economic growth remains tepid. GDP grew at a 2.7 percent annual rate in the third quarter, but it now appears to be slowing sharply.

Businesses have hunkered down, fearful of a tightening of fiscal policy as politicians in Washington wrangle over ways to avoid a $600 billion mix of spending reductions and expiring tax cuts set to take hold at the start of 2013.

Bernanke has warned that running over this "fiscal cliff" would lead the economy into a new recession.

In addition to their bond-buying plans, Fed officials appear likely to reiterate their expectation that overnight rates will stay near rock-bottom lows until at least mid-2015.

The Fed is working on an alternative framework to this calendar guidance that would instead use particular economic indicators as guideposts for policy. However, they do not appear ready to seal a deal.

Officials will also release a set of quarterly economic and interest rate projections that could show yet another round of downward revisions to future growth prospects.

Back in September, the Fed predicted the U.S. economy would expand 2.5 percent to 3 percent in 2013, but even that modest rate is looking potentially rosy.

(Reporting by Pedro Nicolaci da Costa; Editing by Tim Ahmann and Dan Grebler)

Source: http://news.yahoo.com/fed-set-expand-monetary-stimulus-050252167--business.html

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10 Things to Know for Thursday

Your daily look at late-breaking news, upcoming events and stories that will be talked about Thursday:

1. US TRIES FOR A TRICKY BALANCE ON KOREA

Condemning the rocket launch too harshly risks rewarding the North, which seeks to leverage any global attention it gets into much-needed aid.

2. WHEN THE FED MIGHT RAISE INTEREST RATES

The central bank says rate will be kept near zero until U.S. unemployment falls to 6.5 percent, and provided inflation stays under control.

3. SYRIAN REGIME RAMPS UP ITS WEAPONRY

Scud missiles are being fired at insurgents trying to overthrow Assad, U.S. officials report.

4. WHY GUNMAN MIGHT HAVE ATTACKED SHOPPERS AT ORE. MALL

The random shooter feels "the whole world is unfair, someone has to pay, and it doesn't matter who," an expert says.

5. INTERN IN US SENATOR'S OFFICE ARRESTED

Peruvian, 18, accused of being in country illegally ? and is a registered sex offender.

6. WHAT'S AT THE HEART OF THE CRISIS IN EGYPT

The crippling divide centers on whether the nation moves toward a theocracy or retains its secular traditions.

7. GUATEMALA EXPELS MCAFEE TO MIAMI

Arrival in U.S. marks new twist in anti-virus software founder's escape from Belize.

8. A GALAXY SHOWS ITS AGE

Photos from the Hubble telescope confirm that a dim galaxy filled with blue stars is the oldest ever observed ? at 13.2 billion years.

9. NOW HEAR THIS (IF YOU CAN)

A law limiting the volume of TV commercials takes effect Thursday.

10. DODGERS GO FOR BROKE

The team is on track to become only the second with a $200 million payroll ? and could end the Yankees' streak of 14 years as baseball's biggest spender.

Source: http://news.yahoo.com/10-things-know-thursday-104756375.html

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Mozilla Launches Firefox OS Simulator 1.0, Brings Per-Window Private Browsing To Firefox Nightly

It's a busy day for Mozilla. The company just announced that its Firefox OS Simulator, which it officially launched three weeks ago, is now stable enough for a formal 1.0 launch.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/t2Z8aUDMbss/

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W.Va. gas line explodes, burns homes and roads

This image provided by the Kanawha County Emergency Services shows flames erupting across Interstate 77 from a gas line explosion in Sissonville, W. Va., Tuesday Dec. 11, 2012. At least five homes went up in flames Tuesday afternoon and a badly damaged section of Interstate 77 was shut down in both directions near Sissonville after a major gas line explosion triggered an hour-long inferno that officials say spanned about a quarter-mile. (AP Photo/Kanawha County Emergency Services)

This image provided by the Kanawha County Emergency Services shows flames erupting across Interstate 77 from a gas line explosion in Sissonville, W. Va., Tuesday Dec. 11, 2012. At least five homes went up in flames Tuesday afternoon and a badly damaged section of Interstate 77 was shut down in both directions near Sissonville after a major gas line explosion triggered an hour-long inferno that officials say spanned about a quarter-mile. (AP Photo/Kanawha County Emergency Services)

Emergency vehicles from every agency aailable line the roadway of Route 21 in between Sissonville, W.V., and Pocatalico, W.V., Tuesday Dec. 11, 2012, after a natural gas line explosion. At least five homes went up in flames Tuesday afternoon and a badly burned section of the expressway in West Virginia was closed after a natural gas line exploded in an hour-long inferno. (AP Photo/Charleston Daily Mail, Bob Wojcieszak)

The remains of a residential structure is leveled and burning after a natural gas line explosion Tuesday afternoon Dec. 11, 2012 along Route 21 in between Sissonville, W.V. and Pocatalico, W.V. At least five homes went up in flames Tuesday afternoon and a badly burned section of the expressway in West Virginia was closed after a natural gas line exploded in an hour-long inferno. (AP Photo/The Daily Mail, Rober M. Wojcieszak ) MBO (REV-SHARE)

This image provided by the West Virginia State Police shows a fireball erupting across Interstate 77 from a gas line explosion in Sissonville, W. Va.,Tuesday Dec. 11, 2012. At least five homes went up in flames Tuesday afternoon and a badly damaged section of Interstate 77 was shut down in both directions near Sissonville after a natural gas explosion triggered an hour-long inferno that officials say spanned about a quarter-mile. (AP Photo/West Virginia State Police)

Flames burn from a gas line explosion near Sissonville, W.Va., Tuesday, December 11, 2012. At least five homes went up in flames Tuesday afternoon and a badly damaged section of Interstate 77 was shut down in both directions near Sissonville after a natural gas explosion triggered an hour-long inferno that officials say spanned about a quarter-mile. (AP Photo/The Charleston Gazette, Rusty Marks)

SISSONVILLE, W.Va. (AP) ? Four homes went up in flames and collapsed in charred heaps Tuesday after a natural gas line exploded in an inferno that raged for at least an hour, melting guardrails and pavement on a swath of Interstate 77.

Five other homes had extensive external damage, and several people were treated for smoke inhalation, but authorities said there were no fatalities and all residents had been accounted for.

"We've been very fortunate," said Gov. Earl Ray Tomblin, who toured the damage then briefed the media. "They were just lucky enough not to be home."

Most were at work. One man had just left to go hunting, he said.

State Police spokesman Sgt. Michael Baylous said a slight risk of a secondary explosion remained, so people who had initially been told to stay inside nearby homes were later urged to evacuate.

The explosion occurred between Sissonville and Pocatalico just before 1 p.m. in a 20-inch transmission line owned by NiSource Inc., parent of Columbia Gas. The gas flow was shut off, but State Police 1st Sgt. James Lee said there was still pressure on the transmission line.

Kent Carper, president of the Kanawha County Commission, said flames had been shooting 50 to 75 feet into the air before the fire was extinguished.

"It sounded like a Boeing 757. Just a roar," he said. "It was huge. You just couldn't hear anything. It was like a space flight."

Trevor Goins lives about a half-mile from the explosion and was watching television in his apartment when he saw a ripple in his coffee cup and the floor shook.

"I thought possibly (it was) a plane crash," said Goins, who immediately went outside with several neighbors. "It was so loud it sounded like a turbine engine. You almost had to put your hands over your ears."

He got in his car and drove closer, seeing fire that stretched as high as the hilltops.

"The flames were so high, they were so massive," he said. "I could only imagine what had happened."

Carper said the flames spanned about a quarter of a mile and ran through a culvert under the interstate.

"It actually cooked the interstate," he said. "It looks like a tar pit."

Tomblin said a roughly 800-foot section both directions was baked by the heat.

"It turned the asphalt to cinder," he said, after walking across it. "Your feet were hot. It was like walking on a volcano."

Transportation Secretary Paul Mattox said contractors are already working on repairs, and the state hopes to have the highway reopened by Wednesday night. Crews were expected to work through the night to remove the asphalt and grind the roadway down to the original concrete before repaving.

"We're going to do everything we can to get it back," Mattox said.

Guardrails melted, utility poles burned, an ordinarily reflective green interstate sign was burned down to white metal and the blast blew a huge hole in the road, throwing dirt, rocks and debris across the interstate.

"Even the hillside was on fire," Tomblin said. "There are some homes in close proximity that are still smoking."

Tom Miller, training officer at the Sissonville Volunteer Fire Department, marveled at the destruction.

"Four lanes are gone," he said, adding that it was remarkable that no motorists were injured. "We were very lucky ? no rush-hour traffic."

Federal and state investigators are now trying to determine the cause.

"It's one of those rare events that happen," the governor said, "and at this time we do not have those answers," he said

NiSource spokesman Mike Banas said the company was still gathering facts.

"Our first priority is the safety of our employees and the community," he said, adding that no impacts on customers are anticipated.

U.S. Sen. Jay Rockefeller, who chairs the Senate Commerce Committee and has made pipeline safety a priority, vowed to get answers.

The West Virginia Democrat said the National Transportation Safety Board is launching a team "imminently" to investigate, he said, as is the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration.

___

Smith reported from Morgantown.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-12-11-US-Gas-Line-Explosion/id-de357900ebc440e6aade3ef9bce4a2e9

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HBT: Cy Young winner Dickey wants 3-year deal

Remember last week when it was reported that R.A. Dickey would be cool with a straight two-year extension? Yeah, about that. Adam Rubin of ESPN New York hears differently:

While it is being portrayed that Dickey only seeks a two-year deal on top of the existing $5 million owed in 2013, a team insider said that?s not how it is being communicated to the organization right now. Or, the source added, right now it is three years worth of money being sought.

So it?s more money, even if it isn?t a longer commitment. ?I can see that being reasonable, though. The issue with Dickey is the time in my view.

As for the ?three years worth of money? thing, the Mets are market leaders in backloading and otherwise structuring deals, so it may make a lot of sense for them to figure out how to do that with Dickey ? perhaps front-loading him ? in order to better-align his paychecks and his likely value to the team.

Source: http://hardballtalk.nbcsports.com/2012/12/04/r-a-dickey-wants-a-three-year-deal/related/

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