As expected the Fed doesn’t say anything unexpected–so far

Not unexpectedly the U.S. stock market is on hold waiting for Federal Reserve Chairman Ben Bernanke to speak shortly after 2 p.m. today. The update in the Fed’s written statement after the meeting wasn’t much of a change from April. Certainly not if you note that this is the first statement from the Fed in roughly two months and that the Fed’s big program of quantitative easing is set to end this month.

China confronts its next growth hurdle

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