While you were sleeping Wall Street declines

Tue, 25 Sep 2012

By Margreet Dietz Sept 26 (BusinessDesk) - Wall Street dropped as Caterpillar slashed its earnings forecast and a Federal Reserve official said he believed the central bank's plan for more asset purchases will do little to bolster the pace of economic expansion. "I believe that increasing monetary policy accommodation is neither appropriate nor likely to be effective in the current environment," Philadelphia Fed President Charles Plosser said today in a speech at the bank. He doesn't hold a voting position. He expects the US economy to grow...

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