Fed ends program to purchase bonds
WASHINGTON – The Federal Reserve cited an improving economy Wednesday as it ended its landmark bond-buying program and pointed to gains in the job market as a key condition for an eventual interest rate hike.
The Fed did reiterate its plan to maintain its benchmark short-term rate near zero “for a considerable time.” Most economists predict it won’t raise that rate before mid-2015. The Fed’s benchmark rate affects rates on many consumer and business loans.
But in a statement ending a policy meeting Wednesday, the Fed noted that the job market is strengthening. Its statement drops a previous reference to “significant” in referring to an “underutilization” of available workers.
Space firm seeks cause of explosion
ATLANTIC, Va. – The company behind the dramatic launch explosion of a space station supply mission promises to find the cause of the failure and is warning residents to avoid any potentially hazardous wreckage.
Orbital Sciences Corp.’s unmanned Antares rocket blew up just moments after liftoff Tuesday evening from the Virginia coast.
Meanwhile, early Wednesday, the Russian Space Agency launched its own cargo vessel from Kazakhstan and the spacecraft arrived at the International Space Station six hours later with 3 tons of food. The smooth flight was in stark contrast to the Orbital Sciences’ failed launch, and had been planned well in advance of the accident.
The Orbital Sciences rocket was carrying a Cygnus capsule loaded with 2 tons of space station experiments and equipment for NASA. No one was injured when the rocket exploded moments after liftoff, shooting flaming debris down onto the launch area and into the ocean.
The company’s Cygnus cargo ship was carrying 5,000 pounds of experiments and equipment for NASA, as well as prepackaged meals and, in a generous touch, freeze-dried Maryland crabcakes for a Baltimore-born astronaut who’s been in orbit for five months.
Official discusses North Korea visit
UNITED NATIONS – A U.N. human rights investigator met for a second time Wednesday with a North Korean official on a possible groundbreaking visit and the North’s demand that a U.N. effort to refer the country’s situation to the International Criminal Court be dropped.
Marzuki Darusman met with a councilor from the North’s Geneva office. He said nothing was decided but was encouraged that the North is willing to engage. The possibility of Darusman visiting North Korea remains.
His surprise meetings with the North Koreans this week are the first since the special rapporteur’s office was created 10 years ago. A visit would be a breakthrough in global efforts to have a firsthand look at the way the deeply impoverished but nuclear-armed country treats its citizens.
Associated Press
