The winning numbers for tonight’s $115 million jackpot for the Powerball lottery are: 17, 22, 36, 37, 52. The Powerball is 24 and the Power Play is 2.
Tonight’s drawing was the first one involving New Jersey lottery players. New Jersey started selling Powerball tickets on Sunday.
Powerball lottery tickets were a popular item on their first day of sale in the Garden State on Sunday, according to New Jersey lottery officials and retailers. About 10,000 to 15,000 tickets per hour were sold for the multistate lottery that day, said Dominick DeMarco, the state’s lottery spokesman.
State officials said revenue earned from Powerball sales will benefit the cash-strapped state Treasury. They said other state lotteries have seen increased sales after adding Powerball with very little impact on existing lottery games.
Powerball is available in 41 states, as well as the District of Columbia and Virgin Islands, with drawings held on Wednesday and Saturday nights at 11 p.m.
New Jersey is already part of the multistate Mega Millions game, which is drawn on Tuesday and Friday nights.
Source:http://www.blogger.com/post-create.g?blogID=1973042630653669056
Thursday, February 4, 2010
Heidi baron
Heidi baron
February 4, 2010By Admin
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Heidi Montag’s mother is said to be “horrified” at the 10 plastic surgeries her 23-year-old daughter had on one day in November and plans to confront Heidi when the star of “The Hills” returns home soon. A source close to the family says Darlene Egelhoff “is horrified and having a total breakdown. She can’t wait to confront Heidi when she goes home.” Montag told People, “I still can’t believe I’m 23 and mom is reacting this way. I’m nervous to go home and face her – especially with cameras rolling.” The drama will be filmed and shown next season on the MTV hit. Reached by RadarOnline at his Colorado home, Montag’s father, Bill, said only, “Obviously, every parent has concerns. … I have promised Heidi that I will not openly speak about the situation.” But “Celebrity Rehab” host Dr. Drew Pinsky said what a lot of people are thinking — that Montag’s surgeries are a sign of “significant emotional issues.” Montag recently unveiled her new look after the surgery, which included a mini brow lift, Botox, a nose job revision, fat injections in her cheeks, nasolabial folds and lips, chin and ear reductions, replacement of her breast implants with larger ones, liposuction on her neck, waist, hips and inner and outer thighs, and buttocks augmentation. Pinsky told RadarOnline that the surgeries are “outlandish. I can’t believe a physician would put somebody through that. … Heidi clearly has body image issues, she clearly has significant emotional – let’s call them issues – issues about self worth, issues about emotional regulation.”
Former supermodel and reality TV judge Janice Dickinson, 54, who has undergone her share of plastic surgery, says people’s ignorance about plastic surgery is causing the criticism of Dr. Frank Ryan, who performed the surgeries. “People are ignorant when then talk about this,” Dickinson told RadarOnline. “They don’t understand that things like Botox, ear pinning and fat injections are not really plastic surgery procedures, but Dr. Ryan had to list them in the interest of disclosure.” Dickinson, left, who is also a patient of Dr. Ryan, says, “The reason I became a supermodel was because of my genetics, I was lucky, I was born that way. To be a great beauty you need symmetry, and that was something that she, and Dr. Ryan, obviously thought she was lacking. … Heidi was a plain dowdy girl before the surgeries. She’s a rural mountain girl that wasn’t blessed with great genes.” But surprisingly, Dickinson isn’t a fan of the outcome of Heidi’s surgery: “I think the surgery aged her, actually,” she said. “She looked younger without it, and she looked more attractive
: http://www।abreakingnews.us/heidi-baron.html
February 4, 2010By Admin
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Heidi Montag’s mother is said to be “horrified” at the 10 plastic surgeries her 23-year-old daughter had on one day in November and plans to confront Heidi when the star of “The Hills” returns home soon. A source close to the family says Darlene Egelhoff “is horrified and having a total breakdown. She can’t wait to confront Heidi when she goes home.” Montag told People, “I still can’t believe I’m 23 and mom is reacting this way. I’m nervous to go home and face her – especially with cameras rolling.” The drama will be filmed and shown next season on the MTV hit. Reached by RadarOnline at his Colorado home, Montag’s father, Bill, said only, “Obviously, every parent has concerns. … I have promised Heidi that I will not openly speak about the situation.” But “Celebrity Rehab” host Dr. Drew Pinsky said what a lot of people are thinking — that Montag’s surgeries are a sign of “significant emotional issues.” Montag recently unveiled her new look after the surgery, which included a mini brow lift, Botox, a nose job revision, fat injections in her cheeks, nasolabial folds and lips, chin and ear reductions, replacement of her breast implants with larger ones, liposuction on her neck, waist, hips and inner and outer thighs, and buttocks augmentation. Pinsky told RadarOnline that the surgeries are “outlandish. I can’t believe a physician would put somebody through that. … Heidi clearly has body image issues, she clearly has significant emotional – let’s call them issues – issues about self worth, issues about emotional regulation.”
Former supermodel and reality TV judge Janice Dickinson, 54, who has undergone her share of plastic surgery, says people’s ignorance about plastic surgery is causing the criticism of Dr. Frank Ryan, who performed the surgeries. “People are ignorant when then talk about this,” Dickinson told RadarOnline. “They don’t understand that things like Botox, ear pinning and fat injections are not really plastic surgery procedures, but Dr. Ryan had to list them in the interest of disclosure.” Dickinson, left, who is also a patient of Dr. Ryan, says, “The reason I became a supermodel was because of my genetics, I was lucky, I was born that way. To be a great beauty you need symmetry, and that was something that she, and Dr. Ryan, obviously thought she was lacking. … Heidi was a plain dowdy girl before the surgeries. She’s a rural mountain girl that wasn’t blessed with great genes.” But surprisingly, Dickinson isn’t a fan of the outcome of Heidi’s surgery: “I think the surgery aged her, actually,” she said. “She looked younger without it, and she looked more attractive
: http://www।abreakingnews.us/heidi-baron.html
Wednesday, February 3, 2010
Banana Muffins Recipe
Back in merry ole England in the 19th century there existed a street peddler known as the Muffin Man. Forever immortalized in the nursery rhyme of the same name, the Muffin Men plodded the streets of London with a tray of muffins, often carried on their heads. To alert the public to their presence they rang a bell, much like the neighborhood ice cream trucks of the modern day.
It is estimated that there were as many as 3,000 muffin men clanging their way through the English capitol. Apparently this caused quite a raucous as the public complained, spurring a Parliamentary interdiction in 1840 limiting the use of the bell. Supposedly this had little effect and the peal of the undaunted muffin men continued to reverberate through the city.
When I think of muffins I can’t help but recall the episode of Seinfeld entitled “The Muffin Tops.” Elaine, who only relishes the muffin tops, suggests a harebrained scheme to open a muffin shop that only sells the tops. Her ex-boss Mr. Lippman decides to run with it and does just that. However, something goes wrong as the muffin tops are insipid. He consults Elaine who discovers that he is only baking the tops.
The “secret” to the top’s flavor is baking the entire muffin and then breaking off the stumps. This succeeds but now Lippman is left with hoards of muffin stumps. They try to donate them to the homeless but they rebuff their measly leftovers.
With no other options they turn to the gluttonous and conniving Newman. In a spoof of Harvey Keitel’s character in the movie “Pulp Fiction,” (Keitel played a “cleaner,” an underworld figure who repairs botched situations), Newman arrives with a large cache of milk and proceeds to consume the staggering stockpile of muffin stumps.
A muffin is a type of quick bread, i.e., a bread which receives its leavening from a chemical, usually baking powder and/or soda, as opposed to yeast. Yeast breads must also be kneaded and rested; steps unnecessary with quick breads.
Other classical quick breads include pancakes, cornbread, and biscuits. The word muffin derives from one or two possible sources: the French word “moufflet,” which refers to soft bread and the German word “muffe,” meaning cake.
Interestingly, what the Seinfeld clan and most people in the US refer to as a muffin is an American transformation. The original muffins of England were a yeast-based bread, more analogous to a traditional bread than a cake. The popular brand Thomas’ English Muffins® are truer to their seminal namesake than what Newman gorged himself on.
American muffins, as stated, are more cake-like. But unlike a finely textured, standard cake, muffins have a denser consistency. This results from hand stirring the ingredients as opposed to ardently whipping the butter, sugar, and remaining elements in an electric mixer. This latter, cake-making technique is known as the “creaming method.”
Muffins also tend to be less sweet than a regular cake. A gazillion variations exist employing a myriad of flavoring agents such as fruits, nuts, grains, chocolate, and combinations thereof. Homemade muffins, devoid of any chemical preservatives go stale rather quickly so eat’em up and/or give some to the neighbors.
BANANA MUFFINS
For the batter:
1 ¾ cups all purpose flour2 ½ teaspoons baking powder¾ teaspoon salt1 egg1 cup sugar2 large or 3 medium very ripe bananas, mashed¼ cup buttermilk4 tablespoons butter, melted4 tablespoons vegetable oil1 ¼ teaspoons banana extractVegetable spray, as needed
For the topping:
1/3 cup light brown sugar5-6 tablespoons flour1/8 teaspoon cinnamon3 tablespoons cold butter, cubed
How to Prepare Banana Muffins
Preheat oven to 425 degrees F.
Whisk the flour, baking powder and salt in a bowl.
In a separate bowl whisk the egg and sugar until it lightens and becomes a little fluffy. Stir in the mashed bananas, buttermilk, butter, vegetable oil and banana extract. Add the wet ingredients to the dry and stir. They do not need to be thoroughly combined; some lumpiness is desirable.
Spray a standard 12-muffin pan with vegetable spray. Fill the muffin pan with the batter. Do not fill to the brim.
Mix the ingredients for the topping together with a fork until a crumbly texture is achieved. A little extra flour may be needed.
Sprinkle one heaping tablespoon of the topping over the top of each muffin.
Bake for 18 minutes, or until the muffins are done, rotating the pan once. They should be springy to the touch.
Chef Mark R. VogelFoodForThought.com
RELATED TOPICS
Banana Bread
The Art of Baking
Basic Bread Recipe - step-by-step instructions for making great homemade bread
Bread Ingredients & How They Effect the Final Product
http://www।reluctantgourmet।com/blog/baking-recipes/banana-muffins-recipe/
It is estimated that there were as many as 3,000 muffin men clanging their way through the English capitol. Apparently this caused quite a raucous as the public complained, spurring a Parliamentary interdiction in 1840 limiting the use of the bell. Supposedly this had little effect and the peal of the undaunted muffin men continued to reverberate through the city.
When I think of muffins I can’t help but recall the episode of Seinfeld entitled “The Muffin Tops.” Elaine, who only relishes the muffin tops, suggests a harebrained scheme to open a muffin shop that only sells the tops. Her ex-boss Mr. Lippman decides to run with it and does just that. However, something goes wrong as the muffin tops are insipid. He consults Elaine who discovers that he is only baking the tops.
The “secret” to the top’s flavor is baking the entire muffin and then breaking off the stumps. This succeeds but now Lippman is left with hoards of muffin stumps. They try to donate them to the homeless but they rebuff their measly leftovers.
With no other options they turn to the gluttonous and conniving Newman. In a spoof of Harvey Keitel’s character in the movie “Pulp Fiction,” (Keitel played a “cleaner,” an underworld figure who repairs botched situations), Newman arrives with a large cache of milk and proceeds to consume the staggering stockpile of muffin stumps.
A muffin is a type of quick bread, i.e., a bread which receives its leavening from a chemical, usually baking powder and/or soda, as opposed to yeast. Yeast breads must also be kneaded and rested; steps unnecessary with quick breads.
Other classical quick breads include pancakes, cornbread, and biscuits. The word muffin derives from one or two possible sources: the French word “moufflet,” which refers to soft bread and the German word “muffe,” meaning cake.
Interestingly, what the Seinfeld clan and most people in the US refer to as a muffin is an American transformation. The original muffins of England were a yeast-based bread, more analogous to a traditional bread than a cake. The popular brand Thomas’ English Muffins® are truer to their seminal namesake than what Newman gorged himself on.
American muffins, as stated, are more cake-like. But unlike a finely textured, standard cake, muffins have a denser consistency. This results from hand stirring the ingredients as opposed to ardently whipping the butter, sugar, and remaining elements in an electric mixer. This latter, cake-making technique is known as the “creaming method.”
Muffins also tend to be less sweet than a regular cake. A gazillion variations exist employing a myriad of flavoring agents such as fruits, nuts, grains, chocolate, and combinations thereof. Homemade muffins, devoid of any chemical preservatives go stale rather quickly so eat’em up and/or give some to the neighbors.
BANANA MUFFINS
For the batter:
1 ¾ cups all purpose flour2 ½ teaspoons baking powder¾ teaspoon salt1 egg1 cup sugar2 large or 3 medium very ripe bananas, mashed¼ cup buttermilk4 tablespoons butter, melted4 tablespoons vegetable oil1 ¼ teaspoons banana extractVegetable spray, as needed
For the topping:
1/3 cup light brown sugar5-6 tablespoons flour1/8 teaspoon cinnamon3 tablespoons cold butter, cubed
How to Prepare Banana Muffins
Preheat oven to 425 degrees F.
Whisk the flour, baking powder and salt in a bowl.
In a separate bowl whisk the egg and sugar until it lightens and becomes a little fluffy. Stir in the mashed bananas, buttermilk, butter, vegetable oil and banana extract. Add the wet ingredients to the dry and stir. They do not need to be thoroughly combined; some lumpiness is desirable.
Spray a standard 12-muffin pan with vegetable spray. Fill the muffin pan with the batter. Do not fill to the brim.
Mix the ingredients for the topping together with a fork until a crumbly texture is achieved. A little extra flour may be needed.
Sprinkle one heaping tablespoon of the topping over the top of each muffin.
Bake for 18 minutes, or until the muffins are done, rotating the pan once. They should be springy to the touch.
Chef Mark R. VogelFoodForThought.com
RELATED TOPICS
Banana Bread
The Art of Baking
Basic Bread Recipe - step-by-step instructions for making great homemade bread
Bread Ingredients & How They Effect the Final Product
http://www।reluctantgourmet।com/blog/baking-recipes/banana-muffins-recipe/
shelby chong
Shelby Chong, wife of comedian Tommy Chong, appeared on the Cheech & Chong Roasted special that aired tonight on TBS
Cheech & Chong, while a very successful comedy act, experienced creative differences and split in 1985। This was devastating to Chong। To him,
Cheech Marin was "closer than a wife. The only thing we didn't do was have sex." Of their split, he says, "It was like a death in the family. I don't know if I'll ever get over it".[citation needed] Chong was a recurring character and later a regular character as the hippie "Leo" during the second, third, fourth, seventh, and eighth seasons of That '70s Show. He also played a role as a hippie in Dharma and Greg.
Chong was originally going to voice the character of Shenzi the hyena in the Disney film The Lion King, which would have had him performing once more with Cheech Marin, who voiced Banzai. (The Shenzi character was later changed to be female, and voiced instead by Whoopi Goldberg.)
In September 2005 a/k/a Tommy Chong premiered at the Toronto International Film Festival. The documentary, produced, written and directed by Josh Gilbert, chronicles Chong's comedic and personal history, which motivated Federal Prosecutor Mary Beth Buchanan to target him in the Justice Department's 12 million dollar sting, "Operation Pipe Dream", under Attorney General John Ashcroft. The project features interviews with Cheech Marin, Bill Maher, George Thorogood, Peter Coyote, Lou Adler, Eric Schlosser and Jay Leno
Personal life
Chong was married to his first wife, Maxine Sneed from 1960 until their divorce in 1970. He had two daughters Robbi and Rae Dawn from other relationships. He married his second wife Shelby Fiddis in 1975. He has three children with her, sons Paris and Gilbran, and a daughter, Precious Chong.
Both Robbi and Rae Dawn have pursued careers in acting. Although not widely recognized or active in the Asian Canadian community, Chong is certainly one of the most famous Asian Canadian hippies, and among the most famous Asian Canadian comics of all time. In the late 1980s, Chong became a naturalized citizen of the United States.
Chong is a marijuana activist and is a supporter of marijuana legalization and medical use of marijuana.[3] He is a regular contributor to Cannabis Culture Magazine and sits on the NORML (National Organization for the Reform of Marijuana Laws) advisory board।
Source:http://en.wikipedia.org/w/index.php?title=United_States&action=history
Cheech & Chong, while a very successful comedy act, experienced creative differences and split in 1985। This was devastating to Chong। To him,
Cheech Marin was "closer than a wife. The only thing we didn't do was have sex." Of their split, he says, "It was like a death in the family. I don't know if I'll ever get over it".[citation needed] Chong was a recurring character and later a regular character as the hippie "Leo" during the second, third, fourth, seventh, and eighth seasons of That '70s Show. He also played a role as a hippie in Dharma and Greg.
Chong was originally going to voice the character of Shenzi the hyena in the Disney film The Lion King, which would have had him performing once more with Cheech Marin, who voiced Banzai. (The Shenzi character was later changed to be female, and voiced instead by Whoopi Goldberg.)
In September 2005 a/k/a Tommy Chong premiered at the Toronto International Film Festival. The documentary, produced, written and directed by Josh Gilbert, chronicles Chong's comedic and personal history, which motivated Federal Prosecutor Mary Beth Buchanan to target him in the Justice Department's 12 million dollar sting, "Operation Pipe Dream", under Attorney General John Ashcroft. The project features interviews with Cheech Marin, Bill Maher, George Thorogood, Peter Coyote, Lou Adler, Eric Schlosser and Jay Leno
Personal life
Chong was married to his first wife, Maxine Sneed from 1960 until their divorce in 1970. He had two daughters Robbi and Rae Dawn from other relationships. He married his second wife Shelby Fiddis in 1975. He has three children with her, sons Paris and Gilbran, and a daughter, Precious Chong.
Both Robbi and Rae Dawn have pursued careers in acting. Although not widely recognized or active in the Asian Canadian community, Chong is certainly one of the most famous Asian Canadian hippies, and among the most famous Asian Canadian comics of all time. In the late 1980s, Chong became a naturalized citizen of the United States.
Chong is a marijuana activist and is a supporter of marijuana legalization and medical use of marijuana.[3] He is a regular contributor to Cannabis Culture Magazine and sits on the NORML (National Organization for the Reform of Marijuana Laws) advisory board।
Source:http://en.wikipedia.org/w/index.php?title=United_States&action=history
Urban Dictionary Week On Facebook: What You Need To Know
Move aside, 'Doppelganger Week.' 'Urban Dictionary Week' on Facebook is here!
Urban Dictionary Week is just the latest trend to hit the social networking site (previous ones have included bra color status updates and celebrity doppelgangers).
Taking part in Urban Dictionary Week on Facebook is easy.
Urban Dictionary explains on its Facebook fan page,
Go to urbandictionary.com, type in your first name, copy and paste this as your status, and put the first entry for your name under comments.
As Mashable points out, it's easy to take part in Urban Dictionary Week, but pretty useless, other than 'being a nice promotion for Urban Dictionary.'
Watch out for NSFW definitions--'Nick,' for example, yields 'the most amazing person alive with a huge penis।
source:http://www.huffingtonpost.com/2010/02/03/urban-dictionary-week-on_n_447439.html
Urban Dictionary Week is just the latest trend to hit the social networking site (previous ones have included bra color status updates and celebrity doppelgangers).
Taking part in Urban Dictionary Week on Facebook is easy.
Urban Dictionary explains on its Facebook fan page,
Go to urbandictionary.com, type in your first name, copy and paste this as your status, and put the first entry for your name under comments.
As Mashable points out, it's easy to take part in Urban Dictionary Week, but pretty useless, other than 'being a nice promotion for Urban Dictionary.'
Watch out for NSFW definitions--'Nick,' for example, yields 'the most amazing person alive with a huge penis।
source:http://www.huffingtonpost.com/2010/02/03/urban-dictionary-week-on_n_447439.html
Jon Stewart and Bill O'Reilly: A bit of authentic fun
Let's not get cosmic about Bill O'Reilly interviewing Jon Stewart Wednesday night on "The O'Reilly Factor."
It was fun -- quite a bit of fun -- and sometimes even enlightening to see two of the most authentic cablecasters in the history of the medium sit down together, spar a little and deconstruct their conversation even as they were having it.
The fun part. You know how funny Stewart is, but O'Reilly is incredibly fast and has a wonderful sense of humor.
When O'Reilly asked Stewart if he would be "shocked" to discover that a "Democratic" poll found Fox to be the most trusted news channel on televison, Stewart cracked back with, "Are you shocked that an Internet poll said I'm the most trusted newscaster in America?"
"Yeah, but that was like, Blinky did it [that poll]," O'Reilly countered. "This [the poll that cited Fox] was a big, big, big concern."
Stewart lowered his head in laughter at the "Blinky" line.
Later, when O'Reilly tried to describe Glenn Beck as "basically everyman," Stewart interrupted with a roar of incredulity, "What do you mean, he's everyman?
"He's everyman. He sits on a bastool and ..."
"What, everyman has a show now?" Stewart mocked.
"He doesn't shill for any party. He just spouts -- he spouts what he believes..."
And so it went.
Stewart praised O'Reilly for becoming " the voice of sanity on Fox." But then, he quickly added, "That's like being the thinnest kid at fat camp."
Beyond the quips, both offered some some keen insights. Stewart absolutely nailed it when he linked the tremendous ratings success of Fox to being the "most passionate news organization" on TV, as well as the one that "sells that clearest narrative."
O'Reilly was focused and funny when he mocked Stewart for trying to recyle the conventional wisdom of the left in criticizing Fox for mixing news and opinion.
Saying that viewers don't know "The O'Reilly Factor" is opinion, is like saying Stewart's audience doesn't know "The Daily Show" is "comedy," O'Reilly said. And as clever as Stewart was in making up an absurd schedule as to when Fox was doing news versus opinion, the comedian didn't have a comeback for that.
Life and death? hardly. And given how deeply the audience of each connects with their favorite, surely no minds werre changed.
But it was a delight to see two of the most successful, clever and engaging performers in the history of cable TV in this kind of give and take.
Part 2 of the interview airs Thursday night on "The O'Reilly Factor।"
Sourcą¤:http://weblogs.baltimoresun.com/entertainment/zontv/2010/02/stewart_oreilly_nospin_zone.html
Monday, December 7, 2009
Bernanke Signals Fed Will Maintain Its Outlook for Low Rates
Dec. 8 (Bloomberg) -- The Federal Open Market Committee will probably maintain its outlook for a long period of low interest rates next week as tight credit and high unemployment weigh on the economy, Fed Chairman Ben S. Bernanke signaled.
Fed officials meet for the last time this year Dec. 15-16 after a report last week showing employers cut the fewest jobs in November since the recession began in December 2007. The report prompted some investors to raise bets the Fed would increase rates by the third quarter of 2010.
Treasuries climbed yesterday after Bernanke set back those perceptions, saying the economy faces “formidable headwinds.” He repeated the language of the last Fed statement in November foreseeing an “extended period” of low rates and said inflation might subside while joblessness may fall at a pace that’s “slower than we would like.”
“Despite the positive surprise from last week’s employment report, it is way too early for the Fed to begin exiting,” said Mark Gertler, a professor of economics at New York University who worked with Bernanke on research on the Great Depression before he became Fed chairman. “When the time does come, however, the Fed will be prepared.”
Yields on two-year notes fell 7 basis points to 0.76 percent. The Standard & Poor’s 500 Index fell 0.3 percent to 1,103.25 after rising as much as 0.4 percent.
The FOMC said last month that its benchmark interest rate, which has been close to zero for a year, would remain low as long as inflation is subdued and the unemployment rate fails to decline. Bernanke said yesterday those conditions haven’t changed.
Inflation Expectations
“Right now we are still looking at the extended period given that conditions remain -- low rates of utilization, subdued inflation trends and stable long-term inflation expectations,” the Fed chief said in response to a question after a speech at the Economic Club of Washington. “That remains where we are.”
The consumer price index, minus food and energy, rose at a 1.7 percent annual pace in October, up from 1.5 percent the previous month. The core inflation rate rose at a 1.4 percent pace in August, the lowest rate since February 2004.
“We are going to have to continue to look at the economy,” Bernanke told moderator David Rubenstein, president of the economic club and co-founder of the Carlyle Group, the private equity firm. “Obviously there has been some signs of strength recently, we will want to factor that in as we talk about this next week.”
Dudley Comments
In separate remarks yesterday, New York Fed president William Dudley said the unemployment rate is “much too high.” If labor markets remain weak and inflation low, “it will be appropriate to keep the federal funds target exceptionally low for an extended period,” he told the Columbia University World Leaders Forum in New York.
Bernanke explained why the economy is unlikely to bounce back quickly. The job market “remains weak” while “bank- dependent borrowers” such as households and small business are having difficulty obtaining loans, he said. Consumer spending is “unlikely to grow rapidly” as unemployment weighs on confidence, he said.
Consumer credit in the U.S. fell by $3.51 billion, or 1.7 percent at an annual rate, to $2.48 trillion in October, according to a Fed report released yesterday. Borrowing dropped by $8.77 billion in September, less than previously estimated. Consumer credit has fallen for ninth straight months.
Growth Forecast
U.S. central bankers said last month the economy will expand in a range of 2.5 to 3.5 percent in 2010, according to the central tendency of their outlook, which excludes the three highest and three lowest projections.
That rate of growth will only drive unemployment down to a 9.3 to 9.7 percent range next year, Fed officials forecast. More than 7.2 million jobs have been lost since the start of the recession.
“We still have some way to go before we can be assured that the recovery will be self-sustaining,” the Fed Chairman said. “My best guess at this point is that we will continue to see modest economic growth next year -- sufficient to bring down the unemployment rate, but at a pace slower than we would like.”
Bernanke “certainly hasn’t done a 180 degree turn because of one payroll number,” said Michael Feroli, economist at JPMorgan Chase & Co. in New York. Risks to the economy “don’t seem balanced at all” in Bernanke’s view.
JPMorgan Chase predicts the Fed to leave interest rates unchanged until the second quarter of 2011. Feroli said that an expansion one percentage point faster than the economy’s potential growth rate, which JPMorgan estimates at around 2.25 percent, would lower then unemployment rate by around four tenths of 1 percent in a year.
To contact the reporter on this story: Craig Torres in Washington at ctorres3@bloomberg.net: Shobhana Chandra in Washington at +1- schandra1@bloomberg.net.
Last Updated: December 8, 2009 00:00 EST
Fed officials meet for the last time this year Dec. 15-16 after a report last week showing employers cut the fewest jobs in November since the recession began in December 2007. The report prompted some investors to raise bets the Fed would increase rates by the third quarter of 2010.
Treasuries climbed yesterday after Bernanke set back those perceptions, saying the economy faces “formidable headwinds.” He repeated the language of the last Fed statement in November foreseeing an “extended period” of low rates and said inflation might subside while joblessness may fall at a pace that’s “slower than we would like.”
“Despite the positive surprise from last week’s employment report, it is way too early for the Fed to begin exiting,” said Mark Gertler, a professor of economics at New York University who worked with Bernanke on research on the Great Depression before he became Fed chairman. “When the time does come, however, the Fed will be prepared.”
Yields on two-year notes fell 7 basis points to 0.76 percent. The Standard & Poor’s 500 Index fell 0.3 percent to 1,103.25 after rising as much as 0.4 percent.
The FOMC said last month that its benchmark interest rate, which has been close to zero for a year, would remain low as long as inflation is subdued and the unemployment rate fails to decline. Bernanke said yesterday those conditions haven’t changed.
Inflation Expectations
“Right now we are still looking at the extended period given that conditions remain -- low rates of utilization, subdued inflation trends and stable long-term inflation expectations,” the Fed chief said in response to a question after a speech at the Economic Club of Washington. “That remains where we are.”
The consumer price index, minus food and energy, rose at a 1.7 percent annual pace in October, up from 1.5 percent the previous month. The core inflation rate rose at a 1.4 percent pace in August, the lowest rate since February 2004.
“We are going to have to continue to look at the economy,” Bernanke told moderator David Rubenstein, president of the economic club and co-founder of the Carlyle Group, the private equity firm. “Obviously there has been some signs of strength recently, we will want to factor that in as we talk about this next week.”
Dudley Comments
In separate remarks yesterday, New York Fed president William Dudley said the unemployment rate is “much too high.” If labor markets remain weak and inflation low, “it will be appropriate to keep the federal funds target exceptionally low for an extended period,” he told the Columbia University World Leaders Forum in New York.
Bernanke explained why the economy is unlikely to bounce back quickly. The job market “remains weak” while “bank- dependent borrowers” such as households and small business are having difficulty obtaining loans, he said. Consumer spending is “unlikely to grow rapidly” as unemployment weighs on confidence, he said.
Consumer credit in the U.S. fell by $3.51 billion, or 1.7 percent at an annual rate, to $2.48 trillion in October, according to a Fed report released yesterday. Borrowing dropped by $8.77 billion in September, less than previously estimated. Consumer credit has fallen for ninth straight months.
Growth Forecast
U.S. central bankers said last month the economy will expand in a range of 2.5 to 3.5 percent in 2010, according to the central tendency of their outlook, which excludes the three highest and three lowest projections.
That rate of growth will only drive unemployment down to a 9.3 to 9.7 percent range next year, Fed officials forecast. More than 7.2 million jobs have been lost since the start of the recession.
“We still have some way to go before we can be assured that the recovery will be self-sustaining,” the Fed Chairman said. “My best guess at this point is that we will continue to see modest economic growth next year -- sufficient to bring down the unemployment rate, but at a pace slower than we would like.”
Bernanke “certainly hasn’t done a 180 degree turn because of one payroll number,” said Michael Feroli, economist at JPMorgan Chase & Co. in New York. Risks to the economy “don’t seem balanced at all” in Bernanke’s view.
JPMorgan Chase predicts the Fed to leave interest rates unchanged until the second quarter of 2011. Feroli said that an expansion one percentage point faster than the economy’s potential growth rate, which JPMorgan estimates at around 2.25 percent, would lower then unemployment rate by around four tenths of 1 percent in a year.
To contact the reporter on this story: Craig Torres in Washington at ctorres3@bloomberg.net: Shobhana Chandra in Washington at +1- schandra1@bloomberg.net.
Last Updated: December 8, 2009 00:00 EST
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