Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Fed chief vows to do more - Chairman Ben Bernanke made clear Friday that the Federal Reserve will do more to boost the economy because of high U.S. unemployment and an economic recovery that remains "far from satisfactory." He also argued that the Fed's moves so far to keep interest rates at record lows and encourage borrowing and spending have helped bolster the economy. Bernanke stopped short of committing the Fed to any specific move, such as another round of bond purchases to lower long-term rates. But in a speech at an annual Fed conference in Jackson Hole, Wyo., Bernanke said that even with rates at super-lows, the Fed can do more. Bernanke noted that further action carries risks but says the Fed can manage them. The Fed "should not rule out" new policies to improve the job market, he said. The most dramatic step the Fed could take would be another round of bond buying. This is known as quantitative easing, or QE. In two rounds of QE, the Fed bought more than $2 trillion of Treasury bonds and mortgage-backed securities. Many investors have been hoping for a third round - QE3- to be unveiled as soon as the Fed's next policy meeting in September. In light of Bernanke's comments Friday, some analysts said that might be a stronger possibility now.

Express Scripts exits - Express Scripts Holding Co. has reached a deal to sell its subsidiary ConnectYourCare to venture capital firm ABS Capital Partners. Terms of the deal were not released Friday. Founded in 2002, ConnectYourCare is a consumer-directed health care account administrator. The company became a subsidiary of north St. Louis County-based Express Scripts in 2007. Cal Wheaton, a general partner at Baltimore-based ABS Capital, and founding partner Tim Weglicki will join ConnectYourCare's board as part of the sale. (Lisa Brown)

Diet Pepsi tweak - Diet Pepsi is tweaking its formula to stay sweet a little longer. …

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