Receive Breaking News updates as they occur
Argentina said Wednesday it will pay all its creditors in Buenos Aires, seeking to circumvent a US court order barring it from repaying the debt it restructured after its 2001 default. The move aims to work around US District Court Judge Thomas Griesa's ruling in favor of two hedge funds that refuse to accept a write-down, which has blocked Argentina from servicing its restructured debt and forced it into a new default.
The Federal Reserve has been surprised by how quickly the U.S. "Labor market conditions had moved noticeably closer to those viewed as normal in the longer run," according to the minutes of the central bank's July 29-30 meeting, which were released on Wednesday. Policymakers "generally agreed" that improvements in the labor market over the last year had been "greater than expected," according to the minutes. The Fed had said in its policy statement following the meetings that there was "significant" slack in the labor market, but the minutes showed many members of the Fed's policy-setting committee thought this characterization "might have to change before long." They also showed officials had largely agreed on many elements of a framework for raising interest rates, with almost all policymakers agreeing it would be appropriate to retain the overnight federal funds rate as their key target.