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Business

economy

Fed ends bond buying, cites brighter job market
Richard Drew / AP Photo

Fed ends bond buying, cites brighter job market

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The Federal Reserve cited an improving economy Wednesday as it ended its landmark bond-buying program and pointed to gains in the job market — 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.

technology

Cirrus Logic’s revenue jumps 10 percent

Austin-based chipmaker Cirrus Logic Inc. said Wednesday that its revenues rose more than 10 percent in its fiscal second quarter, helped by strong demand for the new iPhone models.

Cirrus’ revenue of $210.2 million was up from $190.7 in the same quarter of 2013. Of that revenue, $13 million was from five weeks of earnings from Wolfson Microelectronics, which Cirrus acquired this year.

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automakers

Chrysler recalls 566,000 trucks, SUVs
Tony Ding / AP Photo

Chrysler recalls 566,000 trucks, SUVs

Fiat Chrysler is recalling more than 566,000 trucks and SUVs in two recalls for malfunctioning fuel heaters that can cause fires and a software glitch can disable the electronic stability control.

The recalls bring the newly merged company’s total for the year to 6.4 million vehicles worldwide and 5.1 million in the U.S. as it continues to struggle with reliability problems.

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technology

Austin’s Krimmeni Technologies raises $11.7 million for development

Austin-based cybersecurity firm Krimmeni Technologies has raised $11.7 million to accelerate development of its technology for cloud-based data centers.

The 11-person company also plans to expand sales and marketing efforts. It is hiring software engineers with experience in cloud services, embedded software and cybersecurity.

CEO David Lundgren said Krimmeni was founded on the idea that cloud-based data centers need secure communications technology based on both hardware and software to protect from sophisticated attacks that steal highly confidential data and critically valuable data from financial firms, government institutions and individuals.

economy

What’s the real story on U.S. economic growth?

Is the U.S. economy accelerating — finally? If it is, which sorts of Americans stand to benefit most? And why is it doing better than other major economies?

Such are the questions surrounding a report coming Thursday on economic expansion in the July-September quarter. It’s likely to be the fourth quarter in the past five in which annual growth reached at least 3 percent.

wall street

Stocks slip after Fed statement

An optimistic statement from the Federal Reserve sent the dollar up and gold prices down Wednesday as traders prepared for rising interest rates.

Major U.S. stock indexes ended with a slight loss after the Fed confirmed that it was shutting down a bond-buying program because the economy no longer needs as much help.

At the end of a two-day meeting, the Fed said that it had ended its $4 trillion bond-buying program, known as quantitative easing, or QE for short, as a result of “underlying strength in the broader economy.


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