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Financial news briefs, Sept. 23

Financial briefs, Sept. 23

From wire reports | Published: September 23, 2012 Comment on this article

In brief

Bernanke has Fed's support

WASHINGTON — Several Federal Reserve officials made clear this week that Chairman Ben Bernanke commands broad support for the Fed's plan to continue stimulating the economy if hiring doesn't pick up. As Vice Chairman William Dudley put it in a speech: “If you're trying to get a car moving that is stuck in the mud, you don't stop pushing the moment the wheels start turning — you keep pushing until the car is rolling and clearly free.” Last week, the Fed said it would spend $40 billion a month to buy mortgage bonds to try to make home buying more affordable.

Citigroup to settle case

WASHINGTON — Citigroup Inc. will pay $525,000 to settle federal civil charges that it violated caps on the volume of speculative trades in wheat futures. The Commodity Futures Trading Commission says Citigroup exceeded the limits several times in December 2009 on the Chicago Board of Trade. Citigroup also agreed in the settlement announced Friday to refrain from future violations of federal laws. Wheat futures contracts are used by farmers, grain processors and commercial bakery companies to lock in prices and hedge against price swings. Futures also are used by financial investors to bet on prices.

From Wire Reports