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This is -- Imus in the morning.
On the phone -- Good morning everyone the Federal Reserve is set to wrap up its two day policy meeting today when it's expected to announce a fresh round of bond buying.
The central banks anticipated new program would further reduce long term interest rates.
In an effort to encourage borrowing by companies and individuals it would replace Operation Twist which expires.
At the end of the year and economists also expect the Fed to continue buying forty billion dollars a month in mortgage backed securities.
The Fed will announce its policy decision around 12:30 PM eastern and chairman Ben Bernanke will discuss -- at his final press conference of the year.
At 2:15 eastern Fox Business will bring both of them to you live.
Meanwhile President Obama house speaker John Boehner have new proposals out for a deal on the fiscal cliff.
With just nineteen days until the automatic spending cuts and tax increases are set to take effect senior White House officials tell Fox News both sides.
Spoke by phone last night after exchanging -- new plans.
The president has lowered his proposed figure for tax revenue.
From one point six trillion dollars to one point four trillion the speaker's office didn't provide details on his counter proposal.
Congressman sandy Levin the top Democrat on the house Ways and Means Committee.
Told Fox News the president's one point four trillion dollar figure was one Democrats can work with meanwhile a few Republicans in both chambers.
Have urged speaker Boehner to give the president what he wants on tax rates and instead focus on fighting.
For entitlement cuts but senate majority leader Harry Reid has that it will be extremely difficult for lawmakers to reach a budget deal in time.
Let's check the markets now here in the US.
Ahead of that fed meeting we are seeing green hours across the board Dow futures are up by twelve.
Yes if he's up by one and the nasdaq's up by about four European markets though I've been searching for direction today we're seeing London up by fourteen.
Paris is down by about five though in Frankfurt's up by fifteen let's take a close to look.
At why now would get a -- how to market analyst at city index in London -- EU finance ministers are meeting today in hopes of resolving differences on bank supervision.
Before the EU summit tomorrow and Friday that they failed to reach -- deal several times now so how is this round.
Of talks expected to play out.
Exactly that have been a lot of that -- for the previous me -- and to be honest I think the fat avail of the year European it is the one -- a sign off on this too much an extremely optimistic.
There is say many issues which happened being resolved and that -- injuries consensus -- -- an important issues.
Such as well you know what banks are being created all the banks -- just the largest -- what about safe -- we'll side facing right there is saying many -- house that need to be thrashed out.
And expecting -- the -- in an off to name it just doesn't seem likely.
And Canada -- shifting gears a little -- Greece says it will buy back more than 41 billion dollars worth.
Of bonds in part of its package to lower debt was this effort a success do you think.
Not really I mean when Larry -- to see it to be more successful them what it was on -- is making -- market just a little bit -- to get.
That was -- that you know off -- the -- that things would be licking licking and then habit pattern would be able spread -- on the sidelines or time big.
But that doesn't have paid to be the case right now -- it does seem to be at consent for invested again in the one that they were -- hyping that they -- gonna have to fight.
Pull a few months and they still years into the -- China.
That's -- in cash and leading index in London you know it's great to -- you thanks.
You and -- -- says its latest quarterly earnings jumped 30% from last year the largest US warehouse club operator made 95 cents a share.
Two cents more than expected.
Revenue climbed nearly 10% to just over 23 billion dollars but that was just below the forecast.
Cost goes bottom line though did get a lift from higher membership fees with rose 14%.
To 511 million dollars the company raised fees for most US and Canadian members by 10% last month.
Avon meanwhile says it will cut about 15100 jobs around the world -- will exit the South Korea and Vietnam markets.
The moves are part of the company's turnaround plan which it announced last month.
As it works to cut hundreds of millions of dollars in costs over the next few years.
Avon has continued to face difficulties in key markets with higher product costs.
And unfavorable exchange rates last month the company slashed its dividend by nearly 75%.
And reported a sharp drop in profit.
For its third quarter here's a look at commodities now oil and gold are to be upset nursing while up about 55 cents treating -- 86 dollars a barrel.
Gold is up almost five bucks at 1714.
Let's take a look what look at futures here we have green arrows there across the board still Dow futures are up by twelve -- -- he's up by about one and the nasdaq's up by four.
Imus in the morning continues right now on fox -- is giving you the -- across.
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