The stock market is ending mixed after wavering in response to the Federal Reserve's latest assessment of the U.S. economy but July was still the best month for the market since January.
The debate over whether Janet Yellen or Lawrence H. Summers will be the next Federal Reserve chairman ? or some dark horse, (Timothy F. Geithner perhaps?) ? is doubtlessly important. But few outside the arcane world of banking rules understand that on matters of financial regulation and reform, the Federal Reserve staff is just as powerful, maybe even more.
The Federal Reserve stopped short of signaling any timetable Wednesday for slowing its bond buying. Instead, it dropped hints that it might need to maintain its $85 billion a month in bond purchases, which have helped keep long-term borrowing rates ultra-low