Sandra Pianalto, the head of the Cleveland Fed, says that the central bank's third round of bond purchases has helped produce a "meaningful" improvement in the US labour market.
Blame it on the Fed -- or investors and their utter dependence on the Fed's stimulus program. Whoever you blame, global markets had a broad selloff overnight and the S&P 500 is limping along today.
Stocks fell at the open as concerns grew over when the Federal Reserve might begin winding down its massive monetary stimulus program.
Atlanta Fed President Dennis Lockhart said the Federal Reserve could begin reducing the size of its bond-buying stimulus program as early as September but might wait longer if economic growth fails to pick up in the second half of the year.