Federal Open Market Committee

Federal Open Market Committee: The loonie advanced 0.4 of a cent to 94.38 cents US as the greenback weakened in the afternoon after having gained ground against other currencies earlier following the passage of a budget agreement in Congress Thursday night, according to Times Colonist. But a string of strong data last week, capped by a solid employment report for November, has raised concerns that the Fed could act when the Federal Open Market Committee meets Dec. 17-18 and TORONTO - The Canadian dollar closed higher Friday with traders focused on the Federal Reserve and whether the central bank will move to cut back on monetary stimulus at its interest rate meeting next week. Expectations about the Fed tapering its US$85 billion a month of bond purchases have changed over the last month. Previously markets largely expected that the central bank would hold off until March when incoming chair Janet Yellen is settled in her new job. (www.immigrantscanada.com). As reported in the news.