Jamie Dimon managed to turn a multibillion-dollar trading loss into a winning moment.
Tales from the Trail
Some great news for all you borrowers today from the Fed. Interest rates are likely to remain around zero until at least late 2014. That’s later than previously expected, and to put things in perspective, it’s nearly two years into the term of the president who will be elected in November.
The wrangling continues over the Bush-era tax cuts. President Barack Obama said he was confident Democrats and Republicans could break the deadlock and reach a deal soon. But with time running out, there is something of a game of chicken being played by the two sides. Each is watching to see who blinks first, and with the economy still struggling, both know the stakes are high.
Happy Thanksgiving! Washington Extra will return on Monday.
Here are our top stories from Washington today…
U.S. vows unified response to North Korea, eyes restraint
The U.S. urged restraint following a North Korean artillery attack on South Korea and vowed to forge a “measured and unified” response with major powers including China.