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Rosengren: No rush for Fed to raise rates

Federal Reserve officials shouldn't be in a hurry to unwind monetary stimulus because elevated slack in the U.S. job market is keeping inflation below the Fed's target, said Boston Fed President Eric Rosengren.

"Significant excess capacity remains in labor markets," Rosengren said yesterday in a speech at an annual conference held by the New Hampshire and Vermont Bankers Associations in Boston. "It seems to me appropriate for monetary policy to continue to be patient in the interest of ensuring that the economy reaches full employment and the 2 percent inflation target as quickly as possible."

S&P sets another record high

U.S. stocks ended higher yesterday, lifting the S&P 500 to a fresh closing high, after a weaker-than-expected jobs report was taken as a sign that the Federal Reserve will not begin raising interest rates anytime soon. Stocks had traded lower after the government reported fewer U.S. jobs were created in August than expected. By early afternoon, however, major indexes turned positive, led by utilities. Fed officials have made it clear that they see the labor market as still struggling, which partially justifies keeping rates at rock-bottom levels.

Foes of Mass. bottle deposit expansion bill have already spent $5.4 million

Opponents of proposed expansion of the state's deposit law have already pumped more than 
$5.4 million into a campaign to defeat the question on the November ballot.

Nearly all the money — $5 million — came from the Washington-based American Beverage Association, a trade association representing the non-alcoholic beverage industry.

The ballot question would expand the current law to include bottled water and other non-carbonated beverages not included in the original law. It is Question 2 on the ballot.

Supporters of the question have raised about $293,000. The bulk of that has come from the Massachusetts Sierra Club.

The Sierra Club and other environmental groups say updating the decades-old law will reduce litter and encourage recycling.

Critics say it will hurt small businesses by forcing them to handle an increase in bottle returns.

L Rockland Trust announced that Elizabeth K. Souza, left, has joined its investment management group as vice president and financial consultant. She serves clients in the New Bedford, Dartmouth, Fairhaven, Rochester, and Wareham areas. Prior to joining Rockland Trust, Elizabeth served as a senior financial advisor at Santander Investment Services for the past 12 years.

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