10 things you need to know today: September 19, 2013

A Fed surprise boosts stocks, McCain slams Putin in Pravda, and more

McCain
(Image credit: (AP Photo/Ralph Freso))

1. The Fed unexpectedly decides not to slow its stimulus

Stock indexes surged to record highs late Wednesday after the Federal Reserve, in a surprise move, said it would continue buying $85 billion in bonds and other assets every month to stimulate the economy. Investors had expected the Fed to taper off, but Fed Chairman Ben Bernanke said the job market hadn't improved enough yet. With mortgage rates rising and Congress cutting spending, he said, the recovery could falter if the Fed cut back now. [Forbes, Los Angeles Times]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.