NEW YORK ? It's the best start for stocks in 15 years.
In what was mostly a slow and steady climb, the Dow Jones industrial average rose 3.4 percent in January and the Standard & Poor's 500 gained 4.4 percent, the best performances for both indexes to open a year since 1997.
Investors were encouraged by modest but welcome improvement in the U.S. economy, including an 8.5 percent unemployment rate, the lowest in almost three years. Corporate profits didn't wow anyone ? except Apple's ? but they were good enough.
"I don't see anything really glamorous or tremendous about the economy or earnings," said Jerry Harris, chief investment strategist at the brokerage Sterne Agee. "But I think they're very acceptable, and things are grinding along."
An unexpected drop in consumer confidence dragged stocks down on the final day of the month. The Dow Jones industrial average finished down 20.81 points, or 0.2 percent, at 12,632.91.
The broader market fared better. The S&P barely finished in the red, declining 0.60 point to 1,312.41. The Nasdaq composite index rose 1.90 points to close at 2,813.84. The Nasdaq gained 8 percent for the month, its best January since 2001.
In January 1997, the last time stocks had such a fast start, the S&P gained 6.1 percent. Bill Clinton was inaugurated for his second term. An Asian financial crisis and "Titanic" lay ahead. Later that year, the Dow crossed 7,000 and 8,000 for the first time.
This January, analysts said, investors had such low expectations for the economy that it was easy for things to turn out better than expected.
"There are no big surprises," said Kim Caughey Forrest, a senior equity analyst at money manager Fort Capital Group. "That's the kind of ho-hum economy that we are in right now."
The Dow closed at 12,217.56 at the end of last year, then started this year with a pop ? a gain of 179.82 points on opening day. It was the kind of big swing investors became accustomed to in 2011.
Since then, it's been a quiet ascent: 19 days in a row of moves of less than 100 points. The last time the Dow had such a placid stretch was a 34-day run that started Dec. 3, 2010.
Scottrade, the online brokerage, said stock buyers outpaced sellers among its clients for the first 14 trading days of the year, Jan. 3 to Jan. 23. It also said volume was 16 percent higher than December's average.
For the month, the Dow added 415.35 points, its fourth straight month of gains and its largest January point gain.
On Tuesday, the Dow started up 66 points after encouraging signs from Europe that Greece might finally complete a deal to cut its crushing debt, a step toward securing a critical euro130 billion bailout payment.
Greece is negotiating with investors who bought its government bonds. They are expected to swap their bonds for new ones with half the face value, plus a lower interest rate and longer term of maturity.
Investors are increasingly worried that Portugal may need a similar deal with its private creditors. European leaders insist the Greek reduction is a one-time event. Portugal's borrowing costs have risen to record highs.
The Dow lost its gains after consumer confidence fell to 61.1 in January, down from 64.8 in December. Economists had expected 68. The Conference Board said Americans are more worried about their incomes, gas prices and business conditions.
There were also signs that the housing market continues to struggle. Home prices fell in November for a third straight month in in 19 of the 20 cities tracked by the S&P/Case-Shiller index. The biggest declines were in Atlanta, Chicago and Detroit.
In the commodities market, investors worried that the confidence figure was a sign of weaker demand to come, and they sold industrial metals that have prices closely tied to the economy.
Copper for March delivery dropped 3.65 cents to $3.79 per pound, and March palladium ended down $2.15 at $686.35 per ounce. April platinum fell $28.20 to $1,588.10 an ounce.
The metals ended the day down after wild swings. Traders bid up prices in morning trading, encouraged by news that European officials were making progress to contain the financial crisis there, then sold hard on the confidence number.
"This is a day that every trader takes Tums," said George Gero, vice president at RBC Global Futures.
Precious metal prices ended the day mixed. The price of gold rose, as it often does when it looks like the economy might shrink or the dollar might lose its value. Gold for April delivery gained $6 to finish at $1,740.40 an ounce.
In the bond market, the weak U.S. economic data and uncertainty about Greece lit up demand for safe investments. The benchmark 10-year Treasury yield dipped to 1.795 percent, its lowest close in almost four months.
The yield on the five-year Treasury note hit a record low for the second straight day, falling to 0.70 percent.
Treasury yields have been falling since last week, when the Federal Reserve said it expected to hold interest rates near zero into late 2014, more than a year longer than its last estimate, because the economic recovery will need help.
In corporate news:
? RadioShack Corp. stock plummeted 30 percent after the company said its profit fell sharply ? 11 cents to 13 cents per share for the quarter that ended in December, down from 51 cents a year earlier and less than half what Wall Street was expecting.
? Best Buy Co. Inc., one of RadioShack's competitors, responded by falling 5.6 percent, worst in the S&P. Both companies sell and service cellphones, but demand has softened at their stores.
? Avery Dennison Corp., which makes labels and packaging materials, fell 5.6 percent after it said earnings plunged 81 percent on nearly flat sales. Its 2012 outlook was well below Wall Street expectations.
? Mattel Inc. soared 5 percent because of strong demand for Barbie and Monster High dolls during the holidays. That boosted Mattel's fourth-quarter profit by a better-than-expected 14 percent. The company also raised its dividend.
? U.S. Steel Corp. gained 5 percent after it reported strong demand for pipes from the oil industry from October through December. The company was also optimistic about this quarter.
? Agriculture conglomerate Archer Daniels Midland declined 3.6 percent after it reported an 89 percent drop in quarterly net income. The company said its results were weighed down by weakness in oilseeds, corn processing and agricultural services.
___
AP Business Writers Stan Choe and Christopher Leonard contributed to this report.
New appropriate use criteria reflect latest scientific data on restoring blood flow to heartPublic release date: 30-Jan-2012 [ | E-mail | Share ]
Contact: Amanda Jekowsky ajekowsk@acc.org 202-375-6645 American College of Cardiology
Appropriate use criteria will help physicians select treatments for patients
WASHINGTON, DC (January 30, 2012) Updated appropriate use criteria released today offer detailed guidance on when to use an invasive procedure to improve blood flow to the heart and how to choose the best procedure for each patient. The clinical scenarios, written by a group of cardiologists and cardiac surgeons, affirm the role of revascularization for patients with acute coronary syndromes and significant symptoms.
"This document helps patients, physicians, and payers determine when it's reasonable to do a procedure that is intended to improve the patient's quality of life, health status, and long-term survival," said Manesh Patel, M.D., the John Bush Simpson Assistant Professor of Cardiology at Duke University in Durham, NC, and lead author of the updated appropriate use criteria. "It can also assist patients and physicians with health-related discussions and shared decision-making, so that patients are confident they are getting the right procedures for them."
The updated appropriate use criteria replace a previous set published in 2009. Both documents were jointly developed by the American College of Cardiology Foundation, Society for Cardiovascular Angiography and Interventions, Society of Thoracic Surgeons, American Association for Thoracic Surgery, American Heart Association, American Society of Nuclear Cardiology, Heart Failure Society of America, and Society of Cardiovascular Computed Tomography. They have been endorsed by the American Society of Echocardiography and Heart Rhythm Society.
When developing the 2009 appropriate use criteria, the writing group identified nearly 200 clinical scenarios that reflect common heart problems seen in everyday cardiology practice. These scenarios were rated by an expert panel composed of interventional cardiologists, heart surgeons, non-interventional cardiologists, other physicians who treat patients with cardiovascular disease, health outcomes researchers, and a medical officer from a health plan. Panelists assigned a score using a modified Delphi exercise to each scenario indicating whether an invasive procedure to restore blood flow to the heart would be considered appropriate, inappropriate, or uncertain. An essential component in evaluating each clinical scenario is whether clinical studies have shown the procedure would be likely to improve patients' survival or quality of life. The rating takes into account such factors as symptoms, medication, results of stress testing, severity of disease burden, and number of coronary blockages.
New clinical data and gaps identified in data collection spurred the update of the appropriate use criteria, Dr. Patel said. "This update provides a reassessment of clinical scenarios the writing group believed to be affected by significant changes in the medical literature or gaps from prior criteria," he said. "For example, publication of the SYNTAX trial called for the reexamination of clinical scenarios for multi-vessel coronary artery disease, and implementation efforts revealed a few scenarios not captured in the 2009 publication."
When a patient's coronary arteries become clogged with deposits of cholesterol and fat, the heart muscle may not get enough blood flow to function properly. The result can be chest pain or even a heart attack. If medication and lifestyle changes alone are not enough, physicians and patients must decide whether to improve blood flow with bypass surgery or catheter-based angioplasty and stenting. That decision is based not only on a patient's overall health and personal preferences, but also on which arteries are clogged and how severely.
Symptom status, extent of medical therapy, risk level as assessed by noninvasive testing and coronary anatomy all play a critical role in decision making. The appropriate use criteria scenarios were developed to mimic patient presentations encountered in everyday practice and to address the rational use of coronary revascularization in the delivery of high-quality care. Appropriate revascularization procedures can improve patients' clinical outcomes, whereas inappropriate revascularization exposes patients to unwarranted risk and increases costs to the health care system.
Peter K. Smith, M.D., Professor and Chief of Cardiothoracic Surgery at Duke University and co-author of the new criteria, said, "The new ratings that have changed PCI from inappropriate to uncertain for low burden left main disease, and from uncertain to appropriate for low burden three-vessel disease should result in careful selection of high-risk surgery patients for PCI. Surgeons and cardiologists will now work together to maximize the benefit and minimize the risk for these patients who are at high risk for premature mortality."
The updated criteria reaffirm that coronary artery bypass is appropriate for patient scenarios with coronary artery disease involving two vessels to include the proximal LAD and all variations of three-vessel and left main coronary artery disease. PCI is appropriate in patients with coronary artery disease in all three heart arteries only if the severity of coronary artery disease burden is low. It is uncertain whether PCI is appropriate in patients with three- vessel coronary artery disease and an intermediate to high disease burden. The appropriateness of PCI is also deemed uncertain in patients with blockages in the left main coronary artery, alone or with blockages in other arteries and low coronary artery disease burden. However, PCI is considered inappropriate in patients with blockages in the left main coronary artery with intermediate to high disease burden, according to the new criteria.
"A rating of uncertain does not mean that it's not reasonable or should not be done," Dr. Patel said. "These are areas where we don't have definitive evidence and think more research is needed. Remember, the majority of medicine may be considered uncertain by this evidence standard for improvement in health status or longevity. That's where physicians apply their clinical experience and knowledge to patient care and patients express their wishes."
Dr. Patel said the new appropriate use criteria will stimulate discussion regarding appropriate use of revascularization: "We hope physicians, surgeons, caregivers, and patients have a conversation in each individual case about the best way to improve patient outcomes."
The appropriate use criteria will be published in the February 28, 2012, issue the Journal of the American College of Cardiology and will be available before print on Monday, January 30, at 2 pm ET at www.cardiosource.org. The document will also be published in upcoming issues of the Journal of Thoracic and Cardiovascular Surgery. The document will also appear online at www.SCAI.org.
###
The American College of Cardiology is transforming cardiovascular care and improving heart health through continuous quality improvement, patient-centered care, payment innovation and professionalism. The College is a 39,000-member nonprofit medical society comprised of physicians, surgeons, nurses, physician assistants, pharmacists and practice managers and bestows credentials among cardiovascular specialists who meet its stringent qualifications. The College is a leader in the formulation of health policy, standards and guidelines, and is a staunch supporter of cardiovascular research. The ACC provides professional education and operates national registries for the measurement and improvement of quality care. More information about the association is available online at http://cardiosource.org/ACC.
The Society for Cardiovascular Angiography and Interventions is a 4,000-member professional organization representing invasive and interventional cardiologists in more than 60 nations. SCAI's mission is to promote excellence in invasive and interventional cardiovascular medicine through physician education and representation, and advancement of quality standards to enhance patient care. SCAI's patient and physician education program, Seconds Count, offers comprehensive information about cardiovascular disease. For more information about SCAI and Seconds Count, visit www.scai.org or www.secondscount.org.
Founded in 1964, The Society of Thoracic Surgeons is a not-for-profit organization representing more than 6,300 surgeons, researchers, and allied health care professionals worldwide who are dedicated to ensuring the best possible outcomes for surgeries of the heart, lung, and esophagus, as well as other surgical procedures within the chest. The mission of the Society is to enhance the ability of cardiothoracic surgeons to provide the highest quality patient care through education, research, and advocacy. Learn more at www.sts.org.
The American Association for Thoracic Surgery (AATS) is an international organization of over 1,100 of the world's foremost thoracic and cardiothoracic surgeons, representing 35 countries. AATS encourages and stimulates education and investigation into the areas of intrathoracic physiology, pathology and therapy. Founded in 1917 by a respected group of the last century's earliest pioneers in the field of thoracic surgery, the AATS' original mission was to "foster the evolution of an interest in surgery of the Thorax." One hundred years later, the AATS continues to be the premiere association among cardiothoracic surgeons. The purpose of the Association is the continual enhancement of the ability of cardiothoracic surgeons to provide the highest level of quality patient care. To this end, the AATS encourages, promotes, and stimulates the scientific investigation and study of cardiothoracic surgery. Visit www.aats.org.
The American Heart Association is the nation's oldest and largest voluntary health organization dedicated to fighting heart disease and stroke. Our mission is to build healthier lives by preventing, treating and defeating these diseases. We fund cutting-edge research, conduct lifesaving public and professional educational programs, and advocate to protect public health. To learn more or join us in helping all Americans, call 1-800-AHA-USA1 or visit www.heart.org.
The American Society of Nuclear Cardiology (ASNC) is the leader in education, advocacy, and quality for the field of nuclear cardiology. Serving 4,600 individuals in over 50 countries, ASNC is the only professional association dedicated to the dynamic subspecialty of nuclear cardiology. To learn more, visit www.asnc.org.
The Heart Failure Society of America is the primary North American organization with a focus on the prevention and treatment of heart failure. Our goal is to function as the primary advocate for preventing and improving the outcomes of heart failure patients by:
Advancing recognition for individuals with specialized training/certification in heart failure,
Eliminating barriers for appropriately trained professionals to treat heart failure patients,
Minimizing disparities in delivery of heart failure care and enhance availability of cost-effective modalities for care of heart failure patients,
Increasing resources for research and appropriate approaches and interventions for the prevention and management of heart failure
The Society of Cardiovascular Computed Tomography (SCCT) is the professional society devoted exclusively to cardiovascular computed tomography (CCT). With a membership of approximately 3,000, it is acknowledged and recognized as the representative and advocate for research, education, and clinical excellence in the use of cardiovascular computed tomography. For more information on the Society's Mission and Goals, please see the SCCT Website at: www.SCCT.org.
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
New appropriate use criteria reflect latest scientific data on restoring blood flow to heartPublic release date: 30-Jan-2012 [ | E-mail | Share ]
Contact: Amanda Jekowsky ajekowsk@acc.org 202-375-6645 American College of Cardiology
Appropriate use criteria will help physicians select treatments for patients
WASHINGTON, DC (January 30, 2012) Updated appropriate use criteria released today offer detailed guidance on when to use an invasive procedure to improve blood flow to the heart and how to choose the best procedure for each patient. The clinical scenarios, written by a group of cardiologists and cardiac surgeons, affirm the role of revascularization for patients with acute coronary syndromes and significant symptoms.
"This document helps patients, physicians, and payers determine when it's reasonable to do a procedure that is intended to improve the patient's quality of life, health status, and long-term survival," said Manesh Patel, M.D., the John Bush Simpson Assistant Professor of Cardiology at Duke University in Durham, NC, and lead author of the updated appropriate use criteria. "It can also assist patients and physicians with health-related discussions and shared decision-making, so that patients are confident they are getting the right procedures for them."
The updated appropriate use criteria replace a previous set published in 2009. Both documents were jointly developed by the American College of Cardiology Foundation, Society for Cardiovascular Angiography and Interventions, Society of Thoracic Surgeons, American Association for Thoracic Surgery, American Heart Association, American Society of Nuclear Cardiology, Heart Failure Society of America, and Society of Cardiovascular Computed Tomography. They have been endorsed by the American Society of Echocardiography and Heart Rhythm Society.
When developing the 2009 appropriate use criteria, the writing group identified nearly 200 clinical scenarios that reflect common heart problems seen in everyday cardiology practice. These scenarios were rated by an expert panel composed of interventional cardiologists, heart surgeons, non-interventional cardiologists, other physicians who treat patients with cardiovascular disease, health outcomes researchers, and a medical officer from a health plan. Panelists assigned a score using a modified Delphi exercise to each scenario indicating whether an invasive procedure to restore blood flow to the heart would be considered appropriate, inappropriate, or uncertain. An essential component in evaluating each clinical scenario is whether clinical studies have shown the procedure would be likely to improve patients' survival or quality of life. The rating takes into account such factors as symptoms, medication, results of stress testing, severity of disease burden, and number of coronary blockages.
New clinical data and gaps identified in data collection spurred the update of the appropriate use criteria, Dr. Patel said. "This update provides a reassessment of clinical scenarios the writing group believed to be affected by significant changes in the medical literature or gaps from prior criteria," he said. "For example, publication of the SYNTAX trial called for the reexamination of clinical scenarios for multi-vessel coronary artery disease, and implementation efforts revealed a few scenarios not captured in the 2009 publication."
When a patient's coronary arteries become clogged with deposits of cholesterol and fat, the heart muscle may not get enough blood flow to function properly. The result can be chest pain or even a heart attack. If medication and lifestyle changes alone are not enough, physicians and patients must decide whether to improve blood flow with bypass surgery or catheter-based angioplasty and stenting. That decision is based not only on a patient's overall health and personal preferences, but also on which arteries are clogged and how severely.
Symptom status, extent of medical therapy, risk level as assessed by noninvasive testing and coronary anatomy all play a critical role in decision making. The appropriate use criteria scenarios were developed to mimic patient presentations encountered in everyday practice and to address the rational use of coronary revascularization in the delivery of high-quality care. Appropriate revascularization procedures can improve patients' clinical outcomes, whereas inappropriate revascularization exposes patients to unwarranted risk and increases costs to the health care system.
Peter K. Smith, M.D., Professor and Chief of Cardiothoracic Surgery at Duke University and co-author of the new criteria, said, "The new ratings that have changed PCI from inappropriate to uncertain for low burden left main disease, and from uncertain to appropriate for low burden three-vessel disease should result in careful selection of high-risk surgery patients for PCI. Surgeons and cardiologists will now work together to maximize the benefit and minimize the risk for these patients who are at high risk for premature mortality."
The updated criteria reaffirm that coronary artery bypass is appropriate for patient scenarios with coronary artery disease involving two vessels to include the proximal LAD and all variations of three-vessel and left main coronary artery disease. PCI is appropriate in patients with coronary artery disease in all three heart arteries only if the severity of coronary artery disease burden is low. It is uncertain whether PCI is appropriate in patients with three- vessel coronary artery disease and an intermediate to high disease burden. The appropriateness of PCI is also deemed uncertain in patients with blockages in the left main coronary artery, alone or with blockages in other arteries and low coronary artery disease burden. However, PCI is considered inappropriate in patients with blockages in the left main coronary artery with intermediate to high disease burden, according to the new criteria.
"A rating of uncertain does not mean that it's not reasonable or should not be done," Dr. Patel said. "These are areas where we don't have definitive evidence and think more research is needed. Remember, the majority of medicine may be considered uncertain by this evidence standard for improvement in health status or longevity. That's where physicians apply their clinical experience and knowledge to patient care and patients express their wishes."
Dr. Patel said the new appropriate use criteria will stimulate discussion regarding appropriate use of revascularization: "We hope physicians, surgeons, caregivers, and patients have a conversation in each individual case about the best way to improve patient outcomes."
The appropriate use criteria will be published in the February 28, 2012, issue the Journal of the American College of Cardiology and will be available before print on Monday, January 30, at 2 pm ET at www.cardiosource.org. The document will also be published in upcoming issues of the Journal of Thoracic and Cardiovascular Surgery. The document will also appear online at www.SCAI.org.
###
The American College of Cardiology is transforming cardiovascular care and improving heart health through continuous quality improvement, patient-centered care, payment innovation and professionalism. The College is a 39,000-member nonprofit medical society comprised of physicians, surgeons, nurses, physician assistants, pharmacists and practice managers and bestows credentials among cardiovascular specialists who meet its stringent qualifications. The College is a leader in the formulation of health policy, standards and guidelines, and is a staunch supporter of cardiovascular research. The ACC provides professional education and operates national registries for the measurement and improvement of quality care. More information about the association is available online at http://cardiosource.org/ACC.
The Society for Cardiovascular Angiography and Interventions is a 4,000-member professional organization representing invasive and interventional cardiologists in more than 60 nations. SCAI's mission is to promote excellence in invasive and interventional cardiovascular medicine through physician education and representation, and advancement of quality standards to enhance patient care. SCAI's patient and physician education program, Seconds Count, offers comprehensive information about cardiovascular disease. For more information about SCAI and Seconds Count, visit www.scai.org or www.secondscount.org.
Founded in 1964, The Society of Thoracic Surgeons is a not-for-profit organization representing more than 6,300 surgeons, researchers, and allied health care professionals worldwide who are dedicated to ensuring the best possible outcomes for surgeries of the heart, lung, and esophagus, as well as other surgical procedures within the chest. The mission of the Society is to enhance the ability of cardiothoracic surgeons to provide the highest quality patient care through education, research, and advocacy. Learn more at www.sts.org.
The American Association for Thoracic Surgery (AATS) is an international organization of over 1,100 of the world's foremost thoracic and cardiothoracic surgeons, representing 35 countries. AATS encourages and stimulates education and investigation into the areas of intrathoracic physiology, pathology and therapy. Founded in 1917 by a respected group of the last century's earliest pioneers in the field of thoracic surgery, the AATS' original mission was to "foster the evolution of an interest in surgery of the Thorax." One hundred years later, the AATS continues to be the premiere association among cardiothoracic surgeons. The purpose of the Association is the continual enhancement of the ability of cardiothoracic surgeons to provide the highest level of quality patient care. To this end, the AATS encourages, promotes, and stimulates the scientific investigation and study of cardiothoracic surgery. Visit www.aats.org.
The American Heart Association is the nation's oldest and largest voluntary health organization dedicated to fighting heart disease and stroke. Our mission is to build healthier lives by preventing, treating and defeating these diseases. We fund cutting-edge research, conduct lifesaving public and professional educational programs, and advocate to protect public health. To learn more or join us in helping all Americans, call 1-800-AHA-USA1 or visit www.heart.org.
The American Society of Nuclear Cardiology (ASNC) is the leader in education, advocacy, and quality for the field of nuclear cardiology. Serving 4,600 individuals in over 50 countries, ASNC is the only professional association dedicated to the dynamic subspecialty of nuclear cardiology. To learn more, visit www.asnc.org.
The Heart Failure Society of America is the primary North American organization with a focus on the prevention and treatment of heart failure. Our goal is to function as the primary advocate for preventing and improving the outcomes of heart failure patients by:
Advancing recognition for individuals with specialized training/certification in heart failure,
Eliminating barriers for appropriately trained professionals to treat heart failure patients,
Minimizing disparities in delivery of heart failure care and enhance availability of cost-effective modalities for care of heart failure patients,
Increasing resources for research and appropriate approaches and interventions for the prevention and management of heart failure
The Society of Cardiovascular Computed Tomography (SCCT) is the professional society devoted exclusively to cardiovascular computed tomography (CCT). With a membership of approximately 3,000, it is acknowledged and recognized as the representative and advocate for research, education, and clinical excellence in the use of cardiovascular computed tomography. For more information on the Society's Mission and Goals, please see the SCCT Website at: www.SCCT.org.
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
For you new folks, a custom recovery is an indispensable way to back up your device as well as install new custom ROMs and updates, among other little hacky things. Until recently, it's been controlled by using the volume up/down buttons to scroll through the menus, and (usually) the power button to select.
This touch recovery still has volume select, but now the touchscreen works, and works well. We've got some hands-on video after the break, and you can snag it from the download links below.
LOS ANGELES ? When your dinner party guests include Brad Pitt, George Clooney, Kate Winslet and Glenn Close, and the whole affair is televised live, it can take months to plan the menu. That's why the team behind the Screen Actors Guild Awards began putting together the plate for Sunday's ceremony months ago.
It was still summer when show producer Kathy Connell and director Jeff Margolis first sat down with chef Suzanne Goins of Los Angeles eatery Lucques with a tall order: Create a meal that is delicious at room temperature, looks beautiful on TV, is easy to eat and appeals to Hollywood tastes. Oh, and no poppyseeds, soups, spicy dishes, or piles of onions or garlic.
"It can't drip, stick in their teeth or be too heavy," Connell said. "We have to appease all palates."
The chef put together a plate of possibilities: Slow-roasted salmon with yellow beets, lamb with cous cous and spiced cauliflower and roasted root vegetables with quinoa. There was also a chopped chicken salad and another chicken dish with black beans.
To ensure the dishes are both tasty and TV-ready, Connell and Margolis, along with the show's florist and art director, dined together at this summertime lunch on tables set to replicate those that will be in the Shrine Exposition Center during the ceremony. The pewter, crushed-silk tablecloths and white lilies you'll see on TV Sunday were also chosen months ago.
The diners discussed the look of the plate, the size of the portions and the vegetarian possibilities.
"We'd like the portions a little larger," Connell told the chef.
"And a little more sauce on the salmon," Margolis added.
Come Sunday, it's up to Goins to prepare 1,200 of the long-planned meals for the A-list audience.
COMMENTARY | Republican presidential hopeful Rick Santorum suspended his bid for the GOP nod to run against Barack Obama when his daughter, Bella Santorum, was hospitalized, according to the Associated Press. Bella suffers from Trisomy 18, a rare genetic disorder in which a baby has some or all of an extra chromosome. While it is always tragic for a parent to face losing a child, the situation highlights a political issue: Santorum's hypocrisy on health care, abortion and embryonic stem cell research.
Santorum's campaign website discusses his views on these matters. He is emphatically against a woman's right to control her own body in reproductive matters and is adamantly opposed to embryonic stem cell research. He is against a single-payer national health care system provided to all citizens. He opposes the first two on religious grounds on the third for reasons of political dogma.
As to abortion, Santorum flip-flops on his opposition, according to a Care2.com report. It's easy for him to rail against abortion when such ranting might win him votes.
It's also easier for him to oppose it because he has the best health care in America available to him and his family -- provided at taxpayer expense, no less. He never had to consider whether care for a terminally ill child would destroy his family financially.
Unless the U.S. enacts a national health care plan most families will never be able to afford the care needed for a child with Trisomy 18. Santorum's family will never lack for health care or face crippling medical debt -- but as far as he's concerned it's fine for your family to have those problems.
Santorum's opposition to embryonic stem cell research is ludicrous for two reasons. First, such research involves the collection of cells from a blastocyst, a blob of about 150 cells so small the human eye cannot detect it, according to the National Institute for Health. Second, such research could save the lives of his daughter and countless others suffering from her condition. It's despicable for him to fight against the best possible hope for a cure to the very condition killing his child.
It makes me wonder how Santorum's opinion might change if he was an average American with a household income of less than $50,000 per year and no health insurance. I bet he'd sing a different tune.
As the Miami Dolphins pursue another Super Bowl for South Florida, Broward County might get left off the team.
Dolphins CEO Mike Dee raised the possibility of Miami-Dade going it alone in pursuit of the 2016 Super Bowl, citing Broward commissioners? 2011 vote against raising taxes to fund a $225 million renovation of SunLife Stadium.
Thanks to the baby boomers, the middle-aged now make up the biggest, richest, and most influential segment of the country. New York Times reporter Patricia Cohen?s new book In Our Prime: The Invention of Middle Age is a social history of the concept of middle age, which explores the way its biological, psychological, and social definitions have shifted from one generation to the next. The discussion lasts around 27 minutes.
Last week, Ubuntu?s own little warrior came sauntering into this hallowed market, but only to deliver a nice big surprise. At CES, when the Unity-based Ubuntu TV was unveiled, even the most pious of Apple fanboys couldn?t help feeling a tinge of jealousy. The demo, which showcased a beautiful-yet-functional interface, left all the Unity-bashers a tad guilty.
Having said that, it would be wrong to call Ubuntu TV a game-changer, as Apple, Google, and -- yes, we haven?t forgotten them -- Microsoft too are working hard on bringing something intelligent and intuitive to the idiot box. However, we?re not that interested in the efforts of Apple, or Microsoft, what we, as FOSS fanatics, are interested in is the battle between two Linux-based smart TV platforms: Google TV and Ubuntu TV.
Interface
Though Ubuntu TV hasn?t reached the consumers yet, a quick demo at CES showed us how clean and intuitive the interface really is. The experience is no different from what we get on our desktops, but having Unity on it makes it a force to reckon with. However, don?t think that my derision for the ?NEW? Ubuntu ceases with Ubuntu TV: Unity was and still is, to me, a crippled interface that is just wrong for our desktops. But when, this much-hated feature shows up on the good old television, you forget that you ever criticized Unity. From the CES demo, and the reviews we read on various tech-related sites, Ubuntu TV could, quite unexpectedly, be the TV interface we?ve been waiting for.
Google TV on the other hand, has been around for a long time. Based on the Android interface, the interface is quite easy to use and clean too. However, when compared to the aforementioned Ubuntu TV, it does seem a bit cluttered and unintuitive. Instead of focusing on content, Google TV tries to bring too many things to the table, adding to the complexity of the interface. Ubuntu TV, however, stays classy by giving you just the content.
Winner: Ubuntu TV
Familiarity
Though Google TV is based on Android, its interface is totally different from what you have on your phone or tablet. There are a few similarities here and there, but the Google TV doesn?t make an Android user feel at home. Ubuntu TV however, makes sure that an Ubuntu user gets the best experience without missing their computer. If Ubuntu on mobile takes off as Shuttleworth expects it to, then Ubuntu TV will be a brand you won?t be able to ignore.
Winner: Ubuntu TV
Content
It?s not clear as to how many tie-ups Ubuntu TV will have, but from what we?ve seen at CES, it?s enough to satisfy the needs of most TV-lovers. On the other hand, the Android-based Google TV goes one step further by providing an assortment of high quality apps, a domain that is very lucrative these days. Undoubtedly, if Ubuntu TV gets a big audience, it might catch up in this department; however, Google TV will always be a step ahead. Google has partnerships with a lot of content providers, and, not to forget, the movies and TV shows you can rent/buy from Netflix, Android store, and YouTube.
Winner: Google TV
Conclusion
At this early stage, it is difficult to know whether Ubuntu TV will be able to live up to its expectations or not. Also, don?t forget that Apple too is surreptitiously working on something big for the TV market. So, as good as Ubuntu TV might seem, it won?t be easy for Canonical to break into such a big market. Nevertheless, Ubuntu does promise to bring something unexpected and fresh to the TV market, and it might as well be the game-changing product we?ve been waiting for.
METUCHEN, N.J. ? Robert Hegyes, the actor best known for playing Jewish Puerto Rican student Juan Epstein on the 1970s TV show "Welcome Back Kotter" has died. He was 60.
The Flynn & Son Funeral Home in Fords, N.J., said it was informed of Hegyes' death Thursday by the actor's family.
A spokesman at JFK Medical Center in Edison, N.J., told the Star-Ledger newspaper that Hegyes, of Metuchen, arrived at the hospital Thursday morning in full cardiac arrest and died.
Hegyes was appearing on Broadway in 1975 when he auditioned for "Kotter," a TV series about a teacher who returns to the inner-city New York school of his youth to teach a group of irreverent remedial students nicknamed the "Sweathogs." They included the character Vinnie Barbarino, played by John Travolta.
The show's theme song, performed by John Sebastian, became a pop hit.
Hegyes also appeared on many other TV series, including "Cagney & Lacey."
He was born in Perth Amboy and grew up in Metuchen, the eldest child of a Hungarian father and Italian mother.
He attended Rowan University, formerly Glassboro State College, in southern New Jersey, before heading to New York City after graduation. He returned to Rowan on several occasions to teach master classes in acting, a university spokesman said Thursday.
"He was a good friend to the university," spokesman Joe Cardona said.
Hegyes continued to act after "Kotter" and was a regular on "Cagney & Lacey." He also guest-starred in shows including "Diagnosis Murder" and "The Drew Carey Show."
On his website, Hegyes wrote that he was inspired by Chico Marx, whom he had played in a touring production of a show about the Marx Bros. He also recalled how his mother encouraged him to get involved in theater as a teen.
Walter Isaacson has unleashed a torrent of new books about Steve Jobs and Apple. But nobody has written anything quite like Caleb Melby's The Zen of Steve Jobs, a graphic novel that charts Jobs' relationship with a Buddhist priest called Koby Chino Otogawa. The book is a both a visual and textual delight and I couldn't resist inviting Melby, who also writes for Forbes, into our New York City studio to talk about Zen and the art of Steve Jobs.
STATE COLLEGE, Pennsylvania (Reuters) ? Some 10,000 ticket holders headed to a campus memorial service on Thursday for one final goodbye to late Penn State coach Joe Paterno, concluding five days of public mourning for the college football legend.
Big crowds have been turning out since Paterno died on Sunday of lung cancer at age 85, with supporters choosing to remember how he built a hugely successful and profitable college football program rather than his fall from grace for failing to alert police to a child sexual abuse scandal involving an assistant.
Interest in "A Memorial to Joe" at the school's basketball arena on Thursday afternoon was so intense that 10,000 free tickets were snapped up within seven minutes earlier this week. At least one ticket holder tried to profit by selling a ticket for $66,000 on EBay but the online site immediately banned the sale.
The week of mourning has drawn back to campus stars from past football teams, members of the 2011 squad, Penn State alumni who have no memory of any other football coach, undergraduates, and townspeople to remember the winningest coach in college football history.
They lined the streets by the thousands on Wednesday to watch the hearse carrying his casket weave through the town of State College and past Beaver Stadium on its way to his grave.
Mourners on Thursday will see four videos chronicling Paterno's career, six players representing his decades of coaching here, speeches by a Paterno scholarship winner, and a college dean.
The hero's sendoff contrasts with the sudden end of Paterno's career in November, when the university's board of trustees fired him following revelations about a child sex abuse investigation of his former assistant coach Jerry Sandusky.
Trustees, faced with a grand jury report that accused Sandusky of years of child sex abuse and accusations of perjury by two high-ranking university officials, concluded Paterno - who was not charged in the scandal - had not done enough to report a 2002 incident that authorities said involved Sandusky and a child.
Sandusky, 67, who maintains his innocence, faces 52 criminal counts accusing him of molesting 10 boys over 15 years, using his position as head of The Second Mile, a charity dedicated to helping troubled children, to find his victims. The court has placed him under house arrest.
Nearly 40,000 admirers of Paterno - a figure that nearly matches the entire population of State College - stood in line on two cold, raw days for a chance to pay respects at a campus spiritual center only a few blocks from his home.
Paterno won a major college record 409 games and two national championships in 46 years, creating a football powerhouse that generated $53 million in profit in 2010, according to Forbes magazine.
WASHINGTON ? The government "pulled no punches" in investigating battery fires in the Volt, General Motors' prized electric car, the head of the federal auto safety agency told Congress on Wednesday.
At a combative House hearing, Republicans questioned whether the government's partial ownership in the automaker created a conflict of interest for the Obama administration in the Chevrolet probe, which began after a test car caught fire in June, three weeks after a side-impact test.
The government still owns 26.5 percent of GM's shares.
"We pulled no punches" during the investigation, said David Strickland, who heads the National Highway Traffic Safety Administration. Then asked if the company got a pass from his agency, David Strickland replied, "Absolutely not."
But Ohio Rep. Jim Jordan, who led the hearing by the House Oversight and Government Reform subcommittee, said he found it "deeply troubling" that the agency waited until November to notify the public about the fire.
Strickland said he would have gone public immediately if there were an imminent safety risk. He said it would have been irresponsible to tell people that something was wrong with the Volt while experts looked into the cause of the fire.
In response, the committee chairman, Republican Darrell Issa, R-Calif., said, "I hear you, I don't believe you."
Republicans questioned whether the delay was to help broker new mileage standards, which were negotiated last year. Strickland insisted there was no connection and said he had not been pressured by anyone from the administration on the investigation.
After the first fire, two others occurred later related to separate safety tests, and the agency opened an official investigation on Nov. 25. That ended last week, with the government concluding that the Volt and other electric cars don't pose a greater fire risk than gasoline-powered cars. The agency and General Motors know of no fires in real-world crashes.
GM chairman and CEO Daniel F. Akerson said sarcastically that while the company designed the Volt to be a great car, "unfortunately, there is one thing we did not engineer. Although we loaded the Volt with state-of-the-art safety features, we did not engineer the Volt to be a political punching bag. And that, sadly, is what the Volt has become.
"For all of the loose talk about fires, we are here today because tests by regulators resulted in battery fires under lab conditions that no driver would experience in the real world."
But the Republicans' aim was on the safety agency, as Issa told Strickland, "You guys screwed up by keeping a secret."
Some Democrats came to the administration's defense.
"I don't believe this hearing is about safety," said Rep. Elijah Cummings, D-Md. Instead, he argued, it was part of an attack on the Obama administration's support for GM and the electric car industry.
At first, GM blamed NHTSA for the June fire, saying it should have drained the battery to prevent any fires after the test. But the company quickly retreated and said it never told NHTSA to drain the battery. GM executives also said there was no formal procedure in place to drain batteries after crashes involving owners.
Now the company sends out a team to drain the batteries after being notified of a crash by its OnStar safety system.
The Volt has a T-shaped, 400 pound battery pack that can power the car for about 35 miles. After that, a small gasoline generator kicks in to run the electric motor. The car has a base price of about $40,000.
WELLINGTON (Reuters) ? A New Zealand court granted bail on Thursday to two associates of the founder of online file-sharing website Megaupload, accused of being involved in a scheme that allegedly made more than $175 million from Internet piracy and illegal file sharing.
Dutchman Bram van der Kolk, 29, and Finn Batato, a 38-year-old German, who were arrested last Friday along with Megaupload's founder, Kim Dotcom, were freed on bail. A decision on another accused, Mathias Ortman, was put off until Friday pending further submissions on his bail application.
"I am satisfied that the risk of flight here is minimal and such risk as remains can be met by the imposition of strict bail conditions including electronic monitoring," Judge David McNaughton said in a written judgment.
A lawyer for the men had argued their role in the company was different from that of Dotcom, and they did not have secret sources of funds or multiple identities.
The United States wants to extradite all four on charges of Internet piracy, copyright infringement, racketeering and money laundering.
Dotcom, 38, was refused bail on Wednesday because the judge believed there was a significant risk he could try to flee New Zealand. He will reappear in court on February 22. His lawyer is preparing to appeal that decision, maintaining that Dotcom does not have the means to leave the country.
The defendants have said they are innocent of the piracy and other charges, asserting the company simply offered online storage.
An extradition application must be lodged within 45 days of an arrest, and the U.S. must show the alleged offences would be crimes in New Zealand punishable by at least 12 months in jail.
Legal experts have said the extradition process is likely to be long and complex.
(Reporting by Gyles Beckford; Editing by Ian Geoghegan)
PARIS ? Several countries are trying to push Syria off a UNESCO committee that deals with human rights, a panel it quietly joined despite its deadly crackdown on Arab Spring protesters.
U.N. Watch, a Geneva-based NGO, and others said Wednesday that a growing group of countries, including the United States, Britain, Germany and Qatar, want to unseat Syria from the Committee on Conventions and Recommendations.
The committee deals with multiple issues but has a strong human rights component.
The NGO said the countries want the issue on the agenda of an Executive Board meeting, from Feb. 27 to March 10, of the U.N. Educational, Scientific and Cultural Organization.
With more than 5,000 Syrians killed in protests, U.N. chief Ban Ki-moon has condemned Syria for human rights abuses.
FILE - In this Jan. 13, 2012, file photo, President Barack Obama speaks in the East Room of the White House in Washington. President Barack Obama commands center stage in a political year so far dominated by Republican infighting, preparing to deliver a State of the Union address that will go right to the heart of Americans' economic anxiety and try to sway voters to give him four more years in office. He is expected to urge higher taxes on the wealthy, propose steps to make college more affordable and offer new remedies for the still worrisome housing crisis. (AP Photo/Haraz N. Ghanbari, File)
FILE - In this Jan. 13, 2012, file photo, President Barack Obama speaks in the East Room of the White House in Washington. President Barack Obama commands center stage in a political year so far dominated by Republican infighting, preparing to deliver a State of the Union address that will go right to the heart of Americans' economic anxiety and try to sway voters to give him four more years in office. He is expected to urge higher taxes on the wealthy, propose steps to make college more affordable and offer new remedies for the still worrisome housing crisis. (AP Photo/Haraz N. Ghanbari, File)
WASHINGTON (AP) ? President Barack Obama is polishing a State of the Union address that will go to the heart of Americans' economic anxiety and try to sway voters to give him four more years. He will speak Tuesday night to a nation worried about daily struggles and unhappy with his handling of the economy.
Obama is eager to command center stage in a year dominated by Republican infighting.
Obama's 9 p.m. EST address before a politically divided Congress will be built around ideas meant to appeal to a squeezed middle class.
He is expected to urge higher taxes on the wealthy, propose ways to make college more affordable, offer new steps to tackle housing woes and try to help U.S. manufacturers expand hiring.
President Obama may have been on Google+ since November, but the administration is now stepping up its presence on the social network even further in anticipation of next week's State of the Union address and the forthcoming presidential campaign. It now has an official White House Google+ page, where it plans to post the usual news, photos and videos, and also host regular Hangout video chats. There's no promises yet that the President himself will take part, but the White House says it will regularly have administration officials and policy experts take part in the conversations, which will also be streamed on YouTube and WhiteHouse.gov. Those interested can click the link below to add the page to their Circles.
MINNEAPOLIS ? Freezing drizzle and rain made roads slick Sunday as a winter weather system moved across portions of the Upper Midwest, and the precipitation was expected to begin changing over into snow that could continue into Monday.
The National Weather Service issued warnings about freezing drizzle and rain for parts of Illinois, Iowa and Minnesota and Wisconsin on Sunday, and a fog advisory was out in south-central Wisconsin.
The advisories could be expanded later Sunday, the weather service said. The precipitation was coming from a low pressure system expected to track east across Nebraska and Iowa and deepen as it moved northeast across Wisconsin, it said.
Snow was expected Sunday in Nebraska and the Dakotas with a few inches falling in parts before midnight, the weather service said.
In other states, the changeover from rain to snow was expected to start Sunday evening and move from west to east, continuing into Monday morning. One to two inches of snow were possible by Monday in the Twin Cities area of Minnesota and parts of central Wisconsin, the weather service said.
In southeastern Minnesota, Rochester police responded to more than 70 crashes on slick roadways Sunday morning, Lt. Mike Sadauskis said.
"People probably need to take their time a little bit better, give themselves a little bit more space," he said.
Ice also was expected to develop roads and sidewalks in the Twin Cities and elsewhere in the region, with up to a tenth of an inch of ice was possible, the weather service said. It urged drivers to be cautious and anticipate road conditions to deteriorate throughout the evening.
Glazing was reported Sunday across portions of northeastern Iowa and southwestern and central Wisconsin, the weather service said. In the Milwaukee area, freezing fog could reduce visibility to less than a quarter of a mile, it said.
North Dakota got freezing rain and snow Saturday into Sunday that left roads in the southern half of the state coated with ice.
Strong winds were expected in Arkansas, Oklahoma, Texas and Nebraska, where light snow began in the western part of the state Sunday afternoon.
The worst of Nebraska's storm was expected Sunday evening, with 2 or 3 inches of snow falling expected in some parts. The weather service said the main threat from the storm was likely to be blowing snow that could limit visibility Sunday evening.
'Martha Marcy May Marlene' actress is getting ready to star opposite Radcliffe in the thriller 'Kill Your Darlings.' By Josh Wigler, with reporting by Josh Horowitz
Cillian Murphy and Elizabeth Olsen Photo: MTV News
PARK CITY, Utah — Daniel Radcliffe is no longer just the Boy Who Lived — at this stage, he's the Man Who Flourished.
He's set to keep his fans guessing even further with his next confirmed movie, "Kill Your Darlings," which tells the tale of how Beat Generation icons Allen Ginsberg, Jack Kerouac and Lucien Carr first met — and how that meeting eventually led to murder.
Radcliffe plays Ginsberg in the film, and starring opposite him is up-and-coming actress Elizabeth Olsen. The brilliant young star of "Martha Marcy May Marlene" spoke with MTV News about joining the cast of "Kill Your Darlings," making her admiration for the "Harry Potter" star very well-known.
"He is so phenomenal," Olsen said at the Sundance Film Festival, where she's repping the paranormal thriller "Red Lights." "He's an incredible person. He's so funny and smart and fun. He's such a good guy."
Olsen is just one small cog in the greater machine of "Kill Your Darlings," according to the actress. She said she only appears in "three scenes of that movie" as Edie Parker, girlfriend of Jack Kerouac.
"Edie Parker is the one who introduced Ginsberg to Lucien Carr and Jack Kerouac," she explained of her role. "She's kind of the glue between them. I'm just there for a few scenes to explain that part of the story. But her personal life is really, really incredible."
The 2012 Sundance Film Festival is officially under way, and the MTV Movies team is on the ground reporting on the hottest stars and the movies everyone will be talking about in the year to come. Keep it locked with MTV Movies for everything there is to know about Sundance.
WASHINGTON (Reuters) ? The Federal Reserve could take the historic step this week of announcing an explicit target for inflation, a move that would fulfill a multi-year quest of the central bank's chairman, Ben Bernanke.
An inflation target would be the capstone of Bernanke's crusade to improve the Fed's communications, an initiative aimed at making the central bank more effective at controlling growth and inflation. It would, at long last, bring the Fed into line with a policy framework used by most other major central banks.
Bernanke has made clearer communications a hallmark of his leadership, and bit by bit, he has worked to cast light on what for years had been purposefully opaque and secretive deliberations.
He has even given the campaign a personal stamp, contrasting his plainspoken and unaffected persona with that of his predecessor, Alan Greenspan, whose ruminations were notoriously oblique and who was associated with an aloof cadre of policy mandarins.
While Bernanke has touted a numerical inflation goal as a cornerstone of central bank best practices for years, the idea has become timely because it could help quell nagging doubts that the Fed's unprecedented easy money policies are setting the stage for a nasty bout of inflation.
The U.S. economy strengthened toward the end of last year, with job growth accelerating and the unemployment rate dropping to a near three-year low of 8.5 percent.
But the recovery is not expected to retain the momentum.
By announcing a target, the Fed could smooth the path to another round of bond buying should the recovery falter.
"It's a good idea whose time has come," said Marvin Goodfriend, a professor at the Tepper School of Business at Carnegie Mellon University in Pittsburgh and a former senior Fed policy adviser.
In the eyes of Goodfriend and some policymakers, laying out an agreed inflation goal would squelch the idea that the Fed might allow for a faster pace of price gains as it tries to drive unemployment lower.
It would also put the brakes on any notion that the central bank could resort to quicker inflation to ease debt burdens, as some academic economists have suggested as the needed salve for the painfully slow U.S. recovery.
"One of the reasons to announce a formal inflation objective is to indicate that the Fed does not believe it needs to stimulate inflation in order to stimulate the economy," Goodfriend said.
ACADEMICS AND POLITICIANS
Some question whether the change would be little more than an academic exercise, since the central bank already publishes quarterly forecasts that show most officials believe consumer prices should rise between 1.7 percent and 2 percent a year.
This long-term forecast is viewed as an ersatz target, and the Fed seems likely to simply formally enshrine it or a similar formulation.
While food and energy costs drove consumer prices well above the central bank's desired levels last year, inflation is receding quickly and "core" prices and financial market expectations of future inflation have been largely contained.
The Fed's preferred core price gauge was up just 1.7 percent in the 12 months through November, while bond markets see inflation of just 2.1 percent 10 years out.
Explicit targeting has eluded U.S. proponents in part because skeptics, particularly among congressional Democrats, worried it would relegate the Fed's other congressionally set mandate - full employment - to the back burner.
"Discussions of inflation targeting in the American media remind me of the way some Americans deal with the metric system - they don't really know what it is, but they think of it as foreign, impenetrable, and possibly slightly subversive," Bernanke said in 2003.
However, the political climate has shifted. The Fed has drawn fire from Republican lawmakers and presidential hopefuls for risking inflation with its efforts to spur stronger job growth.
The central bank cut interest rates to near zero more than three years ago and has vacuumed up $2.3 trillion worth of bonds to pump cash into the financial system and energize growth.
Still, the Fed will need to tread carefully and accompany any inflation target with a description of what it views as constituting full employment.
Officials say that while monetary policy ultimately determines the rate of inflation, labor markets are often affected by structural issues beyond the central bank's control. Because of that, they are hesitant to put a fixed number on the level of unemployment that can be achieved without generating a self-defeating inflation.
As part of a communications review, officials in December debated a draft statement on their longer-run goals and policy strategy. Policymakers are set to discuss a refined draft at a policy meeting on Tuesday and Wednesday. It is this statement that is widely expected to include an explicit inflation target.
"We are very close to having inflation targeting in the U.S.," James Bullard, president of the St. Louis Federal Reserve Bank, told Bloomberg Radio in an interview on January 5.
Although there is no guarantee the Fed will announce a target this week, the communications review has already led to another innovation. For the first time ever, the Fed on Wednesday will release forecasts for the path of interest rates.
CENTRAL BANKING 101
Officials argue an explicit target would be an improvement on the longer-run inflation forecasts they now provide because it would strengthen the central bank's commitment to low inflation, even as it casts about for ways to coax the economy into a higher gear.
Also, the long-range forecasts are simply an amalgamation of the individual views of all 17 Fed policymakers. An explicit target would be an agreed-upon common goal that could help bolster the central bank's already high anti-inflation credibility in financial markets.
It could also help the Fed politically and strategically.
The central bank has taken lumps, mostly from congressional Republicans, who saw its second round of bond buying as an egregious episode of big government overreach.
The concerns of these Republican lawmakers, some of whom have broached the idea of narrowing the Fed's mandate to only price stability, might be mollified, potentially offering some political cover to an institution that has had few friends in the public arena since the financial crisis and recession of 2007-2009.
A target could also help Bernanke keep a critical mass of support behind his policy decisions within the central bank, where at any given time, three or four of the current roster of policymakers are known to object to the Fed's ultra-easy stance.
"Having an inflation target is central banking 101," said Philadelphia Fed President Charles Plosser, one of the Fed's top inflation hawks. "It's what most major central banks do."
(Reporting By Mark Felsenthal; Editing by Tim Ahmann and Jan Paschal)
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Public release date: 30-Jan-2012
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