The Ticker

Fed slows bond buy pace but stays mum on rates

The Federal Reserve will further slow the pace of its bond purchases, saying a strengthening U.S. job market needs less support. But it's offering no clear signal about when it will start raising its benchmark short-term rate.

Most economists think a rate increase is at least a year away, despite signs of rising inflation.

The Fed announced its decisions in a statement yesterday after it ended a two-day policy meeting. The statement was nearly identical to the one the Fed issued after its last meeting in April. It reiterated its plan to keep short-term rates low "for a considerable time" after it ends its bond purchases, which have been intended to keep long-term loan rates low.

Minimum wage hike advances through state Legislature

A bill that would raise Massachusetts' $8 per hour minimum wage to $11 per hour by 2017 could soon be law.

The House of Representatives approved a compromise measure yesterday on a 124-24 vote after a brief debate. It was passed by the Senate on a 35-4 vote last week.

The bill does not include automatic adjustments in the minimum wage for inflation, as the Senate had called for in an earlier version.

The bill now goes back to both chambers for a final procedural vote before heading to Gov. Deval Patrick's desk.

Today

• Labor Department releases weekly jobless claims.
• Kroger reports quarterly financial results before the market opens.

TOMORROW

• Darden Restaurants reports quarterly financial results before the market opens.
• ProEx, a physical therapist-owned private practice specializing in orthopedics, spine and sports medicine, has announced that Ryan Higgins, left, MPT, OMT, of York, Maine, has been named a staff physical therapist at its Woburn location. Higgins graduated from California State University, Fresno with a masters in physical therapy degree and is a certified orthopaedic manual therapist.
• Pepper Hamilton LLP has announced that Judith Kay Crosby has joined the firm as a partner in the Affordable Housing and Community Development Group within the Financial Services Practice Group resident in the firm's Boston office.

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