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The U.S. Federal Reserve and European Central Bank are expected to deliver sharply contrasting policy decisions next month, reflecting how the world's two largest economies have moved from the Great Recession to the Great Divide. The U.S. and euro zone central banks have been on a similar path of monetary easing since the financial and economic crisis of 2007-09. The dollar and short-term U.S. bond yields have soared, while the euro and short-term euro zone bond yields have plunged.
The Philippines on Monday wrapped up a week of arguments before judges in its case against China over the hotly disputed South China Sea, at a hearing boycotted by Beijing. The Philippines has asked the Permanent Court of Arbitration in The Hague to affirm its right to areas within 200 nautical miles of its coastline, under the terms of a U.N. convention. China rejects the court's jurisdiction.
WASHINGTON (AP) — Lawmakers are returning to Capitol Hill to wrap up work on the budget, highway spending and taxes, an end-of-the-year stretch that will test the standing of Republican leaders like House Speaker Paul Ryan with the GOP's tea party wing and its anti-establishment presidential candidates.