(Reuters) - Bank of America Corp expects to reduce its long-term debt by about $40 billion in the second quarter, eliminating interest expense of $230 million per quarter going forward, Chief Financial Officer Bruce Thompson said.

WASHINGTON (Reuters) - It has become a familiar choreography for the Federal Reserve: Officials ease monetary policy, and the economy improves. Then conditions weaken, reviving debate about the need for further stimulus.

LONDON (Reuters) - European shares edged up and the euro was flat on Wednesday as worries over contagion from Spain's banking sector were heightened by a sharp rise in the country's borrowing costs.