The debt ceiling deadline: The downgrade option
By Julie Hirschfeld Davis and James Rowley, Bloomberg
House Speaker John Boehner, battling resistance from within his own party as he intensifies a debt- ceiling standoff with President Barack Obama, worked to salvage his plan to tie the nation’s borrowing power to spending cuts and budget controls.
http://jlne.ws/rhtXhi
Boehner Fights Internal Strife Over Debt Plan
By Julie Hirschfeld Davis and James Rowley, Bloomberg
House Speaker John Boehner, battling resistance from within his own party as he intensifies a debt- ceiling standoff with President Barack Obama, worked to salvage his plan to tie the nation’s borrowing power to spending cuts and budget controls.
http://jlne.ws/pnXo3a
Companies Bracing for U.S. Default
BY KATE LINEBAUGH AND VIPAL MONGA, WSJ.com
The unthinkable is finally becoming reality for U.S. companies, who are beginning to take real steps to prepare for the possibility of a U.S. debt default. While companies generally expect Washington to resolve the debt-ceiling impasse at the last moment, they are lining up extra sources of financing, and carefully husbanding cash just in case a deal falls through.
http://jlne.ws/qHg9bw
U.S. has 3 days grace before CDS triggered - ISDA
Karen Brettell, Reuters
The United States would have at least three days to make up for any missed debt payments before it triggered payments on its credit default swaps, according to trade association the International Swaps and Derivatives Association.
http://jlne.ws/qzUh7B
The 'Bond Vigilantes' and the Debt Ceiling Crisis: No Need to Panic or Lying in Wait?
PBS
Harvard's eminent trade economist, Robert Lawrence, gave a talk in Greece this month. Among his slides was this image with the headline: "The Vigilantes are Asleep!" That would be the so-called "bond vigilantes" - the investors in the world's bounteous supply of IOUs, with specific reference to the IOUs of the United States - our Treasuries (bonds, notes and bills).
http://jlne.ws/of3VMy
Banks stock up on cash amid US rating fear
By Justin Baer, Tom Braithwaite and Michael Mackenzie in New York
US banks are holding on to more cash and locking in longer-term financing as they brace themselves for the consequences of a potential downgrade of the US’s triple A credit rating. Washington remains deadlocked over the nation’s budget, edging the US closer to a pivotal August 2 deadline to extend its borrowing authority – and prompting financial institutions to plan for a set of scenarios that once seemed remote.
http://jlne.ws/r160Hj
Inflation Expectations Matter
By Michael S. Derby, WSJ.com
An axiom of central banks these days holds that what consumers reckon future inflation will be is an important driver of prices now. Put another way, if the public expects prices to rise in the future, inflation will start to rise now. So Federal Reserve officials have decided understanding, measuring and controlling inflation expectations is a critical part of its mandate to keep inflation stable.
http://jlne.ws/mRKTA7
Infographic: Where America Spent All of Its Money
Forbes
The White House posted the following infographic on its website today explaining how America accumulated its national debt over the past decade, shifting fiscal forecasts from projected surpluses to elephantine deficits.
http://jlne.ws/nGhoKb
SEC Adopts New Short Form Criteria to Replace Credit Ratings
Press Release
Washington, D.C., July 26, 2011 – The Securities and Exchange Commission today voted unanimously to adopt new rules in light of the Dodd-Frank Wall Street Reform and Consumer Protection Act to remove credit ratings as eligibility criteria for companies seeking to use “short form” registration when registering securities for public sale.
http://jlne.ws/pPOaVA
Beige Book: District-by-District Summary
http://jlne.ws/nSKHwM
Growth slows as labor markets ‘soft’
By Steve Goldstein, MarketWatch
Soft labor markets and weak real estate offset a slight boost to consumer spending and an encouraging start to the tourism season, the Federal Reserve reported Wednesday in its Beige Book of anecdotal evidence on the U.S. economy.
http://jlne.ws/pb3uhy
Financial Stability Oversight Council Releases First Annual Report
Press Release
On the heels of the first anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Financial Stability Oversight Council released its 2011 Annual Report. The report – the first of its kind issued by the U.S. government – was produced collaboratively by the members of the Council and their staff, and unanimously approved by the Council.
http://jlne.ws/qeEwf9
FITCH: U.S. TREASURIES EXPECTED TO REMAIN GLOBAL BENCHMARK
http://jlne.ws/rjU1Jt
Why the credit rating agencies are keeping a close eye on the US
The Telegraph
The switchboard at Congress almost crashed on Tuesday as Americans voiced their anger at the stalemate in Washington over raising the country's $14.3 trillion (£8 trillion) debt ceiling. Here is the verdict of the ratings agencies on the US debt problem.
http://jlne.ws/qbCkAA
German Inflation Rises
BY WILLIAM LAUNDER AND TODD BUELL, WSJ.com
Preliminary consumer-price inflation in Germany rose in July, exceeding economists' forecasts on higher energy prices, the German Federal statistics office said Wednesday.
http://jlne.ws/nB00rU
S&P sees 2nd Greek debt haircut, new downgrade
Reuters
A new and bigger restructuring of Greek debt is likely within the next two years, an official from credit ratings agency Standard & Poor's said on Tuesday, adding a further downgrade of Greece's sovereign debt rating was "pretty certain."
http://jlne.ws/pcoXxV
Goldman Sachs CMBS Trading Head Salem Said to Leave the Bank
By Sarah Mulholland and Jody Shenn, Bloomberg
July 26 (Bloomberg) -- Matthew Salem, head of commercial- mortgage bond trading at Goldman Sachs Group Inc., has left the bank, according to a person familiar with the situation.
http://jlne.ws/p0pPFI
MF Global Hires Heads of Structured Mortgage, CMBS Trading
By Matthew Leising, Bloomberg
July 26 (Bloomberg) -- MF Global Holdings Ltd., the futures broker that’s transitioning into an investment bank, hired Christopher Belhumeur and Chris Lau to expand trading in structured products and commercial-mortgage backed securities. Belhumeur, 40, previously co-head of agency collateralized mortgage obligations and derivatives at Jefferies Group Inc., began yesterday as head of structured mortgage trading, said Tiffany Galvin, MF Global’s spokeswoman. Lau, 38, who led Gleacher & Co.’s CMBS trading and started at MF Global last week, will assume that role for the company. They will report to Jon Bass, global head of institutional sales and fixed income, Galvin said.
Santander Profit Tumbles On UK Charge; Delays IPOs
By Christopher Bjork, DOW JONES NEWSWIRES
Spanish banking giant Banco Santander SA (STD) Wednesday reported a 38% drop in second-quarter net profit, after it set aside EUR620 million to cover potential claims for customers in the U.K. who were miss-sold payment protection insurance policies. Net profit for the largest bank in the euro-zone by market valuation plunged to EUR1.39 billion from EUR2.23 billion a year earlier. Analysts had on average expected profit of EUR2.07 billion, however they hadn't factored in the surprise U.K. charge.
http://jlne.ws/n2QGz1
CFTC Chairman Gary Gensler Announces Appointment of Tony Thompson as Executive Director
Press Release
Washington, DC – The Commodity Futures Trading Commission (CFTC) today announced the appointment of Tony Thompson to serve as the agency’s Executive Director. Mr. Thompson is the Deputy Administrator for the Office of Management at the U.S. Department of Agriculture’s (USDA) Food Safety and Inspection Service (FSIS). Mr. Thompson will replace Madge Bolinger Gazzola, who recently retired after almost 35 years at the CFTC.
http://jlne.ws/nSxpf7
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