Economists ready to ratchet up GDP forecasts
By Steve Goldstein, MarketWatch
Wall Street economists were tapping into their spreadsheets Tuesday, ready to ratchet up their economic growth forecasts for next year in light of the tax deal struck by President Barack Obama and congressional Republicans, particularly the surprise one-year reduction in payroll taxes.
http://jlne.ws/h3Vp6t
EU bonds - something must be done
By Radi Khasawneh, Financial News
The European sovereign debt crisis has thrown up the idea of a single European bond issuer to pool the credit quality of European governments. That would be good news for beleaguered periphery sovereigns that have seen their funding costs balloon in recent weeks, but it is strange that this has become viable when the governments themselves are under so much pressure.
http://jlne.ws/hFdT1c
ISM Forecast: Growth Continues in 2011
The Bond Buyer
Nearly two-thirds of those manufacturers surveyed expect greater revenues in 2011 than in 2010, but while nominal revenues increased 7.9% this year, the forecasts are for 5.6% growth next year, according to the Institute for Supply Management’s semiannual economic forecast, released Tuesday.
http://jlne.ws/iistFm
Ireland Braces for Brutal Budget
BY QUENTIN FOTTRELL, WSJ.com
Ireland's public is braced for €6 billion ($7.99 billion) in spending cuts and tax increases to be announced in Finance Minister Brian Lenihan's 2011 budget later Tuesday. The government must successfully pass the budget in order to qualify for the €67.5 billion financial-aid package from the European Union and International Monetary Fund agreed late last month.
http://jlne.ws/guFJ4T
Obama Confronts Democrats' Pushback Over Deal on Tax Cuts
By Ryan J. Donmoyer and Mike Dorning
President Barack Obama confronted pushback from fellow Democrats today as he begins the job of selling his agreement with congressional Republicans to temporarily sustain all the Bush-era tax cuts.
http://jlne.ws/fWard1
Year-End Flood of Muni Bonds Creates Buying Opportunity for U.S. Wealthy
By Margaret Collins and Alexis Leondis, Bloomberg
Wealthy U.S. investors may be able to buy municipal bonds at some of the highest yields in seven months as issuers rush to borrow before year end.
http://jlne.ws/gpvFaS
Dodd-Frank spawns cottage industry Capitol Report
By Jonathan Spicer, Reuters
The United States is first and Europe is second in NYSE Euronext's (NYX.N) priority list as it aims to clear interest-rate swaps, its chief executive said on Tuesday, clarifying the exchange operator's delayed plan to take advantage of financial reforms.
http://jlne.ws/gUxElC
NYSE Euronext clarifies plan to tackle OTC swaps
By Jonathan Spicer, Reuters
The United States is first and Europe is second in NYSE Euronext's (NYX.N) priority list as it aims to clear interest-rate swaps, its chief executive said on Tuesday, clarifying the exchange operator's delayed plan to take advantage of financial reforms.
http://jlne.ws/fLiiUH
BABs Not Part of Tax Bill Compromise
By Lynn Hume, the Bond Buyer
An extension of the Build America Bond program, which is set to expire on Dec. 31, was not part of the framework for a compromise tax bill that was agreed to last night by key lawmakers from both parties and administration officials, congressional sources confirmed Tuesday morning.
http://jlne.ws/gv2djk
Is Ben Bernanke driving the QEII or the Titanic?
By Christopher Whalen, Reuters
Our colleagues in the media have been diligently pouring over the latest disclosure by the Federal Reserve on rescue loans made to banks and corporations around the world in the hope of uncovering a pearl. For one thing, the details of the extensive rescue operation by the Fed following the collapse of Lehman Brothers in 2008 confirms the role of the U.S. central bank as the global lender of last resort, a job description as yet unauthorized by Congress. But there are some rather subtle revelations which do deserve investigation.
http://jlne.ws/e0MlU0
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