FRB: Press Release--FOMC statement--December 14, 2010
Information received since the Federal Open Market Committee met in November confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment. Household spending is increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have continued to trend downward.
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High Threshold For Treasury Purchase Adjustments: FOMC Minutes
By Patrick Temple-West, The Bond Buyer
Members of the Federal Open Market Committee said they have “a fairly high threshold” for adjustments to the Treasury purchase plan, while they expressed concern that state and local government fiscal conditions remain a detriment to growth, according to the minutes of the Dec. 14 meeting, which were...
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Experts Expect Fewer Bankruptcies in 2011
By Sara Murray, WSJ.com
With consumer bankruptcies at a five-year high, experts are already handicapping this year’s trend — and there’s reason to believe 2011 will be brighter. There are two indications that Americans won’t be quite so overwhelmed by debt this year that they opt to file for bankruptcy. The first is that they’re simply carrying less debt. There was $2.40 trillion in outstanding consumer credit as of October, according to the Federal Reserve. That’s down nearly 4.1% from October 2007, before the recession began.
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Euro rates to stay low even as banks borrow less
By Jessica Mortimer and Marc Jones, Reuters
Euro zone short-term interest rates looked set to remain low as the central bank's
limit-free lending continued to distort money markets, even as
banks scaled back borrowing after the year end.
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Issuance Plunges 91% From Year Ago as Build America Bonds End
By Brendan A. McGrail, Bloomberg
Municipal-debt issuance plunged 91 percent this week from a year earlier after federal initiatives such as the Build America Bonds program ended Dec. 31.
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Treasury 4-Weeks Go At 0.120% High Yield
By Gary Siegel, The Bond Buyer
The Treasury Department Tuesday auctioned $25 billion of four-week bills at a 0.120% high yield, a price of 99.990667.
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Currency Carry Trade Losses Exceeding Lehman Crisis Bolster Dollar Outlook
By Ron Harui and Wes Goodman, Bloomberg
Currency traders that seek profits by borrowing in nations with low interest rates to fund purchases in countries with higher yields are losing more money than at any time in at least a decade.
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Eurozone inflation soars to new high
By Gerrit Wiesmann, CNN
Eurozone inflation rose in June to its highest since the bloc's 1999 formation, data showed on Monday as political opposition mounted to an expected European Central Bank move to raise its main interest rate this week.
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Sales at U.S. Retailers Increased 3.6% Last Week
By Leslie Patton, Bloomberg
Sales at U.S. retailers rose 3.6 percent last week from a year earlier, as some shoppers returned to stores to take advantage of post-Christmas discounts, dodging a snowstorm that assailed the East Coast.
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EU mulls pushing wind-up costs on bank lenders-official
Reuters
The European Union's executive will propose rules this week that could force lenders to banks to share the costs of their winding up, a senior EU official said on Tuesday.
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U.S. factory orders rebound
Reuters
New orders received by U.S. factories unexpectedly rose in November, and orders excluding transportation recorded their largest gain in eight months, providing more signs the economic recovery was on sustainable path.
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ECB Rate Hike Likely Sooner Than Expected
By Nina Koeppen, WSJ The Source
Strong euro-zone inflation data for December are an important reminder that interest rates won’t stay at current emergency levels indefinitely, and that the ECB may raise rates later this year.
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Private investors head for hills as default fears mount
By Nicole Bullock in New York
A fierce debate has erupted over the standing of US municipal bonds, the once sleepy corner of the credit markets where states and local governments raise money for roads, bridges, schools and other projects.
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2011 to be a Defining Moment for Swap Execution Facilities
Finance Technology Network
Industry players are jockeying for position to compete as Swap Execution Facilities (SEFs). But regulators are still writing the rules.
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Rhetoric will not spur deal on US deficit
By Robin Harding in Washington - Financial Times
If reality flows from rhetoric then 2011 should be the year of fiscal consolidation in the US. The US public tells pollsters that it wants a bipartisan deal to cut the deficit. Politicians tell the public that they want a bipartisan deal to cut the deficit. Nobody is telling the truth.
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Goldman Sachs Investment in Facebook May Draw SEC Scrutiny
BusinessWeek
Goldman Sachs Group Inc.'s plan to offer clients up to $1.5 billion in Facebook Inc. equity may invite U.S. regulators to take a closer look at whether the owner of the world's most popular social-networking site is circumventing disclosure rules, securities lawyers said.
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Citi Closes Student-Loan Deals
TheStreet.com
Citigroup said Monday that its Citi Holdings division of noncore assets now represents less than 20% of its balance sheet, after having closed the sale of $31 billion worth of student-loan assets. In two transactions, the New York-based banking giant sold $27 billion worth of loans to SLM Corp. , the holding company of Sallie Mae, and another $4.2 billion worth of assets ...
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Is Bob McCann's Spread In The Continental In-flight Magazine Offensive Or Just Embarrassing?
Business Insider
It's like Bob McCann is actively trying to piss off the higher-ups at UBS.
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Canadian Bonds Beat World With Their Biggest Gain Since '05: Canada Credit
Bloomberg
Returns in Canada's bond market exceeded the rest of the world in 2010, gaining the most in five years, and may outperform again this year amid record foreign purchases of the nation's fixed-income securities.
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ISDA Launches Initiative to Promote Portfolio Reconciliation and Reduce Risk in Asia Pacific Region
The International Swaps and Derivatives Association, Inc. (ISDA) today published the Asia Pacific Portfolio Reconciliation Memorandum of Understanding (MoU) to promote portfolio reconciliation and reduce risk in the Asia Pacific region. The objective of the MoU is to outline the process and frequency with which participating firms reconcile portfolios of collateralized derivatives transactions.
http://jlne.ws/dKTJ7V
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