Fed’s Hoenig Defends Role of Dissenter
By Michael S. Derby, WSJ.com
The man who opposed every official action taken by the Federal Reserve last year continued to express his opposition to the current stance of monetary policy Wednesday, and said he believes the economy should continue to recover and add jobs in 2011.
http://jlne.ws/gT1GbY
Dodd-Frank and the Return of the Loan Shark
BY TODD ZYWICKI, WSJ.com
The least surprising event of 2010 was that, in the wake of new federal limits on how credit-card issuers can price risk and adjust interest rates, more Americans had to go to payday lenders, pawn shops and local loan sharks in order to get credit. It's simply the latest installment in the old story of regulators thinking they can wish away the unintended consequences of consumer credit regulation.
http://jlne.ws/e8y44E
Mortgage-Backed Securities to Save Financials?
By Catherine Holahan, CNBC
The "Fast Money" traders were focused on the financial sector early Wednesday morning after reports that three major Wall Street firms were planning to sell $4 billion in mortgage-backed bonds.
http://jlne.ws/iecQ6E
U.S. Companies Added 297,000 Jobs in December, ADP Says
By Timothy R. Homan, Bloomberg
Companies in the U.S. boosted payrolls in December by the most since records began in 2001, showing a stronger labor-market recovery at the end of last year, data from a private report showed today.
http://jlne.ws/gkNVai
World Bank issues bond denominated in Chinese Yuan
BBC
The World Bank has issued its first bond denominated in the Chinese currency, joining a small but fast-growing market. The yuan-denominated bond is being issued to promote the use of the Chinese currency in international markets.
http://jlne.ws/fMmB4f
Banks Boost Income From High-Yield Bonds
Radi Khasawneh, Financial News
Investment banks almost doubled their fees from high-yield bonds last year, topping revenues from investment grade issues for the first time since 2006.
http://jlne.ws/fHg10l
Fed buys $1.5 bln in Tsys maturing 2028-2040 in today's open mkt operation of $9.36 bln
The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system.
http://jlne.ws/dcRpcM
ELX Futures - ELX Announces 2010 Year-End Results; ADV in U.S. Treasury Futures Up 14% Year-Over-Year; ADV in Euro
ELX Futures, L.P. (ELX), a leading electronic futures exchange offering market competition in U.S. Treasury and Eurodollar futures contracts, announced today its 2010 year-end results. Total volume exceeded 13MM contracts for the year, with ADV surpassing 47K contracts in U.S. Treasury futures, an increase of 14% from 2009. ELX’s Eurodollar futures contract, which was launched in June 2010, established several record-breaking milestones. By December, ADV reached over 18K contracts traded with an open interest (OI) exceeding 200K contracts. From the third quarter of 2010 (the contract’s first full quarter) to the fourth quarter of 2010, ADV grew by 390%, average OI by 771%, and market share by 298%.
http://jlne.ws/gVsmZK
PIMCO | Investment Outlook, William H. Gross - Off With Our Heads!
By Cordell Eddings, Bloomberg
Pacific Investment Management Co.’s Bill Gross said investors should favor emerging market corporate and sovereign debt as “mindless’ U.S. deficit spending may result in higher inflation, a weaker dollar and the eventual loss of America’s AAA credit rating.
http://jlne.ws/eEU7Lu
Economy's Overheating? We Should Be So Lucky: Caroline Baum
By Caroline Baum, Bloomberg
Wall Street lives in a world of extremes. Today’s raging bull market may morph into tomorrow’s angry bear. Forecasts of inflation and deflation can be found on the same page. The Federal Reserve’s plans for an early exit from its emergency stimulus were derailed by the need to re-enter the treatment arena.
http://jlne.ws/esORCJ
Fed sees fairly high bar for stopping bond buys
By Pedro da Costa and Mark Felsenthal, Reuters
The Federal Reserve felt at its December meeting that the U.S. economy still needed help despite signs of strength, according to minutes released on Tuesday that showed little appetite to trim bond-buying plans.
http://jlne.ws/dGIQrY
At Banks, New Fees Replacing Old Levies
By ROBIN SIDEL - WSJ
Banks, in an attempt to wring more revenue out of customer accounts, are conjuring up new ways to raise fees on basic products like debit cards, cash machines and checking accounts. As regulation curtailing financial institutions from levying certain charges on consumers has mounted over the past year, banks have had to dream up new fees to replace those now trimmed by laws. Credit-card users have experienced new inactivity fees and foreign-exchange charges, while checking accounts have gotten hit with new monthly maintenance fees.
http://jlne.ws/hNGXa4
CFTC needs "Plan B" for costly swaps rules
By Roberta Rampton , Reuters
The U.S. futures regulator needs to consider a "Plan B" on how it will police the $600 trillion swaps market if Congress fails to deliver a 50 percent increase in its budget, one of its top officials said on Monday.
http://jlne.ws/gXhDmx
F.D.I.C. Seeks $2.5 Billion From Execs of Failed Banks
By CHRIS V. NICHOLSON, NY Times
The F.D.I.C. said Tuesday that as of mid-December it had authorized suits against 109 directors and officers of failed financial institutions as it tries to recover nearly $2.5 billion.
http://jlne.ws/eZ8emP
Eurobond launch intended to aid Ireland
By David Oakley, Financial Times
The European Union will today launch a multibillion-euro bond to raise money for the effort to rescue Ireland's finances, in this year's first important test of investor sentiment for Europe's troubled government debt markets. Bankers said there was strong demand for the bonds from European, Asian and Middle Eastern investors, even before the official opening of order books expected today.
http://jlne.ws/eB4hLC
UK Government Introduces Bank Levy
Press Release
The UK Government today introduced a permanent levy on banks' balance sheets as it believes that banks should make a full and fair contribution in respect of the potential risks they pose on the wider economy.
http://jlne.ws/cxgbC7
Fed Likely To Add New Treasury Market Dealers
By Min Zeng, Dow Jones Newswires
NEW YORK (Dow Jones)--After a hiatus of more than one year, the Federal Reserve is likely to expand a select group of dealers to help with hefty Treasury debt sales and the central bank's monetary-policy operations, according to traders and dealers familiar with the matter.
http://jlne.ws/hVmqay
Furor over BofA's $2.8B mortgage settlement
By MARK DeCAMBRE, NY Post
Bank of America is getting blasted with accusations of a "backdoor bailout" for its $2.8 billion settlement with Fannie Mae and Freddie Mac over billions of bad mortgages.
http://jlne.ws/fsARcv
Morgan Stanley Names Rosenthal as Chief Operating Officer, Replacing Nides
Bloomberg
Morgan Stanley , the sixth-largest U.S. bank by assets, named Jim Rosenthal chief operating officer to succeed Thomas Nides , who left the firm to take a position in the U.S. State Department.
http://jlne.ws/h97nRi
Deutsche Bank No. 2 underwriter of corporate bonds
San Francisco Chronicle
Number of the day $176 billion That's the amount of new corporate bonds underwritten by Deutsche Bank last year. The German bank moved up three places to No. 2 in global bond rankings for 2010, trailing only JPMorgan...
http://jlne.ws/fid0tF
Citi's service guru Tweets more bank customers
Reuters
Citigroup Inc is hoping that one of the country's most famous customer service gurus can help it rebuild its reputation -- one Tweet at a time.
http://jlne.ws/gqAcHD
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