Treasury's Oldest Bonds Show Covert Demand With End in Sight for Fed's QE2
Bloomberg
Investors are paying the smallest discounts for Treasuries other than the newest, most-traded bonds since the start of the financial crisis, a sign of growing demand even as the Federal Reserve’s $600 billion buying program approaches its conclusion.
http://jlne.ws/ifaUye
U.S. credit rating outlook lowered by S&P. Puts additional pressure on Congress to bring down long-term deficits
CNNMoney.com
Standard & Poor's lowered its outlook for the nation's long-term debt Monday, even as it reaffirmed the agency's top-tier rating for the U.S. economy.
http://jlne.ws/etCxqp
S&P cuts US credit outlook to ‘negative’
By Michael Mackenzie, Nicole Bullock, Telis Demos and Shannon Bond, FT.com
Standard & Poor’s has downgraded its outlook on US sovereign debt from “stable to negative”, citing worries over budget deficits and debt.
http://jlne.ws/eTVBlU
El-Erian: S&P action a warning for the US, and for the global economy
FT.com
Mohamed El-Erian, chief executive and co-chief investment officer at PIMCO, responds to Standard & Poor’s latest action on US debt.
S&P reaffirmed this morning the AAA rating of the US but, importantly, slapped a “negative outlook” on the rating due to concerns on how the country will address its “very large budget deficits and rising government indebtedness.”
http://jlne.ws/gFROje
Political gains for Finland's main nationalist party stoke concerns over the eurozone debt crisis
AFP
The euro slumped against the dollar Monday as shock political gains for Finland's main nationalist party stoked concerns over the eurozone debt crisis, analysts said. As authorities prepared to discuss Portugal's financial bailout, fresh worries over indebted eurozone nations helped the price of 'safe-haven' gold to reach fresh record highs.
http://jlne.ws/e0v6kU
Citi puts $12.7bn portfolio up for sale
By Francesco Guerrera and Patrick Jenkins, FT.com
Citigroup has taken radical action to cushion the impact of new global capital rules for banks, putting up for sale a $12.7bn portfolio of bad assets that were responsible for some of its huge losses during the financial crisis. Citi revealed the move on Monday alongside first-quarter results that showed a 32 per cent drop in net income that was narrowly better than analysts’ expectations.
http://jlne.ws/eYbT0R
Ireland's Kenny Seeks to Reassure Markets
By Ainsley Thomson, WSJ.com
Irish Prime Minister Enda Kenny stepped up his diplomatic offensive during his first state visit to London on Monday, seeking to reassure the markets that his government is serious about tackling its budget deficit and that it will not consider defaulting on its debt.
http://jlne.ws/euztSr
Portuguese Banks Expect Debt Targets
By Patricia Kowsmann, WSJ.com
Portuguese banks will likely have to step up efforts to cut reliance on borrowed money in exchange for having some of the estimated €80 billion (about $114 billion) bailout earmarked for the country, senior bank officials say.
http://jlne.ws/eTm7qt
Monetary policy: Is the Fed finished?
The Economist
THE Financial Times has a story by Robin Harding above the fold this morning, headlined, "Fed to signal end of monetary easing". Sounds like big news! What's it all about?
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Gold ends at record, a stone's throw from $1,500
By Claudia Assis, MarketWatch
Gold futures settled at a record Monday, stopping less than $8 from the $1,500-an-ounce-mark, buoyed by Standard &Poor's annoucement it was lowering the outlook for U.S. debt.
http://jlne.ws/euW2HA
Hoyer warns against 'playing games' with US credit
Reuters
The No. 2 Democrat in the House of Representatives, Steny Hoyer, said on Monday that Standard & Poor's downgrade of the U.S. credit outlook demonstrated that "Republicans cannot hold the debt limit hostage over partisan, divisive issues."
http://jlne.ws/i6NW81
Hungary Central Bank Holds Interest Rate at 6.00%
CentralBankNews.info
The Magyar Nemzeti Bank held its main policy rate, the two-week deposit interest rate, unchanged at 6.00%. Hungary reported inflation of 4.5% in March, slightly higher than the 4.1% recorded in February, and higher than the central bank's target of 3%.
http://jlne.ws/dOh3zK
Fed's Bullard: Concern Over 2Q Growth 'At Odds' With Industry View
By Daniel Kruger, Bloomberg
Investors are paying the smallest discounts for Treasuries other than the newest, most-traded bonds since the start of the financial crisis, a sign of growing demand even as the Federal Reserve’s $600 billion buying program approaches its conclusion.
http://jlne.ws/eRk85p
Pimco to Pay $92 Million to Settle Market Manipulation Lawsuit
By Sree Vidya Bhaktavatsalam, Bloomberg
Pacific Investment Management Co., manager of the world’s biggest bond fund, agreed to pay $92 million to settle a private class-action lawsuit that accused it of manipulating the price of Treasury futures contracts.
http://jlne.ws/ew7eXd
CFTC Proposal for Swaps Margin May Apply to Futures
By Matthew Leising
The Commodity Futures Trading Commission may require margin changes in futures markets that are being considered for new swaps clearing plans. The CFTC has proposed divvying up margin payments of individual swaps users at clearinghouses rather than allowing accounts to be treated as one pool by banks representing multiple customers. Futures markets now allow banks to pool all their customer accounts together when settling a day’s margins. The swaps plan may be used for futures margin, too, said CFTC Commissioner Scott O’Malia. “It’s being considered,” he said in an interview yesterday.
http://jlne.ws/hc9OMg
What are the implications of rising commodity prices for inflation and monetary policy?
By Charles L. Evans, president and chief executive officer, and Jonas D. M. Fisher, vice president and director of macroeconomic research
http://jlne.ws/i0ins9
Why Goldman Is Not a Simple Culprit in the Financial Crisis Report
By STEVEN M. DAVIDOFF, NY Times
The Senate Permanent Investigation Subcommittee’s report on the financial crisis is an important document. It is an exhaustive look at certain main aspects of the financial crisis, a report which heavily criticizes Washington Mutual, the now-defunct Office of Thrift Supervision, the credit ratings agencies, Goldman Sachs and Deutsche Bank. The focus in the media, as well as in Senator Carl Levin’s news conference on the report, has been the criticism shed on Goldman Sachs for betting against clients who bought collateralized debt obligations from it. But the criticism of Goldman is overwrought. And the focus on Goldman obscures the other important points the report makes about the entire financial industry.
http://jlne.ws/elMzVr
Federal Reserve Seeks Comments On Outline Of How It Intends To Apply Certain Parts Of Its Current Consolidated Supervisory Program For Bank Holding Companies To Savings And Loan Holding Companies
Press Release
The Federal Reserve Board is seeking comment on a notice that outlines how it intends to apply certain parts of its current consolidated supervisory program for bank holding companies to savings and loan holding companies (SLHCs) after assuming supervisory responsibility for SLHCs. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rule-writing authority for SLHCs and their non-depository subsidiaries will transfer from the Office of Thrift Supervision (OTS) to the Board on July 21, 2011.
http://jlne.ws/hPsndX
FDIC eyes tougher rules for big banks
By Tom Braithwaite in Washington, Financial Times
American banks should ringfence their riskier investment banking operations, according to a top financial regulator who wants the US to adopt restrictions similar to those proposed last week by Britain’s Independent Commission on Banking.
http://jlne.ws/hqtLVq
BRICS make move to shove dollar aside
By David Marsh, MarketWatch
BOAO, China — China and four other leading high-growth economies have taken landmark steps toward lowering the importance of the dollar in international financial transactions — part of a seminal shift in the move towards a multicurrency reserve and trading system.
http://jlne.ws/dEt7ri
Loophole fears over Vickers bank rules
By Patrick Jenkins, Megan Murphy and Sharlene Goff - Financial Times
European banking groups could take advantage of a loophole to escape higher capital requirements recommended by the Vickers Commission report on UK bank restructuring, fuelling concerns they will secure a competitive advantage in high street banking.
http://jlne.ws/dHcjr3
Pension funds fight EU plan on derivatives
By Ellen Kelleher, Financial Times
European pension funds are fighting to revise a European Union proposal on derivatives regulation as they fear it will damage investment returns. The UK’s National Association of Pension funds and other European trade groups are lobbying to amend the European Market Infrastructure Regulation (EMIR), which would demand they post collateral with counterparty clearing houses when they use derivatives to hedge interest-rate movements or life- expectancy risks.
http://jlne.ws/gQxNYR
Communiqué Of The Twenty-Third Meeting Of The International Monetary And Financial Committee Of The Board Of Governors Of The International Monetary Fund
Press Release
http://jlne.ws/geHEdo
Statement By U.S. Treasury Secretary Tim Geithner To The International Monetary Fund And World Bank Group Development Committee Meeting
Press Release
http://jlne.ws/eSiL7v
Statement By U.S. Treasury Secretary Tim Geithner At The International Monetary And Financial Committee (IMFC) Meeting
Press Release
http://jlne.ws/dXBmw4
Virgin bank CEO looks to future
BBC News
Jayne-Anne Gadhia speaks to Douglas Fraser, presenter of Business Scotland, about her vision for Virgin Money's role in UK finance.
http://jlne.ws/fBZG99
RBS rebels bid to block Hester pay
Scotland on Sunday
ROYAL Bank of Scotland is this week facing a shareholder rebellion over a possible £7.7 million payout for chief executive Stephen Hester and confusion about the level of the bank's losses.
http://jlne.ws/ewTowW
Barclays, HSBC and Standard Chartered face domicile move chatter
The Scotsman: Business
A TOP City fund manager has revealed institutional investors are in "regular talks" with Barclays, HSBC and Standard Chartered over possibly shifting their tax domicil
http://jlne.ws/fdxVjd
Deutsche Bank, Liechtenstein's LGT end talks on sale of German bank's BHF-Bank
The Canadian Press via Yahoo! Canada News
Germany's Deutsche Bank AG says it has scrapped a plan to sell its BHF-Bank subsidiary to LGT of Liechtenstein and will hold on to the private banking and wealth management specialist.
http://jlne.ws/dNSmsd
Deutsche Bank halts plan to sell BHF unit
Market Watch
Deutsche Bank said Monday that it's ended talks with Liechtenstein's LGT Bank over the sale of its BHF-Bank unit. Deutsche Bank said that the two firms had drawn up a mutually beneficial agreement that was ready to sign, but that "following discussions between the parties and with the competent supervisory authorities," the banks decided not to pursue the transaction ...
http://jlne.ws/dIpbJ9
SEC, CFTC Walk Away From Government Shutdown Threats With Bigger Budgets
Forbes
The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) were among the winners in the budget brinksmanship that occurred last week. Although a number of federal agencies were the subject of approximately $40 billion in cuts, the SEC $75 million in extra funding for 2011.
http://jlne.ws/gxAzZg
Gensler Says Regulators Should Set Small Group of Systemic Firms
By Phil Mattingly, Bloomberg
The number of financial firms federal regulators deem systemically important should be kept small, a member of the council identifying the firms said. Gary Gensler, the chairman of the Commodity Futures Trading Commission, said the Dodd-Frank Act requires regulators to limit the number of firms getting the designation. The Financial Stability Oversight Council is labeling the financial firms that may face more stringent oversight and capital requirements.
http://jlne.ws/fBvpnI
Super rich see taxes drop while nearly half of US households pay no federal income tax
By STEPHEN OHLEMACHER, Associated Press
Still scrambling to file your taxes? You'll probably take little consolation in hearing that the super rich pay a lot less taxes than they did a couple of decades ago. And nearly half of U.S. households pay no income taxes at all.
http://jlne.ws/fn8a9g
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