Obama: US, Germany agree European economic crisis cannot put world economy at risk
Desmond Butler, The Canadian Press/Yahoo! Finance
President Barack Obama says the U.S. and Germany have agreed that the economic crisis in Europe cannot put the global economy at risk.
http://jlne.ws/mLxHUg
Fed’s Evans Shaves Growth Forecasts
By Jon Hilsenrath, WSJ.com
Charles Evans, president of the Federal Reserve Bank of Chicago, is marking down his growth forecasts for 2011 and 2012, but says he isn’t prepared to call for new Fed actions to support the economy.
http://jlne.ws/itMdff
HSBC in $62m Madoff investor deal
By Brooke Masters, FT.com
HSBC has agreed to pay $62m to investors in a hedge fund that fed money to fraudulent money manager Bernard Madoff, becoming the first custodian bank to settle a class-action lawsuit connected to the scandal. The investors in the Thema fund would receive about 20 cents on the dollar for their $312m in real losses in the Ponzi scheme. HSBC, which served as custodian for the Irish-based fund, did not admit liability.
http://jlne.ws/keLJid
Pimco Took Bath on Lehman Debt
WSJ.com
Bond-investing veteran Bill Gross buoyed his reputation during the 2008 financial crisis through well-timed bets on Treasurys and mortgage debt. Now, new court documents show that he also took a bath in loading up on Lehman Brothers Holdings Inc. debt before the investment bank cratered that year.
http://jlne.ws/m1gQnv
UK banks may have 'masked' risks with forbearance
The Telegraph
British banks may have "masked" the scale of the dangers they could face by extending loans or lowering interest rates for struggling customers, the International Monetary Fund has warned.
http://jlne.ws/mLkL8r
Atlanta Fed President Dennis Lockhart speaks on inflation & the economy to the Charlotte Economics Club
By Steve Goldstein, MarketWatch
Atlanta Fed President Dennis Lockhart threw his support behind an explicit inflation target, which he said could improve communication, which he says has been hurt by the debate over core inflation, "which can confuse and frustrate the public." He'd like an inflation goal targeted to headline inflation, over a "realistic timeframe," but one that allows for short-run deviations.
http://ow.ly/5ccFE
SIFMA Submits Comments to CFTC Regarding Dodd-Frank
Press Release
SIFMA today announced that SIFMA and the Futures Industry Association (the “Associations”) have filed a supplemental comment letter with the Commodity Futures Trading Commission (CFTC) regarding the CFTC’s Proposed Rules on the designation of a chief compliance officer (CCO) for futures commission merchants (FCMs), swap dealers (SDs), and major swap participants (MSPs). The Associations’ additional comments supplement those provided to the CFTC in their joint letter submitted January 18, 2011.
http://jlne.ws/mhUJeb
How Wall Street kills financial reform rules
By Cyrus Sanati, CNNMoney
Nearly a year after passage of the landmark Dodd-Frank Wall Street Reform Act, the battle over the future of financial regulation in the United States continues in the lobbies of Washington. Major provisions of the law, most notably those connected with the $600 trillion derivatives market, have yet to be finalized. Meanwhile, regulators are moving at what seems like a snail's pace to come into compliance with the new rules as they fight their own internal battles
http://jlne.ws/m62H9s
Deutsche Börse introduces new benchmark for interest rate swaps
Press Release
Deutsche Börse – Market Data & Analytics is expanding its range of information products with “Eurex ICAP Swap Spreads”. The new data product, which aims to serve as a neutral benchmark for Euro interest rate swaps, was developed jointly with interdealer broker ICAP.
http://jlne.ws/mwz9M3
IBD/TIPP Poll: Economic Optimism Rises, Still Low
By SCOTT STODDARD, INVESTOR'S BUSINESS DAILY
Consumer gloom eased for a second straight month in early June as a decline in gasoline prices offset concerns about high unemployment
http://jlne.ws/jYjiLN
Fed's Fisher: Lots of liquidity in economy
Reuters
Dallas Federal Reserve President Richard Fisher said on Tuesday there was ample liquidity in the U.S. financial system and no need for the U.S. central bank to continue its extremely easy monetary policy.
http://jlne.ws/ihzKQN
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