Fed Trims Forecasts for Economic Growth
By Tom Barkley and Michael R. Crittenden, WSJ.com
Federal Reserve officials Wednesday lowered their forecasts for economic growth and predicted underlying inflation would come in higher than thought this year, as the central bank’s policy-setting committee cautioned that the recovery is experiencing what is likely a temporary loss in momentum.
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FOMC Statement: Release Date: June 22, 2011
Information received since the Federal Open Market Committee met in April indicates that the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. Also, recent labor market indicators have been weaker than anticipated. The slower pace of the recovery reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.
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Bernanke doesn't have 'precise read' on slowdown
By Steve Goldstein, MarketWatch
Federal Reserve Chairman Ben Bernanke, during his press conference, said the central bank didn't have a precise read on why the U.S. economy is slowing down but notes that it expects a pick-up by 2013. He also said a default by Greece could pose risks to the European and global financial system but he said U.S. banking exposure was "small." Money market funds, on the other hand, have "substantial" exposure to core European banks that could be impacted by the Greek situation. Bernanke also again lauded the idea of a formal inflation target, which he said could help anchor expectations, but he said nothing was imminent and pointed out that the central bank would need public, Congressional and White House "buy-in" before it proceeded
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QE2 Proves No Silver Bullet
By JON HILSENRATH, WSJ.com
Federal Reserve officials have been warning for months that the controversial $600 billion bond-buying program they initiated last year wouldn't be a panacea for an ailing U.S. economy. That's one forecast they seem to have gotten right.
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A Look Inside the Fed’s Balance Sheet
WSJ.com
Ahead of the Federal Reserve‘s policy-setting meeting tomorrow and the coming end this month of QE2, it’s worth taking a look at the latest figures from the Fed’s balance sheet.
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Parsing the Fed: How the Statement Changed
By Phil Izzo, WSJ.com
The Fed’s statement following the June meeting noted no change in policy, even as the central bank said that the recovery is moving more slowly than expected. The statement has a lot of discussion of inflation amid recent reports of rising prices, with the Fed noting numerous times that it expects inflation will remain subdued over the long run
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Fed keeps rates on hold and says QE2 to end
MarketWatch
The Federal Reserve signaled concerns about economic growth Wednesday as the central bank kept its targeted Fed funds rate at a historic low between 0% and 0.25% and said it would end, as planned, its $600 billion bond purchase program in eight days.
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Who really benefited from QE2 anyway?
By Brett Arends, MarketWatch
The flood of cheap money has helped the big banks rake in profits hand over fist. (Last quarter, Goldman Sachs Group Inc. /quotes/zigman/188479/quotes/nls/gs GS +0.02% made trading profits every single day.) Commodity speculators have grown rich.
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CBO’s 2011 Long-Term Budget Outlook
Recently, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945. Consequently, the amount of federal debt held by the public has surged. By the end of this year, CBO projects, federal debt will reach roughly 70 percent of gross domestic product (GDP)—the highest percentage since shortly after World War II.
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FHFA House Price Index Rises 0.8 Percent in April; First Monthly Increase Since May 2010
U.S. house prices rose 0.8 percent on a seasonally adjusted basis from March to April, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.3 percent decrease in March was revised to a 0.4 percent decrease. For the 12 months ending in April, U.S. prices fell 5.7 percent. The U.S. index is 19.3 percent below its April 2007 peak and roughly the same as the January 2004 index level.
http://jlne.ws/jfwVH8
Mortgage Applications Fall 5.9% in Week
The Bond Buyer
Mortgage application volume dropped 5.9% in the week ended June 17, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey.
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EU Said to Consider Releasing Stress Tests When Markets Close
By Ben Moshinsky, Bloomberg
The European Union’s top securities regulator is recommending the release of the bank stress-test results at night or on a weekend when global stock markets are closed, according to a person familiar with the situation.
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Statement Regarding Purchases of Treasury Securities - Federal Reserve Bank of New York
On June 22, 2011, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk at the Federal Reserve Bank of New York (the Desk) to complete purchases of $600 billion of longer-term Treasury securities by the end of June. The FOMC also directed the Desk to maintain its existing policy of reinvesting principal payments on all domestic securities in the System Open Market Account in Treasury securities in order to maintain the total face value of domestic securities at approximately $2.6 trillion.
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Warning on bank rules reform
By Tom Braithwaite in Washington, Financial Times
John Walsh, a top US bank regulator, warned his colleagues against imposing tougher regulations on financial groups, drawing a furious reaction from a Democratic senator who called for him to be replaced. Calling existing capital levels “extraordinarily high” and proposing a “fundamental rethink” of international liquidity standards, Mr Walsh, acting comptroller of the currency, said: “My view is that we are in danger of trying to squeeze too much risk and complexity out of banking as we institute reforms to address problems and abuses stemming from the last crisis.”
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Oversight Group Did Not Refer Housing Complaints
By GRETCHEN MORGENSON, NY Times
The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, according to a report issued late Tuesday by the inspector general of the Federal Housing Finance Agency.
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Dodd-Frank claims niche form of gold trading
By Claudia Assis, MarketWatch
A little -known form of gold investing used by some retail currency traders is disappearing, ahead of tighter regulations scheduled to go into effect next month. Forex.com, a large retail foreign-exchange operation, on Friday told clients it will discontinue its gold and silver over-the-counter products marketed to retail investors who are U.S. residents. It asked investors to close their positions by July 15.
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Postponing Greece’s inevitable default
Martin Feldstein, Financial Times
Even though the Greek parliament has given the government some breathing space with its vote of confidence late on Tuesday, a default by Greece is inevitable. With a debt to gross domestic product ratio of more than 150 per cent, large annual deficits and interest rates more than 25 per cent, the only question is when the default will occur. The current negotiations are really about postponing the inevitable default.
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ICAP's EBS Expands Electronic Forex Swap Capabilities
By Jessica Mead and Jacob Bunge Of DOW JONES NEWSWIRES
Interdealer broker ICAP PLC (IAPLY, IAP.LN) on Tuesday bolstered its ability to electronically handle complex swap deals on currencies that remain under strict government control.
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RBS directors awarded £1m shares bonus
The Scotsman
SEVEN executive directors of the Royal Bank of Scotland have been handed bonus shares worth more than £1 million under a reward scheme condemned by shareholder groups and unio
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HSBC appoints chief of business banking
Gulf Times
HSBC Bank Middle East has appointed Simon Burdett as chief of business banking in Qatar.
http://jlne.ws/a4zpTY
As new German links surface, Taib denies Swiss bank account
Malaysia Chronicle
Battling a swathe of corruption charges, Sarawak Chief Minister Taib Mahmud has denied he has a bank account in Swizerland, but even before the dust can settle on the allegation raised by the Bruno Manser Fund, a fresh accusation has erupted with the Sarawak Report offering evidence of his dealings with Deutsche bank. In a rare admission and concession to the huge pressure piled on him to leave ...
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