Top Interest Rate Headlines 07-12-11: Fed Data Cruncher Finds No New Normal

Fed Data Cruncher Finds No New Normal
By Vivien Lou Chen, Bloomberg
Mary Daly holds up two charts containing 33 bars that all point down. They show eight industries getting hit equally hard after the 18-month recession ended in June 2009, suggesting that much of the past two years’ high unemployment is broad-based and should dissipate as the economy improves.
http://ow.ly/5Cm36

Obama: Social Security checks 'not guaranteed'
By Charles Riley, CNN Money
President Obama issued a broadside Tuesday in the debt ceiling debate, saying in a high-profile interview that he cannot ensure government benefits -- including Social Security -- will be paid if Congress fails to act.
http://jlne.ws/oIkIWF

Fed minutes: some ready to ease if recovery lags
Reuters
Some Federal Reserve officials are ready to provide more monetary policy easing if the recovery is too sluggish to cut the lofty unemployment rate and if inflation eases as expected, minutes of their June meeting released on Tuesday show.
http://jlne.ws/p6iJmF

FRB: Press Release--Minutes of the Federal Open Market Committee, June 21-22, 2011--July 12, 2011
Release Date: July 12, 2011
The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on June 21-22, 2011. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the June 21-22, 2011 meeting is also included as an addendum to these minutes.
http://jlne.ws/r24GRJ

ECB and World Bank call for exemptions from US derivatives rules
Risk.net
The World Bank and the European Central Bank (ECB) have called on the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission...
http://jlne.ws/ntDXcS

DTCC Appoints Bari Jane Wolfe Head Of Regulatory Relations
WSJ.com
The Depository Trust & Clearing Corp. said Tuesday it has hired Bari Jane Wolfe in a newly created head of regulatory relations role.
http://jlne.ws/pBki6T

U.S. trade deficit expanded 15.1 percent to $50.2 billion in May
Federal Reserve Bank of Cleveland
The U.S. trade deficit expanded 15.1 percent to $50.2 billion in May, dropping by $6.6 billion from $43.6 billion in April. Imports increased $5.6 billion to $225.1 billion, while exports declined $0.9 billion to $174.9 billion.
http://jlne.ws/p5JqjA

Bank Indonesia Keeps Rate Steady; Flags Tamer Inflation
BY JOKO HARIYANTO AND I MADE SENTANA, WSJ.com
Bank Indonesia on Tuesday kept its benchmark interest rate unchanged at 6.75% after inflation fell to its lowest level in a year in June, saying it expects consumer prices for the full year to rise at a slower rate than it previously projected.
http://jlne.ws/nisT0f

Job openings flat in May, a sign of slow hiring
Associated Press
The number of U.S. job postings didn't increase in May, a sign that hiring is unlikely to pick up this summer.
http://jlne.ws/qGRkMl

Berlusconi pledges to accelerate budget measures
Associated Press
Italian Premier Silvio Berlusconi says the government will bring forward the timetable it has for a raft of austerity measures, designed to prevent the eurozone's third biggest economy from getting embroiled in a debt crisis that has already seen three countries get bailouts.
http://jlne.ws/r2Ahxm

Barney Frank Says Dodd-Frank Is “Holding Up Well”
By Melanie Waddell, AdvisorOne
As the one-year anniversary of passage of the Dodd-Frank Act nears, Rep. Barney Frank, D-Mass., expressed his views on Monday about how the law he co-authored with former Democratic Senator Christopher Dodd is being implemented.
http://jlne.ws/pPk7mi

MarketAxess Releases Next Generation Trading Platform With Enhanced Support for CDS Trading Under Dodd-Frank
Press Release
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other fixed income securities, today announced the launch of an enhanced institutional credit trading system that includes significant additional functionality for credit default swap (CDS) trading. With this release, MarketAxess now has much of the core technology needed to meet the anticipated regulatory requirements for registration as a swap execution facility (SEF) and security-based swap execution facility (SB SEF) under the Dodd-Frank Act in the U.S.
http://jlne.ws/oXHpbs

Geithner: We need a debt ceiling deal this week
By Jennifer Liberto, CNN Money
Treasury Secretary Tim Geithner said Tuesday that he wants a deal to raise the debt ceiling and cut the budget by the end of this week -- or next week at the latest -- to give Congress enough time to turn the deal into law.
http://jlne.ws/nhCmo6
Fed officials divided on further stimulus
FT.com
http://jlne.ws/p49ZmW