Fitch Slashes Greece Ratings 4 Notches On Absence Of Aid
WSJ.com
Fitch Ratings slashed Greece's issuer default ratings four notches deeper into junk territory, saying the move reflected the absence of a new, fully funded and credible European Union/International Monetary aid program.
http://jlne.ws/psUmn2
Italian Debt Risk Puts France’s BNP Paribas, Credit Agricole on Frontline
By Pham-Duy Nguyen and Nicholas Larkin, Bloomberg
Gold futures surged to a record $1,588.90 an ounce as the dollar’s slump and the European debt crisis spurred demand for precious metals as alternative assets. Silver surged the most since March 2009.
http://jlne.ws/p0DW6t
Tentative Outright Treasury Operation Schedule - Federal Reserve Bank of New York
The Desk's tentative outright Treasury operation schedules for the purchases associated with the $600 billion purchase program announced by the FOMC on November 3, 2010 and for the purchases associated with the reinvestment of principal payments from agency debt and agency MBS announced by the FOMC on August 10, 2010.
http://jlne.ws/hp922J
Is China’s Economy Finally Slowing Down?
Forbes
Although the Chinese economy continues to grow at a pace that far exceeds its Western counterparts, there are signs that inflation fighting measures by the Chinese government may be having an impact.
http://jlne.ws/nW8HDZ
SIFMA: Housing finance reform in U.S., including the future of GSEs, will be addressed separately from Dodd-Frank Act
Overall housing finance reform in the U.S., including the future of the GSEs, will be addressed separately from the Dodd-Frank Act. The term securitization refers to the process of converting assets with predictable cashflows into securities that can be bought and sold in financial markets. In other words, securitization allows financial institutions to bundle and convert illiquid cashflow-producing assets held on their balance sheets, such as individual mortgage loans or credit card receivables, into liquid securities.
http://jlne.ws/oE8cMt
Gold hits record high on Bernanke, euro worries
Reuters
Gold surged to a record near $1,590 an ounce on Wednesday as the possibility of more Federal Reserve stimulus coupled with Europe's deepening debt crisis fueled bullion's longest winning streak in five years.
http://ow.ly/5DE9M
U.S. Import Prices Fall for First Time in a Year
By Alex Kowalski, Bloomberg
Prices of goods imported into the U.S. dropped in June for the first time in a year as oil and food expenses retreated.
http://jlne.ws/oU1FwK
Philadelphia Fed Appoints Kori Ann Connelly Assistant Vice President and Counsel
Press Release
The Federal Reserve Bank of Philadelphia today announced the appointment of Kori Ann Connelly to assistant vice president and counsel. She will provide legal support primarily to the Human Resources, Financial Management Services, and Law Enforcement departments. She will also administer the Bank's insurance program.
http://jlne.ws/nTn3ha
IMF says Greece must move faster, sees deeper slump
Reuters
The International Monetary Fund (IMF) said on Wednesday that Greece's economy would contract more than previously expected and debt would soar even more despite far-reaching deficit-cutting measures.
http://jlne.ws/piOsLV
Bernanke Says Fed Could Act, but Doesn’t Indicate It Will
Federal Reserve Chairman Ben Bernanke noted in his testimony that the central bank could act if needed, but didn’t offer any indication that it planned to do so any time soon.
http://jlne.ws/qhf107
Bernanke Says Fed Would Consider New Stimulus Effort
By BINYAMIN APPELBAUM, The New York Times
The Federal Reserve chairman, Ben S. Bernanke, gave a subdued account of the economy’s health Wednesday, saying that he expected the economy to grow at a moderate pace during the rest of the year, with unemployment declining “only gradually.”
http://jlne.ws/oSHPMI
Bernanke, Semiannual Monetary Policy Report to the Congress--July 12, 2011
Chairman Ben S. Bernanke
Semiannual Monetary Policy Report to the Congress
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
July 13, 2011
Chairman Bachus, Ranking Member Frank, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress (PDF). I will begin with a discussion of current economic conditions and the outlook and then turn to monetary policy...
http://jlne.ws/nrwECc
CFTC’s Chilton Says ‘Cheetah’ Traders Must Register for Business
By Silla Brush, Bloomberg
U.S. regulators should require that high-frequency and algorithmic traders register with authorities before they enter financial markets, said Bart Chilton, member of the U.S. Commodity Futures Trading Commission. The traders, which Chilton calls “cheetahs”, should be “confined” and subject to testing and a pre-trading accreditation process, Chilton said in a speech prepared for a Washington conference held today by the American Soybean Association.
http://jlne.ws/pNijq8
Authorities could bail out banks again, S&P says
By Tom Braithwaite in New York - Financial Times
Officials fighting the next financial crisis may again bail out banks using the public purse, S&P has said, in an opinion that casts doubt on one of the fundamental tenets of US financial reform.
http://jlne.ws/pgdqwa
Sovereign CDS Index Activity Jumps As European Crisis Widens
By Katy Burne Of DOW JONES NEWSWIRES
Trading activity on a derivatives index that tracks the cost of protecting debt issued by 15 European sovereigns jumped Monday to its second-highest level ever after investors shunned Italian government bonds, stoking fears of contagion spreading from the still-unresolved Greek debt crisis.
http://jlne.ws/qR6z8e
Swaps Rules Will Help Market Grow $40.7 Trillion, Citigroup Says
By Matthew Leising - Bloomberg
July 13 (Bloomberg) -- The market for interest-rate and credit-default swaps will grow more than 10 percent to $435 trillion by 2013 as oversight of over-the-counter derivatives improves price transparency and cuts trading risk, according to Citigroup Inc.
http://jlne.ws/rpOI5s
Dodd-Frank Financial-Overhaul Law Debated At US Senate Hearing
By Jessica Holzer, Of DOW JONES NEWSWIRES
With the Dodd-Frank financial-overhaul law set to turn one-year old next week, witnesses and lawmakers at a U.S. Senate hearing debated the law's effect on investors.
http://jlne.ws/pz6Fk2
Consumer Financial Protection Bureau Outlines Bank Supervision Approach
Press Release
The Consumer Financial Protection Bureau (CFPB) today outlined the agency’s approach to supervising large depository institutions to ensure compliance with federal consumer financial protection laws – a supervisory process that will begin on July 21, 2011.
http://jlne.ws/qYE1b7
EU Sees Risks to Financial Stability, Girds for Banks Failing Stress Tests
Bloomberg
The risks to financial stability from analysts using European Union stress-test data to conduct their own exams on banks "should not be underestimated," according to a confidential document prepared by EU officials.
http://jlne.ws/puRINp
IMF Managing Director Christine Lagarde Proposes Appointment Of Mr. David Lipton As First Deputy Managing Director And Mr. Min Zhu As Deputy Managing Director
Press Release
http://jlne.ws/pDdAJV
Statement From U.S. Treasury Secretary Geithner On The Appointment Of David Lipton To Be IMF First Deputy Managing Director
Press Release
http://jlne.ws/r41tOr
China secures key IMF role under Lagarde
By Alan Beattie in Washington, Financial Times
Zhu Min, former deputy governor of the Chinese central bank, was on Tuesday appointed to the top management of the International Monetary Fund, a signal of China’s growing power in the global economy.
http://jlne.ws/pyZr7x
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