US Lawmakers to Vote on Last-Minute Debt Deal
After months of vitriolic discord, Republican and Democratic lawmakers were expected to vote on Monday on a White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default. The Democratic-led Senate is expected to pass the deal, which raises the $14.3 trillion debt ceiling and cuts about $2.4 trillion from the deficit over the next decade.
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For debt-ceiling deal to become law, what needs to happen by Tuesday
The Christian Science Monitor
Selling the debt-ceiling deal to a critical mass of lawmakers is a formidable political reach. Many conservatives say the deal doesn’t go far enough, while some liberals say the richest Americans should have to pay more taxes.
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AAA verdict awaited on U.S. debt-limit deal
By William L. Watts, MarketWatch
Debt deal? Check. America’s AAA debt rating intact? We’ll see...
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U.S. manufacturing growth slows
DANIEL WAGNER, The Globe And Mail
Manufacturing activity in the U.S. barely grew in July, falling to the weakest level since just after the recession ended, a private trade group said Monday.
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U.S. 10-year yields hit lowest since November
By Deborah Levine, MarketWatch
Treasury prices rose Monday, pushing 10-year yields to their lowest levels since November, after a weak U.S. manufacturing report was piled on top of worries about an upcoming vote to raise the federal debt ceiling and avoid a government default.
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Fears rise as global output stalls
FT.com
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Sea Change in Map of Global Risk
BY MATTHIEU WIRZ AND MATT PHILLIPS, WSJ
The black-and-white borders of the bond market are graying. As the pristine credit rating of the U.S. remains under threat, and the debt crisis in Europe rolls on, investors, traders and policy makers are grappling with fundamental changes in the global bond markets.
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Some Bankers Never Learn
By GRETCHEN MORGENSON, NY Times
YOU’D think the mortgage bust would qualify as a teachable moment. But some people refuse to learn from mistakes — a list that apparently includes certain mortgage bankers. Their industry is fighting a new rule that might prevent a repeat of the lending binge that helped drive our economy off a cliff.
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OTC derivatives debate to cast light on swaps and futures
By Aline van Duyn, Financial Times
Nearly a year ago, BlackRock, one of the world’s biggest investment managers, sparked a fierce debate in the derivatives industry, which continues to this day. In the wake of the financial crisis, regulators, politicians and some financial market participants had come to view the privately traded, over-the-counter (OTC) derivatives markets as dangerously opaque and illiquid. To make it safer for the financial system, there was a push to introduce many of the features of the exchange-traded, regulated futures markets to OTC swaps.
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Lagarde warns EU to speak with one voice
By Alan Beattie, Financial Times
Christine Lagarde, managing director of the International Monetary Fund, has said European authorities must ‘stick to the script’ European authorities should stop public bickering and speak with one voice to make the second rescue package for Greece work, warned Christine Lagarde, the new managing director of the International Monetary Fund.
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UBS Said to End Talks to Move to NYC’s World Trade Center
By David M. Levitt and Christine Harper, Bloomberg
UBS AG, Switzerland’s biggest lender, is no longer in negotiations to lease space at lower Manhattan’s World Trade Center, according to a person with knowledge of the situation.
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UBS Hires Bank of America Executive
By DEALBOOK, NY Times
UBS has recruited Mike Stewart, co-head of global equities at Bank of America, to become co-head of global securities and head of securities in the Americas.
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HSBC to Cut 25,000 Jobs
By JULIA WERDIGIER, NY Times
HSBC, the biggest European bank, plans to eliminate 25,000 jobs in the next two years as part of a wide-ranging cost reduction program.
http://jlne.ws/pvoXnZ
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