Nothing New in Obama Remarks
By FLOYD NORRIS, The New York Times
Presidential addresses on days of market panics seldom accomplish very much, but it is not really easy to see why the one President Obama gave this afternoon was scheduled. He got there later than promised. He announced nothing new. He had the same old suggestions for what the government should do — some of them quite reasonable — but gave no reason to hope that the Republicans would agree to any of them.
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S&P cuts ratings tied to U.S. sovereign credit
Reuters
Credit ratings for some of the main arteries of the U.S. financial system -- from clearing houses to government mortgage agencies -- were cut one notch to AA-plus by Standard & Poor's Ratings Services on Monday.
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Geithner to stay on as Treasury chief
Reuters
Treasury Secretary Timothy Geithner, who had considered stepping down after the government borrowing limit was raised, confirmed on Sunday that he will remain at his post at President Barack Obama's request.
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Why the U.S. Is Still AAA
By FLOYD NORRIS, The New York Times
Virtually unnoticed last week was that Moody’s kept a Triple A rating on the United States.
http://jlne.ws/nNvrkf
U.S. unlikely to regain AAA rating soon
By Greg Robb, MarketWatch
The United States is unlikely to manage a quick return to the top-tier rating of AAA, a Standard & Poor’s official said Monday. “Given the nature of the debate currently in the country and the polarization of views around fiscal policies right now, we don’t see anything immediately on the horizon that would make an upgrade back to AAA again the most likely scenario,” said David Beers, S&P’s head of global sovereign ratings.
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Moody’s forecasts a US downgrade by 2013
Forex NewsNow
Credit rating agency Moody’s Corporation reiterated on Monday that it may also decide to lower the US Debt Rating before 2013, unless the country takes significant steps to reign in it’s spending and increase it’s fiscal discipline.
http://jlne.ws/qb1ffV
Report Warns of Weak Jobs Growth in Coming Months
By Michael S. Derby, WSJ.com
Expect only “weak” job growth over coming months, a report Monday warned. The Conference Board, a private research firm, said that its July employment trends index fell to 100.6 in July, from 100.9 in June. It was weighed upon by consumer confidence levels and other labor market indicators. The firm noted the index has fallen in three of the last four months, although it is up 4% from a year ago.
http://jlne.ws/pKAvu3
Origins of the debt showdown
The Washington Post/Bloomberg
In mid-January, newly installed as the GOP House majority leader, Virginia’s Eric Cantor rose to the podium inside a spacious hotel ballroom to deliver a message to his troops, including the 87 newcomers who had given the party control of the House.
http://jlne.ws/opm3jt
Despite pledges from world leaders, global markets continue to fall
The Washington Post
Pledges of action by world leaders, and a radical move by the European Central Bank to ease fears of an escalating debt crisis in the region by buying up the troubled debt of Italy and Spain, did not halt another day of bitter losses in global stock markets.
http://jlne.ws/oAEcAK
MSRB Provides Municipal Market Guidance On U.S. Sovereign Credit Downgrade
Press Release
http://jlne.ws/omd0Io
DTCC Statement on FICC Activities Following S&P Rating Change on U.S. Sovereign Debt
Press Release
http://jlne.ws/o98BgO
S&P Cuts Ratings Of Major US Clearinghouses
Jacob Bunge and Melodie Warner - DOW JONES NEWSWIRES
Standard & Poor's Ratings Services cut ratings on the top U.S. financial clearinghouses Monday, as ripple effects from the firm's historic downgrade of U.S. credit spread. S&P lowered ratings on clearing facilities run by the Depository Trust & Clearing Corp. and OCC, previously known as the Options Clearing Corp., to double-A-plus, one step below the coveted triple-A rating, with negative outlooks.
http://jlne.ws/o2q1w0
CME Clearing is Not Planning to Adjust Haircuts
Press release
CME Clearing President Kim Taylor made the following statement regarding the recent S&P change to the U.S.'s AAA credit rating: "CME Clearing has evaluated the market situation surrounding the U.S. downgrade and has determined that there is no current need for changes to our collateral haircuts or policies for accepting U.S. Treasuries as margin collateral. We will continue to monitor the liquidity environment and advise market participants if the environment changes."
http://jlne.ws/owcBbt
Moody's issues US debt warning
Alex Sawyer
Moody's has hinted that it could downgrade US debt before 2013. Moody's has warned the US government that it could downgrade its credit rating unless it moves swiftly to reduce its budget deficit, after Standard & Poor's caused panic on global stock markets by lowering the country's debt to AA+ last week.
http://jlne.ws/rnrNHz
S&P Lowers Fannie, Freddie Citing Reliance on U.S. Government
Lorraine Woellert - Bloomberg
Standard & Poor's lowered credit ratings for Fannie Mae, Freddie Mac, and other lenders backed by the federal government. The U.S.-sponsored mortgage finance companies were lowered one step from AAA to AA+, S&P said in a statement today. The company said the downgrade reflects the companies' "direct reliance of the U.S. government."
http://jlne.ws/qz76FN
Origins of the debt showdown
The Washington Post/Bloomberg
In mid-January, newly installed as the GOP House majority leader, Virginia's Eric Cantor rose to the podium inside a spacious hotel ballroom to deliver a message to his troops, including the 87 newcomers who had given the party control of the House. A vote to increase the nation's $14.3 trillion debt limit was coming soon, he told the caucus members who had gathered at the Marriott in Baltimore's Inner Harbor for a closed-door retreat less than 10 days after taking power. Think of it as a "hidden" opportunity, he implored them, a chance to achieve their goal of reining in the federal government and its spending habits...
http://jlne.ws/opm3jt
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