U.S. 2-Year Notes Yield Falls to Record on Fed Move
By Cordell Eddings and Susanne Walker, Bloomberg
Treasuries rose, pushing 10 and two- year note yields to a all-time lows, after Federal Reserve officials promised to keep benchmark interest rates at record lows at least through mid-2013 in a bid to revive economic growth.
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FOMC Statement, Aug. 9, 2011
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BofA chief to confront investors
By Tom Braithwaite and Dan McCrum in New York, FT.com
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Stock Plunge Isn’t a Great Recession Predictor
WSJ.com
By Sudeep Reddy
Is the recent plunge in stocks a sign the economy is entering a recession? J.P. Morgan analysts looked at evidence from past declines, and concluded that it’s not.
http://jlne.ws/p23LAR
Treasury 4-Weeks Go At 0.035% High Yield
By Gary Siegel, The Bond Buyer
The Treasury Department Tuesday auctioned $35 billion of four-week bills at a 0.035% high yield, a price of 99.997278.
http://jlne.ws/nJxBW8
Why This Crisis Is Different From the 2008 Financial Crisis
By FRANCESCO GUERRERA, WSJ.com
It is a parallel that is seducing Wall Street bankers and investors: 2011 as a repeat of 2008, the history of financial turmoil playing in one endless loop.
http://jlne.ws/qIUQxM
Does Bernanke Have Anything in Reserve?
BY ROLFE WINKLER, WSJ.com
The stock market is calling Ben Bernanke's bluff. The Federal Reserve chairman hasn't indicated interest in more monetary pyrotechnics after the second round of quantitative easing finished in June. Yet the market's swoon is signaling the strong possibility of another recession and higher unemployment. On top of that, there is the euro crisis.
http://jlne.ws/qyrBrN
ECB Buys Italian, Spanish Bonds Again
BY MARK BROWN AND NEELABH CHATURVEDI, WSJ.com
The European Central Bank bought Spanish and Italian bonds for the second day running Tuesday, pushing yields lower and keeping them there, despite extreme volatility in broader financial markets.
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Pimco CEO: Downgrade will hurt job market [Video]
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U.S. Productivity Dips; New York Maid Sues Strauss-Kahn
NPR
After a day that saw historic drops in the U.S. markets, the world markets continue their volatility today. The FTSE is up slightly while Japan's Nikkei was down 1.68 percent. Stock futures are forecasting another dramatic day in the U.S. The Wall Street Journal reports that in trading before opening, the Dow was up 167 points after a 300-point swing in the other direction.
http://jlne.ws/phX6Y9
Moody's cautious about U.S. deficit cuts plan
By Walter Brandimarte, Reuters
Ratings agency Moody's Investors Service on Monday warned it might also downgrade the U.S. government's credit rating if its planned measures to reduce its budget deficit turned out to be not "credible" after all.
http://jlne.ws/pU8xu9
CME Interest Rate Chief Resigns, Effective At Year's End
By Howard Packowitz, DOW JONES NEWSWIRES
The chief of CME Group Inc.'s (CME) interest rate product group for the past five-and-a-half years is leaving the company at the end of this year, CME reported Monday. Robin Ross will leave her post at year's end as CME's managing director of interest rate products to "ensure a seamless transition," CME said in a news release.
http://jlne.ws/p8u1jW
CME Group Announces New Heads for Equity and Interest Rate Businesses
Press Release
CHICAGO, Aug. 8, 2011 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced the following additions to its product leadership team:
Michael Kilgallen, Managing Director, Equity Products. Kilgallen, 39, will be responsible for advancing the growth strategy for the company's equity index business line. He will be based in New York and will report to Scot Warren, Managing Director, Equity Index Products and Services. Sean Tully, Managing Director, Interest Rate Products. Tully, 47, will be responsible for leading and developing the company's global interest rate business.
http://jlne.ws/cjpXe7
MF Global CEO Corzine Buys $98,638 in Shares After Bond Offering
By Matthew Leising, Bloomberg
Jon Corzine, chief executive officer of MF Global Holdings Ltd., bought about $98,638 worth of the company’s shares a week after the New York broker sold bonds with an interest rate that will rise if he takes a government job.
S&P Seen Surrendering to Tea Party Costing U.S. Taxpayer
By Zeke Faux, Bloomberg
Standard & Poor’s, the rating company that downgraded the debt of the United States to AA+ from AAA for the first time, now finds itself assailed by investors led by billionaire Warren Buffett for making a political decision that has more to do with Tea Party politics than the financial stability of the U.S.
http://jlne.ws/rh86mb
S&P Lowers Fannie, Freddie Citing Reliance on U.S. Government
By Lorraine Woellert, LA Times
Standard & Poor’s lowered credit ratings for Fannie Mae, Freddie Mac, and other lenders backed by the federal government.
http://jlne.ws/qz76FN
CME, LCH Won’t Drop U.S. Bond Collateral Value After S&P Cut (1)
By Matthew Leising, Bloomberg
CME Group Inc., the world’s largest futures market, and LCH.Clearnet Ltd., owner of the largest interest-rate swap clearinghouse, won’t change how they assess U.S. Treasuries after the debt’s rating was cut. “We will continue to monitor the liquidity environment and advise market participants if the environment changes,” Kim Taylor, president of Chicago-based CME Group’s clearinghouse, said in an e-mailed statement. The company last month increased the discount rate, also known as a haircut, it uses to value the Treasury securities it holds as collateral.
Moody's issues US debt warning
by Alex Sawyer, MF Global
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
Trichet urges quick eurozone reforms
By James Wilson in Frankfurt, Financial Times
Jean-Claude Trichet, president of the European Central Bank, gave the first confirmation on Tuesday that the institution was buying European bonds as he urged eurozone governments to take quick steps to implement a crisis response agreed last month.
http://jlne.ws/qA6q3j
10 Questions for Geithner
By JOHN HARWOOD
Shortly after announcing that he would remain on the job as President Obama’s Treasury secretary rather than leave the administration and return home to New York, Timothy F. Geithner sat down with John Harwood of The New York Times and CNBC on Sunday to discuss Standard & Poor’s decision to downgrade the United States government’s credit rating and America’s economic road ahead. Below is a condensed, edited view of their conversation.
http://jlne.ws/oEJzOA
DTCC Media Statement On S&P Credit Rating Revision On Clearing Subsidiaries
Press Release
Strength Of Company And Effectiveness In Protecting Financial Markets Remain Unchanged
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AIG set to sue BofA for $10.5bn
By Tom Braithwaite and Brooke Masters in New York, Financial Times
Bank of America shares dropped as much as 23 per cent on Monday, making it the worst performer in the Standard & Poor’s 500, as the bank faced a $10.5bn lawsuit from AIG over the sale of residential mortgage-backed securities allegedly “marred by fraud, misrepresentations and omissions”.
http://jlne.ws/pTiFi2
Morgan Stanley says US credit rating downgrade could sting more
Economic Times
NEW YORK: Morgan Stanley warned on Monday that worries about the United States' lowered credit rating may have a "material adverse impact" on the bank and broader financial markets beyond what is immediately apparent.
http://jlne.ws/pciTZZ
Danske Bank Joins European Bond Market Through MTS BondVision
Press Release
MTS, Europe’s premier facilitator for the electronic fixed income market, today announced that Danske Bank has joined MTS as a market maker on its BondVision market.
http://jlne.ws/oAMfRg
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