Fed Will Shift Treasury Holdings to Longer-Term Securities
By Scott Lanman, Bloomberg
Federal Reserve policy makers will replace much of the short-term debt in their portfolio with longer-term Treasuries in an effort to further reduce borrowing costs and keep the economy from relapsing into a recession.
http://jlne.ws/pB9ahK
Fed's Operation Twist
By Mark Gongloff, WSJ.com
The Fed announced $400 billion in Operation Twist through the end of June 12. The market initially sold off on the news, though it now seems to be clambering back. The market expected the Fed to announce Operation Twist, in an amount of $400 billion or more.
http://jlne.ws/oE9j4i
FOMC Announces $400B "Twist" to QE Program
Central Bank News
The US Federal Open Market Committee (FOMC) held the fed funds rate unchanged at 0 to 0.25 percent, and announced a refocus of its quantitative easing program (the so-called 'twist'). The Fed announced: "The Committee intends to purchase, by the end of June 2012, $400 billion of Treasury securities with remaining maturities of 6 years to 30 years and to sell an equal amount of Treasury securities with remaining maturities of 3 years or less. This program should put downward pressure on longer-term interest ratesand help make broader financial conditions more accommodative."
http://jlne.ws/q6OImq
UBS Says Investment-Bank Operations Won't Be Sold
BY P.R. VENKAT AND SAM HOLMES, WSJ.com
UBS AG Chief Executive Oswald Grübel has ruled out a sale of the bank's investment-banking division, people familiar with the situation said Wednesday, while its chairman said the bank's fundamentals remain "solid."
http://jlne.ws/n3jIff
Republicans tell Fed to avoid stimulus
http://jlne.ws/qc70JZ
U.S. 10-year yields hit record low ahead of FOMC
http://jlne.ws/rkgGLb
Soros joins Forbes top 10 U.S. billionaires list
By Paula Rogo, Reuters
Investor George Soros, at 81, has for the first time made the list of the 10 wealthiest Americans, Forbes Magazine reported on Wednesday in the 2011 edition of its annual rich list.
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Europe Banks Have $410B Credit Risk: IMF
http://jlne.ws/n4px0b
BofA Has Credit Downgraded by Moody’s
http://jlne.ws/o0jPHy
IMF Cuts Global Growth Forecast
http://jlne.ws/njIvoy
IMF: Transcript Of The Press Briefing On The Fiscal Monitor
Press Release
http://jlne.ws/nxPKnx
Political Meddling With Fed Could Endanger Dollar
http://jlne.ws/qCx1fu
SIFMA: Overview | Current Issues And Volcker Rule
http://jlne.ws/rglOGc
Obama Says ‘Coordinated Action’ Needed Globally For Economy
By Margaret Talev and Hans Nichols, Bloomberg
President Barack Obama said the global economic recovery is fragile and requires urgent, unified action to sustain it. “We acted together to avert a depression in 2009,” Obama said in the text of his remarks to the United Nations General Assembly today in New York. “We must take urgent and coordinated action once more.”
http://jlne.ws/r03oBC
ECB Relaxes Rules on Some Collateral From Banks
http://jlne.ws/qmdqUh
August Existing-Home Sales Rise Despite Headwinds, Up Strongly From a Year Ago
http://jlne.ws/paNtlc
ECB delays T2S settlement project again
By Jeremy Grant in Toronto, Financial Times
The European Central Bank has confirmed that its ambitious project to streamline the region’s settlement systems, known as Target2Securities, would be delayed a second time. The move puts further strain on a project that was supposed to have started in 2014 and is the most ambitious plan yet to overhaul Europe’s settlement infrastructure.
http://jlne.ws/oiAd61
Paul Volcker: Too-Big-To-Fail Problem 'Not Yet Convincingly Settled'
The Huffington Post
Too-big-to-fail may be here to stay, according to one former Fed chairman.
http://jlne.ws/oPk1y2
Consumer Bureau Readies Its New Financial Rules
By BEN PROTESS - NY Times
Raj Date, the former banker temporarily leading the Consumer Financial Protection Bureau, outlined a timeline on Tuesday for the Wall Street watchdog to unveil a string of new regulations.
http://jlne.ws/mVSwCb
Catastrophes push Lloyd’s to £697m loss
By Adam Jones, Financial Times
Lloyd’s of London posted a pre-tax loss of £697m for the first half of 2011 after the specialist insurance market shouldered heavy losses from catastrophes in Japan, Australia and New Zealand.
http://jlne.ws/n08Xqx
National Bank of Canada to Buy HSBC Unit for C$206 Million
Bloomberg
National Bank of Canada (NA) , the country's sixth-largest bank, agreed to buy the Canadian investment advisory business of HSBC Holdings Plc (HSBA) for C$206 million ($207 million) in cash.
http://jlne.ws/nHxuRP
Goldman Sachs Employee Fired, Fined, and Suspended For Personal Credit Card Expenses
Forbes
This back-office worker noted her personal expenses and timely paid them back but still wound up out of a job and in trouble with a regulator.
http://jlne.ws/qH5pDC
Pimco Launches New Fund To Capitalize On Long-Term Inflation
By Cynthia Lin, Of DOW JONES NEWSWIRES
Pacific Investment Management Co., one of the world's largest asset-management shops, is launching a new fund that aims to take advantage of inflationary trends by investing in a broad range of assets.
http://jlne.ws/r6zpke
Deutsche Bank Loses on Korea Bond Sales Amid Ban, Charges
BusinessWeek
Deutsche Bank AG, the world's top manager of foreign-currency debt sales, fell in South Korea's rankings of bond-sale managers following indictments of four employees and a six-month ban on its securities unit.
http://jlne.ws/qD3GEJ
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