Dallas, Kansas City Feds Again Call for Higher Discount Rate
By Jeff Bater, WSJ.com
Federal Reserve policymakers remained cautious about the economy’s prospects, according to minutes of meetings on the central bank’s discount rate, with some officials citing restraint by consumers and businesses because of stock market volatility and uncertainty in the U.S. and Europe over fiscal matters.
http://jlne.ws/nJdUIO
Ben Bernanke Speech: The Effects of the Great Recession on Central Bank Doctrine and Practice
The financial crisis of 2008 and 2009, together with the associated deep recession, was a historic event--historic in the sense that its severity and economic consequences were enormous, but also in the sense that, as the papers at this conference document, the crisis seems certain to have profound and long-lasting effects on our economy, our society, and our politics. More subtle, but of possibly great importance in the long run, will be the effects of the crisis on intellectual frameworks, including the ways in which economists analyze macroeconomic and financial phenomena.
http://jlne.ws/pSE7iv
Financial Stocks are Super-Cheap
Barron's
The financial industry is in far better shape than the stocks in the sector would lead you to believe. Financials are the worst-performing sector in the Standard & Poor's 500 index so far this year, with a decline of more than 20%, and losses of 40% or more in such notable stocks as Bank of America, Citigroup, Goldman Sachs and Morgan Stanley. The S&P 500 is off just 3%.
http://jlne.ws/nn1eem
France and Germany ready to agree €2tn euro rescue fund
The Guardian
France and Germany have reached agreement to boost the eurozone's rescue fund to €2tn as part of a "comprehensive plan" to resolve the sovereign debt crisis that the eurozone summit should endorse this weekend, EU diplomats said.
http://jlne.ws/ofhEXU
Social Security to hand out first raises since 2009
By Stephen Ohlemacher, Associated Press
Social Security recipients will get a raise in January — their first increase in benefits since 2009. It's expected to be about 3.5%.
http://jlne.ws/pJRm1i
The Shout With Operation Twist: Federal Reserve Bank of Cleveland
John B. Carlson and John Lindner, Federal reserve Bank of Cleveland
Much attention has been given to the Federal Open Market Committee’s September decision to extend the average maturity of its portfolio by selling short-term Treasury securities and purchasing longer-term Treasury securities. This policy action is commonly called operation twist since its intended effect is to lower long-term interest rates relative to short-term rates—that is, to twist the yield curve.
http://jlne.ws/oCJUoB
FDIC Appoints Craig Jarvill Director of FDIC's Division of Finance
Press Release
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Craig Jarvill as the Director of the Division of Finance (DOF). As the Director of DOF, Jarvill will oversee the day-to-day financial operations of the FDIC. FDIC Acting Chairman Martin Gruenberg said, "I am very pleased to announce the selection of Craig for this position. His many years of FDIC experience, in both the corporate and receivership accounting areas, and his in-depth knowledge of the FDIC's finance and accounting operations make him the ideal choice to lead the division."
http://jlne.ws/na45Ec
Undermining Bernanke Stirs Republicans Joining Fed Insiders
By Craig Torres and James Rowley, Bloomberg Businessweek
The U.S. Federal Reserve is under more pressure than at any point in three decades over Chairman Ben S. Bernanke’s efforts to jumpstart the economy, and the criticism threatens to undermine support for the central bank.
http://jlne.ws/o3OVPx
CFTC Backs $50Mln Minimum For Clearinghouse Membership
By Katy Burne and Jacob Bunge, Nasdaq
U.S. derivatives regulators on Tuesday backed a lower entry fee for financial institutions to gain entry into the business of processing privately negotiated derivatives, or swaps--a sector dominated by the biggest Wall Street banks.
http://jlne.ws/q3Cvs5
Federal Reserve Bank of New York: Money and Payments Workshop Examines Repo Market Reform
Gara Afonso and Antoine Martin, Federal Reserve Bank of New York
We have just posted the proceedings of a workshop held on October 7, 2011, which gathered the very latest thinking by academics, central bankers, and practitioners on how the repo market should be reformed to help avoid a recurrence of the recent financial crisis.
http://jlne.ws/nMfkxR
A balanced budget doesn’t ensure by itself long-term fiscal health, economist finds
http://jlne.ws/rk6yKZ
New Mortgage Plan Floated
BY RUTH SIMON, NICK TIMIRAOS AND DAN FITZPATRICK, WSJ.com
State and federal officials are pushing a plan that could help some "underwater" borrowers get refinancing assistance in the latest government bid to break a legal impasse with big banks over alleged foreclosure abuses and ease problems in the housing market.
http://jlne.ws/q10UY4
Volcker rule could change bank profit dynamics
By Andrew Osterland, Investment News
One unintended consequence of the long-awaited Volcker rule, which was mandated by Dodd-Frank and finally issued by U.S. regulators last week, may be increased pressure on the retail-wealth management businesses of wirehouses to contribute more to overall profitability.
http://jlne.ws/mTysQi
Goldman Sachs Lost $428 Million Last Quarter
Alexander Abad-Santos, Atlantic Wire
Goldman Sachs, the U.S.'s largest investment bank, lost $428 million during its third quarter reports Reuters.
http://jlne.ws/o5Q8EM
October homebuilder sentiment highest since May 2010
Reuters
Homebuilder sentiment perked up in October to its highest level in a year and a half, though ongoing challenges still kept confidence historically low, the National Association of Home Builders said on Tuesday.
http://jlne.ws/qZ0XRJ
France says rating safe despite Moody's warning, weak growth
By Daniel Flynn and Nicholas Vinocur, Reuters
France vowed to defend its triple-A credit rating on Tuesday after a warning shot from ratings agency Moody's which prompted Paris to acknowledge growth would probably miss its targets and more belt tightening could be needed before elections next year.
http://jlne.ws/q4y9n1
CFTC Approves Rule Expanding Access to Swaps Clearinghouses
By Silla Brush and Matthew Leising, Bloomberg Businessweek
Swaps clearinghouses will be required to open access to companies with at least $50 million in capital under Dodd-Frank Act rules completed by the U.S. Commodity Futures Trading Commission.
http://jlne.ws/nGZ9TR
Fed OKs 'living wills' rule for big banks
Market Watch
The Federal Reserve on Monday approved rules requiring the largest global financial institutions to explain by July 2012 how they would divide up their assets if they fail. The so called "living wills" rule parallels a regulation approved by the Federal Deposit Insurance Corp. on Sept. 13.
http://jlne.ws/odFTyG
Big US banks hurt by consumer woes
By Tom Braithwaite, Shahien Nasiripour and Ajay Makan in New York - Financial Times
Fears about the health of US consumer balance sheets grew on Monday as Citigroup and Wells Fargo joined JPMorgan Chase in reporting new signs that homeowners and credit-card borrowers are falling behind on their payments.
http://jlne.ws/oT7FOF
EU ban on ‘naked’ CDS to become permanent
By Alex Barker in Brussels - Financial Times
A permanent ban on so-called naked credit default swaps is set to be agreed by European Union lawmakers, in effect restricting the sovereign credit insurance to investors seeking to hedge long positions.
http://jlne.ws/pSqiSw
The Evolving Role of the IMF in the Global Economy
Min Zhu, IMF Deputy Managing Director - IMF
Good afternoon. It's a great pleasure to be here today. I would like to talk about the global and regional outlook. I will then talk about regional integration and how the IMF can help countries address the challenges they face, especially here in Africa.
http://jlne.ws/qNVkdl
Federal Reserve Board Approves Final Rule Implementing The Resolution Plan Requirement Of The Dodd-Frank Act
Press Release
The Federal Reserve Board on Monday announced the approval of a final rule to implement the resolution plan requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://jlne.ws/o7N0Ch
Merkel Says EU Summit Will Be Important, Not Final, Crisis Step
Bloomberg
German Chancellor Angela Merkel said that a European Union summit in five days will mark an “important step,” though not the final one in solving the euro-area sovereign debt crisis.
http://jlne.ws/qoJUP2
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