Bankers Urge G20 Growth Strategy, Euro-Zone Risks Remain
International bankers called on Group of 20 finance leaders on Friday to step up their efforts to promote economic growth, warning that spillover risks from the euro zone remain.
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Dudley: Low interest rates help pay the national debt
The Federal Reserve takes a lot of heat from critics for keeping interest rates low. But there's an upside that most people overlook: Low interest rates save the government money.
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Remarks at Panel Discussion on Fiscal Challenges - Federal Reserve Bank of New York
William C. Dudley, President and Chief Executive Officer
Remarks at Panel Discussion at 2012 U.S. Monetary Policy Forum, New York City
It is a pleasure to have the opportunity to speak here today on a panel with Charles Plosser of the Federal Reserve Bank of Philadelphia, and Juergen Stark, formerly of the European Central Bank. Our topic today is fiscal policy—for central bankers always dangerous waters to swim in. I will focus my remarks on the United States as others are better qualified to comment on the situation in Europe and elsewhere.
http://jlne.ws/yW7M5O
Measuring Housing's Drag on the Economy
Here’s a reminder about a problem that still doesn’t get the attention that it deserves: Housing has blown a giant smoking hole in the middle of our economy, and the consequences continue to impede the pace of recovery. A new paper presented Friday at a monetary policy conference in New York puts some interesting new numbers on the scope of the problem.
http://jlne.ws/yXbIu4
AP Poll Shows That Americans Prefer Spending Cuts To Tax Increases On Rich
More Americans are in favour of their government cutting down on its spending to balance the national budget rather than trying to do so by increasing the tax rate for the wealthy, revealed an Associated Press-GfK poll on Friday, as Republican and Democratic politicians continue to debate over the merits of either move.
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Comments on “Housing, Monetary Policy, and the Recovery” by Michael Feroli, Ethan Harris, Amir Sufi, and Kenneth West
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Japan shuts money manager after funds go missing
Japan's financial regulator has ordered money manager AIJ Investment Advisors Co. to halt operations for a month after the Tokyo firm was not able to account for nearly $2.3 billion in pension-fund assets, The Wall Street Journal reported on Friday. Japanese Financial Services Minister Shozaburo Jimi said that the case has prompted regulators to examine the operations of all 263 investment-management firms in Japan, the newspaper reported.
http://jlne.ws/AiLwnP
This weekend: A Group of 20 nations (G20) meeting of finance ministers and central bank governors in Mexico City.
http://jlne.ws/wai8yE
Greece Issues Formal Offer for Debt Writedown
Greece on Friday launched its official offer for a massive bond swap designed to knock euro107 billion ($142 billion) off its debt held by banks and other private investors.
http://jlne.ws/AcqGbD
New Mortgage Names Rise as Oligopoly Reconfigures
Much of the business ceded by B of A has been absorbed by Wells Fargo. Still, smaller lenders are making inroads as the giants scramble the playing field by shuttering origination channels, or exiting the business altogether.
http://jlne.ws/y5FStj
Graph: Median Sales Price for New Houses Sold in the United States
http://jlne.ws/yx5wXc
Investors eye GDP warrants dubiously
Market participants are attributing little value to warrants referencing Greek GDP included in the private sector involvement, while speculating the illiquidity of the instruments may secure favourable accounting for the new Greek bonds.
http://jlne.ws/ykbN5l
Deposit Flows Show Money Leaking to Germany
Money is leaking out of banks in southern Europe as customers scoop deposits out of Greece, Spain and Italy to move cash to less indebted nations such as Germany.
http://jlne.ws/yD36B3
ISDA Publishes IRS Swaps Compression Progress Report
http://jlne.ws/z1EHYy
Knight Capital Hires Former MF Global mortgage credit sales and trading experts
http://jlne.ws/xeaThK
Why the Federal Reserve can't fix housing
Housing is still one of the biggest drags on U.S. economic growth, but don't look to the Federal Reserve for help. The central bank may have few tools left to fix it.
http://jlne.ws/Athf1H
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