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  • Thu, Jun 25 2009
  • 5:25 PM » Quick Take: Purchase Applications, Durable Goods Orders, New Home Sales
    Published Thu, Jun 25 2009 5:25 PM by Google News
    Overall, today’s economic news shows positive signs yet also indicates that the recovery will be slow.
  • 5:24 PM » Economists' Commentary: State Fiscal Conditions and Property Taxes: 2009
    Published Thu, Jun 25 2009 5:24 PM by Google News
    States and local governments spend and raise money in a variety of ways. Understanding how your state raises revenue will help you understand how it might be affected by the down turn.
  • 5:23 PM » MBIA's revival effort hampered by litigation
    Published Thu, Jun 25 2009 5:23 PM by Market Watch
    MBIA Inc.’s efforts to revive its fortunes are being hampered by litigation swirling around a new bond insurance business the company is trying to launch.
  • 5:22 PM » Volcker: We Need Radical Regulatory Reforms
    Published Thu, Jun 25 2009 5:22 PM by The Big Picture
    “The biggest obstacle to Volcker’s reform agenda is Summers” > There is a long article at Bloomberg very much worth reading about Tall Paul: . Consider the following: “If Volcker is at one end of the spectrum arguing for tougher financial rules, Summers and Geithner are at the other. Summers pushed for deregulation while Treasury secretary under President Bill Clinton, advocating the repeal of the Glass- Steagall Act, which had separated investment and commercial banking for more than 60 years. Geithner was president of the Federal Reserve Bank of New York during a period when banks ratcheted up their leverage. Both men are proteges of Robert Rubin, a former Clinton Treasury secretary who served on Citigroup Inc.’s board from 1999 until this year and has been criticized for allowing the bank to pile up $544 billion of derivatives and securities before it became the recipient of more government assistance than any other bank. Rubin declined to comment.” When it comes to regulatory reform, the Geithner Summers pairing are the phlegmatic duo. And, they epitomize why Team Obama’s economic legacy will likely amount to very little in terms of lasting change or significant legislation. O may aspire to FDR’s greatness and legacy, but it is wildly obvious that when it comes to either economics or financial regulations, O is no FDR . What is it that Volcker wants? -Impose capital requirements on trading parties, people familiar with his thinking say. -Make bigger banks smaller -Reduce the role of an overstretched Fed -Force Derivatives to be traded on exchanges -Transparent investor prices of Derivatives; -More-aggressive capital reserve requirement -Bigger role for exchanges. Of course, major Wall Street banks, (such as JPM and Goldman Sachs) ALREADY sent a letter to the New York Fed supporting less supervised clearinghouse. > Previously: (June 18th, 2009) (June 23rd, 2009) http://www.ritholtz...
    Click Here to Read the Full Article

    Source: The Big Picture
  • 5:21 PM » How Time was Spent in 2008
    Published Thu, Jun 25 2009 5:21 PM by WSJ
    The — which was released by the BLS today and shows how much time people spend doing everything from working to taking care of their kids and watching TV — isn’t the sort of survey that changes much from year to year. But tucked in this year’s survey were some interesting changes in how Americans worked in 2008, as the recession deepened. People in professional, production and service jobs worked less in 2008 than a year earlier. People in management and sales jobs worked quite a bit more in 2008 than in 2007, an increase was much larger than for the general working population. The BLS isn’t big on explanations, but you don’t need the federal government to tell you that workers at companies that have just had layoffs often end up doing more with less — and work harder for fear that they might be next in the unemployment line. Or that sales calls are a whole lot harder when nobody is spending money. Average Weekday Hours Worked Class of Worker 2008 2007 All Wage and salary workers 7.58 7.51 Management, business, and financial operations 7.85 7.66 Professional and related 7.16 7.27 Services 6.84 6.92 Sales and related 7.59 7.15 Office and administrative support 7.18 7.34 Construction and extraction 8.05 7.99 Installation, maintenance, and repair 8.38 8.11 Production 7.94 8.32 Transportation and material moving 8.19 7.81
  • 5:21 PM » New York Fed purchases $22.3 billion net ($23.8 billion gross) in agency mortgage-backed securities
    Published Thu, Jun 25 2009 5:21 PM by NY Fed
    New York Fed purchases $22.3 billion net ($23.8 billion gross) in agency mortgage-backed securities
  • 5:21 PM » S&P Says Worst Problems of Global Banks Are Behind Them
    Published Thu, Jun 25 2009 5:21 PM by Seeking Alpha
    submits: Standard & Poor’s believes that global banks’ biggest problems are behind them and that the fourth quarter of 2008 and first quarter of 2009 marked the bottom. “While U.S. banks in virtually every major market are feeling the severe effects of both the weak economy and their own mounting credit losses, we believe global banks’ securities-related businesses have already seen the worst,” . “The current downturn hit these businesses first on several fronts. Among the problem areas were asset-backed securities ((ABS)), collateralized debt obligations (CDOs), residential mortgage-backed securities ((RMBS)), and monoline-related and leveraged finance positions. Also crimping the global banks’ results were a drastic slowdown in business activity, which began playing out in mid-2007 and accelerated through late 2008.”
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 2:11 PM » Bernanke Says He Didn't Strongarm BofA
    Published Thu, Jun 25 2009 2:11 PM by WSJ
    Bernanke defended the Fed's role in BofA's talks with regulators about the Merrill deal as lawmakers questioned the central bank's actions.
  • 2:11 PM » Week ending June 25, 2009
    Published Thu, Jun 25 2009 2:11 PM by Freddie Mac
    MORTGAGE RATES MOSTLY FLAT AMID MIXED ECONOMIC NEWS McLean, VA - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.42 percent with an average 0.7 point for the week ending June 25, 2009, up from last week when it averaged 5.38 percent. Last year at this time, the 30-year FRM averaged 6.45 percent. The 15-year FRM this week averaged 4.87 percent with an average 0.7 point, down from last week when it averaged 4.89 percent. A year ago at this time, the 15-year FRM averaged 6.04 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.99 percent this week, with an average 0.7 point, up from last week when it averaged 4.97 percent. A year ago, the 5-year ARM averaged 5.99 percent. One-year Treasury-indexed ARMs averaged 4.93 percent this week with an average 0.7 point, down from last week when it averaged 4.95 percent. At this time last year, the 1-year ARM averaged 5.27 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) “Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Existing home sales rose for the second consecutive month in May by 2.4 percent, slightly less than the market consensus forecast; however the median sales price was 16.8 percent below that of the same time last year, according to the National Association of Realtors® (NAR). In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008. On a more positive note, the inventory of unsold homes has lessened from a year ago, which may help cushion further house price declines. The number of existing homes for sale was 15.3 percent below that of May 2008, and new homes for sale fell by 35.9 percent...
  • 1:55 PM » Commercial paper outstanding
    Published Thu, Jun 25 2009 1:55 PM by The Big Picture
    Commercial paper outstanding for the week fell by a sharp $47.5b and totals $1.15 trillion, the lowest since at least Nov ‘00 that data is out and down from the record high of $2.22 trillion in July ‘07. The decline was led by a $44.3b decline in nonfinancial CP to $108.7b, a 29% drop from the prior week, by far the biggest drop since ‘00. While the decline reflects in part the sluggish economy as short term funding needs continue to shrink due to the lack of compelling investment opportunities, there has been a continual push on the part of corporate CFO’s of industrial co’s to push out the term of funding and thus be less subject to the vagaries of the short term CP market. Financial company CP, which makes up most of the overall CP market, saw a gain of $18.2b to $564b, a 7 week high, and is a cheap source of funding for banks with a steep yield curve. Asset backed CP continued its big decline, falling by $21.3b. Peter Boockvar Managing Director Equity Strategist Miller Tabak + Co. Office: 212-370-0346 DISCLAIMER Although the information contained herein has been obtained from sources Miller Tabak + Co., LLC believes to be reliable, its accuracy and completeness cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. At various times we may have positions in and effect transactions in securities referred to herein. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and involves risk of loss. Although the information contained in the subject report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. An options disclosure document may be obtained from Mr. Jay Stenberg, Miller Tabak + Co., LLC., 331 Madison Avenue...
    Click Here to Read the Full Article

    Source: The Big Picture
  • 1:55 PM » Equity in Household Real Estate
    Published Thu, Jun 25 2009 1:55 PM by The Big Picture
    Fascinating chart showing the total level of Equity in Household Real Estate from 1952 - 2009. > click for bigger chart > Source :
    Click Here to Read the Full Article

    Source: The Big Picture
  • 1:55 PM » New York Fed purchases $3.249 billion in Treasury coupons
    Published Thu, Jun 25 2009 1:55 PM by
    New York Fed purchases $3.249 billion in Treasury coupons
  • 12:04 PM » Federal Reserve Announces Extensions of and Modifications to a Number of its Liquidity Programs
    Published Thu, Jun 25 2009 12:04 PM by Federal Reserve
    The Federal Reserve on Thursday announced extensions of and modifications to a number of its liquidity programs.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 10:13 AM » Chairman Bernanke's Testimony on Acquisition of Merrill Lynch by Bank of America
    Published Thu, Jun 25 2009 10:13 AM by Federal Reserve
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    Click Here to Read the Full Article

    Source: Federal Reserve
  • 9:13 AM » Appraisal Code Sparks Huge Response
    Published Thu, Jun 25 2009 9:13 AM by CNBC
    Posted By: Hundreds of mortgage industry representatives, from small and large shops, sent in stories of botched appraisals, of allegedly negligent appraisal management companies, and of lost deals that are so necessary to recovery in this fragile housing market. Topics: | | Sectors: |
  • 8:27 AM » BofA / Merrill Scandal Gets Interesting, Again
    Published Thu, Jun 25 2009 8:27 AM by Seeking Alpha
    submits: Some juicy details are emerging about the Government’s meddling in Bank of America’s (BAC) takeover of Merrill Lynch. This issue hasn’t gone away quietly, as many skeptics thought it would (myself included). Potentially Huge Break – Fed E-mails About the Deal Leaked
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:27 AM » Mortgage Modifications and Behavioral Economics
    Published Thu, Jun 25 2009 8:27 AM by Seeking Alpha
    submits: A primary theme of behavioral economics is that consumers are poorly informed and otherwise unable to wisely consider the important decisions in their lives. As behavioral economics has gained some academic acceptance, it is no surprise that taxpayers are getting less respect too. Before the behavioral economics wave, we economists used to say that taxes hurt the economy because they cause people to change their behavior in order to pay less to the Treasury. Virtually all of us agreed that this harm is real, even while we disagreed as to whether that harm was a price worth paying in order to get revenue into the Treasury.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:27 AM » Guest Contribution: Housing Bubble Fueled Consumer Spending
    Published Thu, Jun 25 2009 8:27 AM by WSJ
    Earlier this week, Charles W. Calomiris , Stanley D. Longhofer and William Miles wrote in that the wealth effect from housing on consumption should be small. Atif Mian and Amir Sufi of the University of Chicago Booth School of Business respond that their data indicate the opposite. The sharp drop in household consumption is a striking feature of the current economic downturn. The 4% annualized real reduction in consumption from June to December of 2008 is the largest six-month decline since 1980. In August 2008, even before the heart of the financial crisis, borrowing by households registered its first monthly decline in a decade. In the most recent quarter, the household personal savings rate reached its highest level since 1998. The painful process of household de-leveraging follows a historically unprecedented rise in household debt. From 2000 to 2007, household debt doubled from $7 trillion to $14 trillion, with debt related to housing responsible for 80% of the increase. By 2007, the household debt to GDP ratio reached its highest level since 1929. Are these patterns linked with the dramatic rise and collapse of the housing market? In the June 22nd entry for Real Time Economics, Calomiris, Longhofer, and Miles argue that the link is weak. They conclude that “the reaction of consumption to housing wealth changes is probably very small.” Findings in suggest the exact opposite: the rise in house prices from 2002 to 2006 was a main driver of economic growth during this time period, and the subsequent collapse of house prices is likely a main contributor to the historic consumption decline over the past year. We agree with two key points made by Calomiris, Longhofer, and Miles. First, from the perspective of economic theory, it is not obvious that housing wealth should affect consumption. Second, it is difficult to measure the causal effect of housing wealth on consumption because other economic factors confound the relation. If you live in a neighborhood that experiences...
  • 8:11 AM » Credit Card Chargeoffs vs Exhaustion Rate
    Published Thu, Jun 25 2009 8:11 AM by The Big Picture
    On Monday, we looked at the impact of the Exhaustion Rate on Continuing Unemployment Claims (See and ). Those charts and tables made it clear that Continuing Unemployment Claims were dropping not due to folks getting jobs, but simply using up all of their benefits. Wednesday, we learned of a) and Increasing minimum Credit Cards payments from . Now, lets see what happens if we can put those two together: > Unemployment Exhaustion Rates and Credit Card Charge Offs > I suspect we can do the same studies with Unemployment Rates also . . . > Hat tip Shawn!
    Click Here to Read the Full Article

    Source: The Big Picture
  • Wed, Jun 24 2009
  • 8:14 PM » World wants "major reserve currencies" stable: China
    Published Wed, Jun 24 2009 8:14 PM by Reuters
    UNITED NATIONS (Reuters) - One of the lessons that the global financial crisis has taught the world is that the top reserve currencies should be kept stable, Chinese Foreign Minister Yang Jiechi said on Wednesday.
  • 8:13 PM » Regulatory Reforms in G7 Financial Centers
    Published Wed, Jun 24 2009 8:13 PM by Google News
    As decided at the latest , authorities around the world are devising micro- and macro-prudential reforms in order to strengthen the resilience not only of single financial institutions but of the entire financial system by extending oversight to all important financial institutions, products, and activities. The United States In the ., the Obama administration introduced its widely anticipated regulatory reform proposal on June 17. Its five main components include: · 1) The establishment of the Fed as systemic risk regulator and supervisor of “too-big-to-fail” institutions in return for Treasury permission requirement for extraordinary liquidity programs. The plan proposes creation of a “Council of Regulators” (formerly the President’s Working Group) chaired by Treasury but with advisory powers only; · 2) The creation for the first time of a regulatory regime for all financial derivatives, as well as a requirement that the originator, sponsor or broker of a securitized vehicle retain “skin in the game” – i.e., a financial interest of at least 5% in its performance; · 3) the creation of a new with rules against predatory lending and transparency standards at the retail level; · 4) A that allows for the orderly divestiture of any non-bank financial holding company whose failure might threaten the stability of the financial system, including investment banks, large hedge funds and major insurers such as AIG; · 5) Adopting a leadership role in the effort to improve and coordinate global regulation and supervision . The main points of contention in Congress are likely to include the scope of the new regulatory powers conveyed to the Federal Reserve in view of the arguably minimal use it made of its already existing regulatory powers in the run-up to the crisis. Equally controversial are the need and the powers of the new Consumer Financial Protection Agency. Furthermore, some policymakers and market participants are equally worried about the potentially stifling effect of...
  • 8:12 PM » GMAC Limits Wholesale Financing
    Published Wed, Jun 24 2009 8:12 PM by WSJ
    GMAC is suspending wholesale financing for certain dealers it considers to be too risky to lend to, a move that could push some dealers out of business and hurt Chrysler sales.
  • 8:11 PM » Russia Facing Long Recession, World Bank Says
    Published Wed, Jun 24 2009 8:11 PM by NY Times
    The bank’s new projection showed that the Russian economy would contract by 7.9 percent this year and not recover to precrisis levels until at least 2012.
  • 8:10 PM » New TARP chief: Economy on mend, but vigilance needed
    Published Wed, Jun 24 2009 8:10 PM by Reuters
    WASHINGTON (Reuters) - The new overseer of the U.S. government's $700 billion bank bailout fund said on Wednesday an intently awaited program to cleanse toxic assets from banks' balance sheets should soon be ready to roll out.
  • 8:09 PM » Households Hit Hard by Wealth Losses
    Published Wed, Jun 24 2009 8:09 PM by IMF
    The financial crisis has erased a considerable amount of household wealth in many advanced economies. The precipitous fall in asset prices—across equity, bond, and housing markets—has eroded the value of financial and housing assets and the net worth of households, according to IMF research.
  • 8:08 PM » Appraisals
    Published Wed, Jun 24 2009 8:08 PM by Calculated Risk Blog
    Much is being about the complaints of the NAR (Realtors) and the NAHB (Builders) concerning the . And the from the Appraisal Institute. Lawrence Yun, NAR chief economist: "[T]he increase in sales is less than expected because poor appraisals are stalling transactions . Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan .” emphasis added Joe Robson, chairman of the National Association of Home Builders (NAHB): “In the midst of the prime home buying season, builders report that a number of factors are limiting new-home sales. These include consumer concerns about job security, potential buyers’ inability to sell their existing homes, and problems with appraisals coming in too low . The latter issue is directly related to the use of distressed properties (foreclosures and short sales) as comps, which disproportionately impacts assessed values of nearby homes.” This change started when NY Attorney General Andrew M. Cuomo First American for conspiring with WaMu to inflate real estate appraisals back in November 2007. “The independence of the appraiser is essential to maintaining the integrity of the mortgage industry. First American and eAppraiseIT violated that independence when Washington Mutual strong-armed them into a system designed to rip off homeowners and investors alike,” said Attorney General Cuomo. “The blatant actions of First American and eAppraiseIT have contributed to the growing foreclosure crisis and turmoil in the housing market. By allowing Washington Mutual to hand-pick appraisers who inflated values, First American helped set the current mortgage crisis in motion.” The email evidence was pretty damning. And the HVCC was part of the settlement. This has been coming for some time, and should be no surprise. For a good background on the appraisal process, see Tanta's . Tanta was writing about approved appraiser lists, but her posts explains the appraisal...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:07 PM » "Timelines of Policy Responses to the Global Financial Crisis"
    Published Wed, Jun 24 2009 8:07 PM by Google News
    For information junkies and those wanting one-stop shopping on who did what to whom during the crisis, the New York Fed has just put up a , with and versions, at its website, which it intends to update monthly. Below is a sample (click to enlarge). It downloads as a pdf:
  • 8:06 PM » Apple's network helps prevent a fall
    Published Wed, Jun 24 2009 8:06 PM by
    It seems odd that companies can gain an advantage by working with others and by sharing knowledge. Yet being part of a network not only can help a company to gain from others' knowledge but also can reinforce its market position, as Apple's contest with Palm shows, writes John Gapper
  • 8:05 PM » Mortgage Bombs, Quiet for Now, Await Next Boom: David Reilly
    Published Wed, Jun 24 2009 8:05 PM by
    Herea s a way to help head off the next financial crisis: Make sure borrowers have some of their own money on the line.
    Click Here to Read the Full Article

  • 8:04 PM » More Signs of a Slow Recovery Fuel Worries of Market Pullback
    Published Wed, Jun 24 2009 8:04 PM by CNBC
    The Fed's decision to keep interest rates low because of the weak economy caused a stock rally to fade and heightened concerns that Fed Chairman Bernanke's "green shoots" were turning brown.
  • 8:03 PM » Indirect Bidding Change: Hat Tips to SC and AT
    Published Wed, Jun 24 2009 8:03 PM by
    By Min Zeng Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)–The recent sharp rise in demand for U.S. Treasury debt from buy-side investors, including foreign central banks , is partly the result from a recently implemented change in Treasury security auction rules. The so-called indirect bids, a term used to describe broad interest from buyers both domestic and international, have crept up in recent auctions since the revisions to the rules became effective on June 1. Under the old rules, many orders from investors executed through the primary dealer banks that trade directly with U.S. Federal Reserve were counted as bidding from dealers, not indirect bids. The new rules will help get more detail, and statistically show higher interest from foreign lenders, some of whom have questioned their U.S. debt holdings. Getting a better sense of investors’ appetite, especially overseas, is imperative to the U.S. government at this critical time when it needs to sell record amounts of debt in order to tackle surging budget deficits and fund massive stimulus programs to get the economy back on track. Some big creditors such as China, Russia and Brazil have expressed concern about the value of their dollar-denominated holdings because they are worried that swelling public debt and aggressive monetary policies from the Fed may generate inflation down the road and weaken the U.S. currency. That, in turn, may put their massive Treasury holdings at risk of sharp losses. The revised rule, published in the Treasury’s Bureau of the Public Debt’s Web site, eliminates a provision related to “guaranteed bid” arrangements that was intended for multiple-price auctions, a type of auction that was discarded at least a decade ago. Treasury officials didn’t respond to requests for comments. In a guaranteed bid, a foreign central bank or institutional investor gives a certain amount of money to a primary dealer, who is required to bid on U.S. government debt auctions. The dealer then bids aggressively...
    Click Here to Read the Full Article

  • 8:03 PM » $6 billion available to buy foreclosed homes
    Published Wed, Jun 24 2009 8:03 PM by
    Real estate Web sites are constantly coming up with new ways for homebuyers to get information about the market.
    Click Here to Read the Full Article

  • 11:17 AM » Beige Book: June Economic Conditions
    Published Wed, Jun 24 2009 11:17 AM by Federal Reserve
    Current Economic Conditions June 2009
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 11:16 AM » April FOMC Meeting Minutes
    Published Wed, Jun 24 2009 11:16 AM by Federal Reserve
    Minutes of the Federal Open Market Committee
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 11:15 AM » April 29 FOMC Statement
    Published Wed, Jun 24 2009 11:15 AM by Federal Reserve
    Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 10:26 AM » New Home Sales Fall 0.6% To 342,000 Rate
    Published Wed, Jun 24 2009 10:26 AM by
    New Home Sales Fall 0.6% To 342,000 Rate
    Click Here to Read the Full Article

  • 10:23 AM » Fears of big bank problems return
    Published Wed, Jun 24 2009 10:23 AM by CNN
    Betting against the banks is back in fashion. A key market measure of the health of the biggest global financial institutions has deteriorated this month, after showing sharp improvement in April and May.
  • 9:44 AM » Fed to Hold Fire on Buying, Talk Down Rate Hikes
    Published Wed, Jun 24 2009 9:44 AM by
    The Federal Reserve will emphasize that the U.S. economy remains fragile in a policy statement later on Wednesday, as it talks down expectations for a rate hike this year and holds fire on expanding asset purchases.
    Click Here to Read the Full Article

  • 9:25 AM » Cheatsheet: What to Look for From the Fed
    Published Wed, Jun 24 2009 9:25 AM by WSJ
    When the Federal Open Market Committee concludes its meeting today, there will be three issues that markets will be focused on: rates, the wording of the statement and asset purchases. Even though no major changes are expected, subtle alterations can give hints to the Fed’s thinking. Rates The lead actor in previous Fed drama — interest rates — has essentially left the stage. The federal funds rate was set in a 0%-0.25% range in December, and last month the central bank clearly stated that it would maintain that level “for an extended period.” In the Journal’s most recent economic forecasting survey, not one of the 52 participants expected any change in rates this month. The only potential for change would be the announcement of a specific timeline. “We think that there is a nontrivial risk that the Fed may perhaps follow the lead of the Bank of Canada and explicitly delineate a timeline over which rates will be held accommodative,” said Millan Mulraine of TD Securities . Such a move isn’t particularly likely, as the Fed aims for maximum flexibility and has to balance the views of all committee members, but it would “provide an anchor for short-dated bonds,” Mulraine said. Statement Wording “We expect the FOMC statement to remain broadly unchanged from April,” said economists at Nomura Securities echoing the general consensus on the Fed’s tone. Data since the last meeting have been mixed, and haven’t substantially altered the Fed’s outlook. Despite some rumblings about inflation by market participants, Chairman Ben Bernanke has made it clear that he expects disinflation for the rest of this year. Concerns about inflation have been sparked by a recent rise in yields on longer-dated bonds, but Fed officials have indicated they view that increase as a sign that credit markets are normalizing. Though they aren’t worried about the inflation implications of the run-up in rates, the central bank may seek to mollify markets by clarifying its exit strategy. “We suspect that a...
  • 9:25 AM » First Signs of a Two-Tiered Banking Structure Emerge
    Published Wed, Jun 24 2009 9:25 AM by Seeking Alpha
    submits: The gap between banks with TARP funds on their books and those that have paid them back is getting wider by the week. CNN Money reports that the brain drain of investment bankers at Citigroup and Bank of America is on the two firms. (In all fairness to the banks however, the article doesn’t explain at all how this is happening, it just points out the phenomenon of bankers leaving. If you have been reading BNET Finance since the beginning of the year .)
    Click Here to Read the Full Article

    Source: Seeking Alpha
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