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  • Wed, Nov 13 2013
  • 5:31 PM » Tracking Fed Officials' Comments on Tapering
    Published Wed, Nov 13 2013 5:31 PM by www.nytimes.com
    A chronology of what Federal Reserve officials have said about tapering off the central bank's bond purchasing, a method it's been using to stimulate the economy.        
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 4:45 PM » Subcommittee Hearing Finds Fed's 'Dual Mandate' Unusual, Sows Uncertainty
    Published Wed, Nov 13 2013 4:45 PM by House Financial Services
    The United States and Canada are the only two advanced economies whose central banks have "dual mandates" of price stability equally weighted with another macroeconomic objective, members of the Financial Services Subcommittee on Monetary Policy and Trade learned today. By law, the Federal Reserve is directed to both maximize employment and minimize inflation - commonly called its "dual mandate" - which has often led to confusion as to whether the Fed is paying more attention to price stability or labor market conditions at any given time. At a hearing today comparing international central banking models, the subcommittee heard from witnesses that a more precise policy mandate, safeguarded by independence from the executive, bolsters a central bank's credibility and improves economic outcomes. Professor Athanasios Orphanides with the Sloan School of Management at MIT quoted former Federal Reserve Chairman Paul Volcker as saying that the Fed "will inevitably fall short" if it is "asked to do too much." Subcommittee Vice Chairman Bill Huizenga (R-MI) noted that central banks in other countries "work under a more focused or prioritized mandate or set of mandates." "Some like myself believe that the employment component at a minimum has diverted the Fed's attention from the more important issue of low inflation which, in my opinion, should be the sole focus," said Huizenga. "In the worst case, an equal price stability and employment mandate has the potential for moral hazard, with the Fed playing off its regulatory role against its monetary role."
    Click Here to Read the Full Article

    Source: House Financial Services
  • 4:41 PM » Yellen, in prepared remarks: 'We have farther to go to regain the ground lost in the crisis'
    Published Wed, Nov 13 2013 4:41 PM by CNBC
    The Federal Reserve needs to do more work to support the economic recovery before it can return to "a more normal approach" to monetary policy, Janet Yellen said in prepared testimony released Wednesday. The remarks underlined Yellen's dovish credentials, one day before her first Senate confirmation hearing to be the next chairman of the Federal Reserve.
  • 3:32 PM » HUD Said to Fail in Bid to Sell $450 Million of Bad Mortgages - Bloomberg
    Published Wed, Nov 13 2013 3:32 PM by Bloomberg
    HUD Said to Fail in Bid to Sell $450 Million of Bad Mortgages Bloomberg The U.S. Department of Housing and Urban Development for the first time failed to sell some of the soured mortgages it's auctioning off in the wake of the housing crisis, according to four people with knowledge of the results. HUD deemed bids on about $450  ...
  • 3:32 PM » October Bay Area Home Sale Press Release
    Published Wed, Nov 13 2013 3:32 PM by DataQuick
    Bay Area Home Sales Ease Back; Median Sale Price Edges Higher November 13, 2013 La Jolla, CA.--The Bay Area housing market continued its fits-and-starts march toward normalcy last month with ho-hum sales counts and continued price appreciation. Various below-the-surface technical indicators show a market still transitioning from a severely atypical state a few years ago to something more in line with long-term norms, a real estate information service reported. A total of 7,595 new and resale houses and condos sold in the nine-county Bay Area in October. That was up 6.4 percent from 7,141 the month before, and down 3.9 percent from 7,902 for October a year ago, according to San Diego-based DataQuick. Last month's number was 11.2 percent below the October average of 8,553 since 1988, when DataQuick's statistics begin. Bay Area sales haven't been above average for any particular month in more than seven years. The most active October was in 2003 when 13,392 homes sold; the least active was in 2007 with 5,486 sales. The median price paid for a home in the Bay Area last month was $539,750. That was up 1.8 percent from $530,000 in September, and up 29.7 percent from $416,000 in October 2012. It appears that roughly three-fourths of last month's 29.7 percent year-over-year rise is the result of an increase in home values. The rest reflects a change in market mix - more mid- to high-end sales and fewer low-cost inland distressed sales. The peak Bay Area median so far this year was $562,000 in July - the highest for any month since the median was $587,500 in December 2007. The Bay Area's all-time peak median was $665,000 in June and July 2007, after which it dropped to a low of $290,000 in March 2009. "At different times in recent years we've had various peaks or troughs when it comes to sales volume, prices, foreclosure activity, cash sales, absentee-owner sales, various home loan options, you name it. All of these market components are now trending...
  • 2:37 PM » Asset managers face scrutiny
    Published Wed, Nov 13 2013 2:37 PM by CNBC
    Regulators are zeroing in on the mega-asset managers, which have largely been absent from the recession blame game-until now.
  • 2:37 PM » Stocks hit session highs on Yellen talk
    Published Wed, Nov 13 2013 2:37 PM by Market Watch
    SAN FRANCISCO (MarketWatch) -- U.S. stocks hit session highs Wednesday afternoon, shedding morning losses, as investors speculated that the upcoming testimony from Federal Reserve Vice Chair Janet Yellen would be pro-monetary stimulus. The Dow Jones Industrial Average was up 15 points at 15,765, recovering after a 78-point deficit. The Nasdaq Composite was up 27 points, or 0.7%, to 3,946. The S&P 500 added 7 points, or 0.4%, to 1,774, on track for a record close. Tom di Galoma, head of U.S. fixed-income rates sales at ED&F Man Capital Markets, said there was talk Yellen's testimony could be released Wednesday after the close. Yellen, whom President Obama has nominated to be the next Fed chief, is scheduled to testify on Thursday.
  • 2:37 PM » Analysis: Time for Fed to accept that U.S. growth not what it used to be?
    Published Wed, Nov 13 2013 2:37 PM by Reuters
    NEW YORK/SAN FRANCISCO (Reuters) - Year after year Federal Reserve policymakers have clung to a belief that the U.S. economy will soon regain its pre-recession stride. And year after year they have been wrong.
  • 2:37 PM » JPMorgan continues work on final deal with regulators, executive says
    Published Wed, Nov 13 2013 2:37 PM by Reuters
    (Reuters) - A top executive at JPMorgan Chase & Co said on Wednesday that the bank continues to seek a final agreement with the government on a tentative settlement over liabilities for mortgage securities sold before the financial crisis.
  • 1:17 PM » Treasurys hold gains after 10-year note auction
    Published Wed, Nov 13 2013 1:17 PM by Market Watch
    NEW YORK (MarketWatch) -- The Treasury Department sold $24 billion in 10-year notes Wednesday at a yield of 2.750%. Bidders offered to buy 2.70 times the amount of debt sold, compared to an average of 2.62 times at the last six sales. Indirect bidders, a group that includes foreign central banks, bought 47.7%, versus 40.9% in recent sales. Direct bidders, which include domestic money managers, purchased another 18.6%, versus an average of 18.5%. The broader bond market remained higher after the auction. Yields on 10-year notes, which move inversely to prices, fell 4.5 basis points to 2.732%.
  • 1:16 PM » Why the Tea Party may delay Yellen's confirmation
    Published Wed, Nov 13 2013 1:16 PM by CNN
    Austan Goolsbee, former top economic adviser to President Obama, thinks there's a tiny chance that members of Tea Party could figure out a way to delay Janet Yellen's confirmation to lead the Federal Reserve. But if they're successful, that could be a big problem for the financial markets.
  • 12:13 PM » Plots & Ploys: Sale of the Century
    Published Wed, Nov 13 2013 12:13 PM by WSJ
    Some of the biggest names in U.S. real estate are circling Los Angeles for what could be the highest-priced sale of a U.S. office property since before the recession.
  • 12:10 PM » Do Fed critics really think the US economy would be stronger with tighter monetary policy?
    Published Wed, Nov 13 2013 12:10 PM by www.aei-ideas.org
    In a Wall Street Journal op-ed today on tomorrow’s Janet Yellen confirmation hearing, former Federal Reserve governor Kevin Warsh highlights and questions “some of the prevailing wisdom at the basis of current Fed policy. He calls quantitative easing “an untested, incomplete experiment. … read more >
    Click Here to Read the Full Article

    Source: www.aei-ideas.org
  • 11:44 AM » Financial Stocks: Fannie, Freddie up on talk of hedge-fund interest
    Published Wed, Nov 13 2013 11:44 AM by Market Watch
    Fannie Mae and Freddie Mac gain ground, but most big banks dip: Regulators are talking tough, the foreign-exchange investigation is widening, and the usual concerns over declining mortgages and squeezed interest margins haven't gone away.
  • 11:44 AM » Wonkblog: Nine questions the Senate should ask Janet Yellen
    Published Wed, Nov 13 2013 11:44 AM by Washington Post
    Thursday is the big day: Janet Yellen's confirmation hearing to be Fed chair. Here's more on what to expec t from the hearing. But what should the members of the Senate Banking Committee ask her? Morgan Stanley's economics team is out with its recommendations for 12 questions the senators should ask. Here are a few of their more interesting ones from the report, which might put her on the spot and shed light on the course of monetary policy in the months and years ahead. Read full article >>        
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:52 AM » Cleveland Fed's Pianalto Praises Yellen Ahead of Confirmation Hearing
    Published Wed, Nov 13 2013 10:52 AM by WSJ
    Cleveland Fed President Pianalto offered strong praise for central bank Vice Chairwoman Yellen, on the eve of a critical hearing to confirm the official for the central bank's top job.
  • 10:49 AM » Bond Report: Treasurys gain as global markets take off risk
    Published Wed, Nov 13 2013 10:49 AM by Market Watch
    Treasury prices moved higher Wednesday, with investors bidding up the safety of the government debt market as stocks retreated from their highs.
  • 10:48 AM » Great Rotation Seen Muted by Pension-Fund Demand: Credit Markets - Bloomberg
    Published Wed, Nov 13 2013 10:48 AM by Bloomberg
    Great Rotation Seen Muted by Pension-Fund Demand: Credit Markets Bloomberg A shift by household investors from bonds into equities that Bank of America Corp. dubbed the great rotation is being muted as pension funds and insurers boost fixed-income assets to match future obligations. U.S. companies with the largest defined-benefit  ...
  • 9:38 AM » Ex-Fed official: 'I'm sorry for QE'
    Published Wed, Nov 13 2013 9:38 AM by CNBC
    There's a real question as to whether the benefits of monetary easing were worth the cost, former Federal Reserve official Andrew Huzar says.
  • 8:38 AM » Mortgage applications dip in latest week
    Published Wed, Nov 13 2013 8:38 AM by CNBC
    Applications for U.S. home loans slipped in the latest week, although a drop in the previous week was revised to a smaller fall than previously reported.
  • 8:35 AM » What to expect in Yellen hearing: El-Erian
    Published Wed, Nov 13 2013 8:35 AM by CNBC
    Yellen's testimony will likely affirm five points; they are worth remembering when markets fret again about the Fed, said Pimco's Mohamed El-Erian.
  • 8:34 AM » Recovery? Nah. Home ownership is for suckers
    Published Wed, Nov 13 2013 8:34 AM by CNBC
    Who said the housing market is in recovery mode? Clearly it's not and the evidence points to very fragile outlook, said Todd Schoenberger.
  • 12:22 AM » Yellen Rejoins QE Debate as Senate Hearing Gives Critics Forum - Bloomberg
    Published Wed, Nov 13 2013 12:22 AM by Bloomberg
    Yellen Rejoins QE Debate as Senate Hearing Gives Critics Forum Bloomberg Federal Reserve policy makers have publicly debated whether to maintain their bond-buying pace since well before Janet Yellen was named last month to succeed Chairman Ben S. Bernanke. One voice has been missing: Yellen's. Tomorrow, she'll express  ...
  • 12:21 AM » Wall Street dips after two-day rise; eyes on Fed's taper timing
    Published Wed, Nov 13 2013 12:21 AM by Reuters
    NEW YORK (Reuters) - The Dow and the S&P 500 ended slightly lower on Tuesday after rising bond yields increased debate over how soon the Federal Reserve would start trimming its stimulus program.
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