Archive for September, 2008
Tuesday, September 30th, 2008
After failing to pass a bill geared at kick starting the financial
system in the United States on Monday, market participants are looking
for help from central bankers in the form of rate cuts
and a return of the failed bill as early as Thursday.
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Tuesday, September 30th, 2008
The New York Times' Julie Creswell and Ben White said it
is "The end of an era."
They describe yesterday's Wall Street as "a world of big egos...where
people love to roll the dice with borrowed money...in search of ever-
higher returns," and what those returns can buy. A ...
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Tuesday, September 30th, 2008
The S&P Case-Shiller home price index fell more than
expected in the July as the 20-city composite index posted an
annual decline of 16.3%, extending the prior month's 15.9% decline.
The Case-Shiller index has fallen every month since peaking in July
2006, but economists say the rate of decline may ...
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Tuesday, September 30th, 2008
In the largest rise on record, the British Bankers Association
reported that the overnight U.S. dollar inter-bank lending rate
(LIBOR) jumped 431 basis points to 6.88%.
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Tuesday, September 30th, 2008
As the U.S. Congress voted to reject the bailout legislation, Fed
Funds Futures are pricing in a 66% chance of a 50bp rate
cut and 34% of a 75bp cut for the next Federal Reserve meeting
scheduled for Oct. 29.
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Tuesday, September 30th, 2008
Economic data realeased today will include the S&P/Case
Shiller house price index, consumer confidence,
and the Chicago purchasing managers index. But in the aftermath of the
House of Representatives rejecting the financial rescue package, all eyes
and ears will be on global central bankers and policy-makers.
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Tuesday, September 30th, 2008
The Federal Reserve's Thomas Hoenig said he will be more anxious than
others to raise rates when feasible. The Bank of Kansas City President
was speaking at a bank-sponsored forum in Nebraska.
Hoenig said inflation in the U.S. at 5.5% is too high, and will have a
long-run impact on the ...
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Monday, September 29th, 2008
After several days of deliberation, a majority of U.S. House
representatives voted to reject the Emergency Economic
Stabilization Act of 2008 in a final vote of 228 to 205.
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Monday, September 29th, 2008
Freddie Mac and Fannie Mae continue to be a source of scrutiny after
it was announced that the Government Sponsored Enterprises have been
subpoenaed by New York Attorney's Office.
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Monday, September 29th, 2008
In a statement released Monday morning, Federal Reserve Chairman Ben
Bernanke said he welcomes the rescue package bill agreed to by U.S.
lawmakers and that it should help stabilize the financial system.
"This legislation should help to restore the flow of credit to
households and businesses that is essential for ...
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