President Bush held a press conference on Friday morning to reassure the public and markets that his administration and lawmakers will complete a rescue plan for the nation’s battered financial markets despite disagreements between congressional Republicans and Democrats over the $700 billion package. Washington Mutual became the largest bank to… Read More …
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It will be another long weekend for the US Treasury Secretary and the heavy hitters in Washington. September has certainly been a sleepless month for Paulson, as Fannie and Freddie was followed by Lehman Brothers and AIG and then the initial $700B proposal. This weekend, he will be in discussions… Read More …
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The Usd was mostly flat in the US trading session as the majority of the market anticipates the outcome of the Fed Bailout proposal, as this bill is delayed following party contentions. The EurUsd is marginally higher, up a little over 10 pips at the low range of 1.46, while… Read More …
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The dollar was mostly lower in light trading Friday after negotiations to push the Bush Administration’s $700 billon financial-rescue package through Congress stalled (but not stopped according to the parties). The US O2 GDP rose at a downwardly revised 2.8% annual rate and corporate profits fell. The yen advanced on… Read More …
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House republicans have revolted against their lame-duck president, and the Democrats are not going to pass a bill in support of President Bush without bi-partisan support. That means Mr. Paulson?s plan is highly unlikely to pass as written, although lawmakers on both sides of the aisle understand the urgency of… Read More …
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The moves made this week to hold the U.S. dollar valuations in place have been impressive to say the least, mainly due to it being hard to find many fundamental near-term reasons to be holding long-dollar trades out of desire; they are either hedges or reserve holdings it would seem…. Read More …
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Confidence fell in September as consumers grew more concerned about the credit crisis. Today’s final reading of 70.3 was lower than the previous reading for September originally published on September 12. Consumer expectations of conditions in six months declined to 67.2 from the 70.9 preliminary reading but were up from… Read More …
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As a result of a downward revision in U.S. GDP growth last quarter to 2.8% at a seasonally adjusted annualized rate (saar) from a previous estimate of 3.3%, economic growth in the first half of 2008 (that is between 4Q07 and 2Q08) amounted to 1.8% saar. Such a pace represents… Read More …
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I don’t know where to begin. I thought I could believe the leaders of both parties in Congress and the White House and the Treasury that there was an agreement with bipartisan backing for the Paulson plan or TARP (troubled asset repurchase program). Read More …
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Recession by definition means demand for all kinds of stuff falls. And if demand for stuff falls, the demand by business for raw materials to make said stuff should naturally fall – with the standard lag of course. And unless the government is more efficiently able to suspend the link… Read More …
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