<Click on chart for larger image> The Financial Times – Moody’s downgrades Portugal Moody’s has cut Portugal’s credit rating by two notches citing “subdued growth prospects” and high government borrowing costs. The rating agency’s decision came as a further blow to the Lisbon government as it struggles to persuade financial markets that it has no… Continue reading Portugal’s Credit Rating Is Downgraded
Bloomberg Businessweek – Bahrain Bourse Shut, Default Risk at 2-Year High Amid Unrest Bahrain closed its bourse and the cost of insuring against default was near the highest since July 2009 after the country declared a state of emergency and security forces drove protesters from their rallying points. Bahrain’s five-year default swaps dropped 8 basis… Continue reading Bahrain Gets Worse
<Click on chart for larger image> The Wall Street Journal – Illinois Pension Crisis Eludes Easy Solutions Lawmakers in Illinois say they may try to fix the state’s ailing pension system by asking current workers to pay more into the plan, though the approach faces substantial legal and political obstacles. The lawmakers are also entertaining… Continue reading Illinois Pension Crisis
Bloomberg.com – Wall Street’s Biggest Bargain May Be Wall Street Office Space At 40 Wall, Manhattan’s sixth-tallest building, American Express Co. (AXP) vacated about 240,000 square feet, mostly on floors 16 to 22, said Brad Gerla, executive vice president at CB Richard Ellis Group Inc., which represents the tower. Law firm Herzfeld & Rubin PC… Continue reading Need A New Office? There Is Plenty Of Room On Wall Street
None Today
<Click on chart for larger image> Zero Hedge (blog) – Panic Evacuations Strike Tokyo Where Radiation Levels Are Ten Times Normal, Food Hoarding Empties Stores In Capital, Fallout Projected To Blow To Pacific Radiation wafted from an earthquake-stricken nuclear power plant towards Tokyo on Tuesday, sparking panic in one of the world’s biggest and most… Continue reading Investor Panic
Bloomberg.com – BOJ Fails to Contain Investor Panic as Nuclear Danger Rises The Bank of Japan’s step to provide short-term liquidity and expand an asset-purchase program failed to contain investor panic today as the risk of nuclear radiation leaks north of Tokyo escalated. BOJ Governor Masaaki Shirakawa’s pledge yesterday to secure financial stability and prevent… Continue reading Japan
On November 3, 2010 the Federal Reserve announced its intention to buy $600 of Treasury securities by June 30. To help illustrate the march towards this announced goal, we often highlighted a chart showing the cumulative POMO purchases since that date. However, as the New York Federal Reserve further elaborated that same day, an additional… Continue reading How Much Stimulus Is Left Before June 30?
Bloomberg.com – Fed’s Next Steps Divide Economists as Asset Purchases Wind Down Federal Reserve policy makers are almost certain to fulfill their plan to buy $600 billion in Treasuries, a survey of economists shows. How they finish the purchases and what they do next is a matter of disagreement. Of 50 economists surveyed by Bloomberg… Continue reading Where Does The Federal Reserve Go From Here?
The New York Times – E.U.’s Latest Rescue Package Seen Falling Short-Again Europe’s leaders cobbled together a new structure over the weekend that will allow its rescue fund, the European Financial Stability Facility, to disburse its entire €440 billion, or $615 billion, allotment if needed, and to buy bonds at government auctions. They also eased… Continue reading The Latest EU Bailout
The Wall Street Journal – Federal Reserve Brain Trust: Who’s In, Who’s Out When Federal Reserve Governor Kevin Warsh leaves the central bank later this month to return to the private sector, the last member of Fed Chairman Ben Bernanke’s inner circle during the financial crisis will have departed, making way for a new “in… Continue reading Politics At The Federal Reserve