Fed’s Williams: Inflation Surge Won’t Happen
The Federal Reserve‘s massive balance sheet hasn’t sparked an inflation surge, nor is it likely to, a top central bank official said Monday.“In a world where the Fed pays interest on bank reserves, traditional theories that tell of a mechanical link between reserves, money supply, and, ultimately, inflation are no longer valid,” Federal Reserve Bank of San Francisco President John Williams said in the text of a speech prepared for delivery before the Western Economic Association International, in San Francisco.
‘Free insurance’ alternative has no stigma
Despite the relief in markets after the EU summit, yields in Spain and Italy are still dangerously high. Current levels are neither compatible with long-term fiscal sustainability nor appropriate for economies teetering on the brink of deep recession.
Wall Street resilient as Fed hopes offset weak data
Stocks edged higher on Monday, shaking off a surprise contraction in manufacturing, which some investors took as a signal the Federal Reserve will take more forceful actions to boost the economy.
Banks Face Foreclosure Regulation By States
States across the country are proposing a range of new rules that would make it more difficult for banks to foreclose on troubled homeowners.The moves have been prompted by concerns that lenders have been inefficient in restructuring mortgages, which results in unnecessary foreclosures, while using shoddy paperwork to repossess homes.
Manufacturing contracts for first time in 3 years
China Housing Prices Rise After 9 Months of Decline
World-Wide Factory Activity, by Country
A global manufacturing slowdown deepened in June, as the U.S. slipped into contractionary territory for the first time since July 2009. The JPMorgan Global Manufacturing Purchasing Managers’ Index, a broad measure of manufacturing activity across the world, fell to a three-year low of 48.9 in June.
Barclays CEO Robert Diamond’s Memo to Employees
It has been an incredibly tough period for all of you given the nature and volume of negative comment that has come against Barclays in the past few days. It must have been particularly hard for those of you on the front-line, given our customers and clients will understandably feel that we have let them down.