Government Policy

  • 2011-04-01 12:59

    --White House, Congress Edge Toward Accord on FY 2011 Budget
    --Senate Leader Reid, House Speaker Boehner Seek Deal Before April 8
    --House Budget Committee Chief Ryan to Unveil FY 2012 Budget Next Week

    By John Shaw

    WASHINGTON (MNI) - While next week is likely to contain plenty of
    budget battles and brinksmanship, it now appears that key congressional
    leaders and the White House are edging toward a final 2001 fiscal year
    spending agreement.

    And while that agreement is being concluded and voted on in the
    House and Senate next week, House Republican leaders are also expected

  • 2011-04-01 12:40

    --House Speaker Says Key Leaders Are Still 'Talking' On FY'11 Budget
    --'There Is No Number' For FY'11 Spending
    --Going To 'Fight For All The Spending Cuts We Can Get'
    --Gov Shutdowns 'End Up Costing More' Than is Saved

    By John Shaw

    WASHINGTON (MNI) - House Speaker John Boehner said Friday that
    talks continue on the final 2011 fiscal year spending bill, adding that
    negotiations have not yet resolved either the final spending cut number
    or the details of the final package.

    At a briefing, Boehner continued to insist that there is no

  • 2011-04-01 11:51

    By Steven K. Beckner

    SAN JUAN, Puerto Rico (MNI) - New York Federal Reserve Bank
    President William Dudley said Friday that the Fed "can be patient" about
    withdrawing monetary stimulus so long as people remain confident in the
    Fed's ability and will to do so and so long as inflation expectations
    remain well-anchored.

    Dudley, speaking to reporters following a speech to a group of
    Puerto Rican business people, did not take the opportunity to signal any
    speeding up of the timing of an exit from monetary accommodation,
    although he didn't rule that out.

  • 2011-04-01 11:21

    By Yali N'Diaye

    WASHINGTON (MNI) - In a very academic discussion of central bank
    independence and sovereign default, Minneapolis Federal Reserve Bank
    President said Friday he suspects "it may be optimal for central banks
    to guarantee fiscal authority debts in some situations."

    In a speech prepared for a Wharton Conference in Philadelphia,
    Kocherlakota made no specific comment on U.S. monetary policy or the
    economic conditions and outlook. He is a voting member of the
    policy-setting Federal Open Market Committee this year.

  • 2011-04-01 11:18

    --Senate Majority Leader Says Hill, Admin Agree on FY'11 Spending Cap
    --Entitlements, Defense Must 'Contribute' To Final Cuts
    --Would Only Have Another Temp Spend Bill To 'Finalize' Deal
    --Budget Deal Is 'Looming,' Details Need To Be Resolved

    By John Shaw

    WASHINGTON (MNI) - Senate Majority Leader Harry Reid said Friday
    that negotiations on the 2011 fiscal year budget between Congress and
    the White House have reached an agreement on the level of spending cuts,
    but leaders are still trying to resolve important "details."

  • 2011-04-01 09:20

    By Steven K. Beckner

    SAN JUAN, PUERTO RICO (MNI) - New York Federal Reserve Bank
    President William Dudley said Friday the Fed must make sure rising
    commodity prices do not cause inflation expectations to become
    "unmoored" because that would make it "more difficult to keep inflation
    in check."

    However, Dudley gave no indication he sees a need to move up the
    timing of an exit from the Fed's accommodative monetary policy, saying
    once again that the economy remains "very far away" from its statutory
    "dual mandate" objectives and that improvement in economic conditions

  • 2011-04-01 08:54

    WASHINGTON (MNI) - While there remains work to be done to improve
    the employment situation, the gains over the least few months have shown
    the administration's strategies are beginning to bear fruit, Austan
    Goolsbee, chairman of the White House Council of Economic Advisers said
    in a blog post following release od the March employment report.

    The complete statement follows:

    The Employment Situation in March

    Today's employment report shows that private sector payrolls
    increased by 230,000 in March, marking 13 consecutive months of private

  • 2011-04-01 05:22

    BERLIN (MNI) - The German Finance Ministry is not worried about the
    results of the Irish banking stress tests, a ministry spokesman said

    Irish banks need to raise E24 billion in fresh capital, the Central
    Bank of Ireland said Thursday as it announced the results of new stress
    tests performed on four of the country's major financial institutions.

    German Finance Ministry spokesman Martin Kreienbaum noted that the
    required new capital injections were well below the E35 billion
    earmarked for Irish banks under the terms of the EU-IMF bailout

  • 2011-04-01 03:08

    FRANKFURT (MNI) - The German federal government is seeking bids for
    a E2 billion top up of its January 2012 maturity bubill, the Bundesbank
    confirmed Friday.

    Bids are due by 900 GMT on Monday, April 4. The announcement of
    the auction results will be made shortly thereafter.

    The bubills will settle on Wednesday, April 6, 2011 and mature on
    January 25, 2012.

    --Frankfurt Newsroom +49 69 72 01 42: email:

    [TOPICS: M$G$$$,M$$FI$,MFXBO$,MGX$$$]

  • 2011-04-01 03:03

    BERLIN (MNI) - Irish Finance Minister Michael Noonan has reaffirmed
    his government's determination to shrink the country's banking sector.

    "It is clear that Ireland needs a smaller, sustainable and
    effective banking system which caters to the need of the real economy,"
    Noonan wrote in an opinion piece for the German daily Frankfurter
    Allgemeine Zeitung.

    "The response of the government will be quick and it will include a
    total overhaul of the current banking landscape," Noonan stressed.

    The minister again vowed that Ireland will pay back its debt, yet