North America

  • 2011-04-05 14:42

    By Dennis Pettit

    NEW YORK, April 5 (MNI) - The dollar was nursing moderate losses
    vs. the euro while holding gains vs. the yen on a day when interest
    rates, or interest rate expectations, were the key drivers of trading.

    Euro-dollar was changing hands at $1.4220 in afternoon dealings
    Tuesday, the euro in the upper reaches of the day's $1.4151/1.4246 U.S.
    hours range after beginning the day around $1.4176.

    Dollar-yen meantime was changing hands at Y84.84 in afternoon
    dealings, at the upper end of the day's Y84.20/88 U.S. hours range after

  • 2011-04-05 13:55

    By Steven K. Beckner

    STONE MOUNTAIN, GA. (MNI) - Brian Sack, head of the New York
    Federal Reserve Bank's open market trading desk, told the Fed's
    policymaking Federal Open Market Committee on March 15 that it will not
    be necessary to gradually "taper" off purchases of Treasury securities
    as the current $600 billion asset purchase program nears completion,
    minutes released Tuesday show.

    The minutes also show there were some sharp divisions of opinion
    over inflation risks among Federal Reserve policymakers, with some

  • 2011-04-05 13:03

    WASHINGTON (MNI) - The following is an excerpt from the minutes of
    the Federal Open Market Committee's March 15 meeting published Tuesday
    concerning Committee's Policy Action:

    In their discussion of monetary policy for the period ahead,
    Committee members agreed that no changes to the Committee's asset
    purchase program or to its target range for the federal funds rate were
    warranted at this meeting. The information received over the
    intermeeting period indicated that the economic recovery was on a firmer

  • 2011-04-05 13:00

    WASHINGTON (MNI) - The following is an excerpt from the minutes of
    the Federal Open Market Committee's March 15 meeting concerning the
    Fed's purchases of Treasury securities when its current program of asset
    purchases approaches its end:

    The Manager of the System Open Market Account (SOMA) reported on
    developments in domestic and foreign financial markets during the period
    since the Federal Open Market Committee (FOMC) met on January 2526,
    2011. He also reported on System open market operations, including the

  • 2011-04-05 13:00

    WASHINGTON (MNI) - The following is the first part of an excerpt
    from the minutes of the Federal Open Market Committee's March 15 meeting
    concerning the participants' views on current conditions and economic
    outlook:

    In discussing intermeeting developments and their implications for
    the economic outlook, participants agreed that the information received
    since their previous meeting was broadly consistent with their
    expectations and suggested that the economic recovery was on a firmer
    footing. Looking through weather-related distortions in various

  • 2011-04-05 13:00

    WASHINGTON (MNI) - The following is the second and final part of an
    excerpt from the minutes of the Federal Open Market Committee's March 15
    meeting concerning the participants' views on current conditions and
    economic outlook:

    In contrast to headline inflation, core inflation and other
    measures of underlying inflation remained subdued, though they appeared
    to have bottomed out. A number of participants noted that, with
    significant slack in resource utilization and with longer-term inflation
    expectations stable, underlying inflation likely would remain subdued

  • 2011-04-05 13:00

    WASHINGTON (MNI) - The following is an excerpt from the minutes of
    the Federal Open Market Committee's March 15 meeting concerning the
    Fed's staff economic outlook:

    The pace of economic activity appeared to have been a little slower
    around the turn of the year than the staff had anticipated at the time
    of the January FOMC meeting, and the near-term forecast for growth of
    real gross domestic product (GDP) was revised down modestly.

    However, the outlook for economic activity over the medium term was

  • 2011-04-05 12:31

    --House Speaker Says GOP Doesn't Want Bad Deal or Gov Shutdown
    --Rep. Boehner: 'Strong Preference' is For Bipartisan FY'11 Agreement
    --Rep. Cantor: 'We Still Don't Have A Deal' On FY'11 Budget
    --Rep. Cantor: House GOP 'Preparing For the Possibility' of Shutdown

    By John Shaw

    WASHINGTON (MNI) - House Speaker John Boehner said Tuesday that he
    had a "good discussion" with President Obama and several other
    congressional leaders at the White House earlier in the day about a
    final the 2011 fiscal year spending bill, but added "no agreement was
    reached."

  • 2011-04-05 11:55

    --Steps on Large Capital Flows Can't Replace Needed Policy Adjustment
    --FX Adjustment, Reserve Build, Mon/Fiscal Policies 1st Line of Defense

    By Heather Scott

    WASHINGTON (MNI) - The International Monetary Fund Tuesday formally
    adopted a broad framework of criteria on when countries can, and perhaps
    should, implement steps to control the surge of capital flows into their
    economies to ward off the potentially destabilizing side effects.

    But the fund stressed that any capital flow management steps cannot

  • 2011-04-05 11:45

    By Brai Odion-Esene

    WASHINGTON (MNI) - Minneapolis Federal Reserve Bank President
    Narayana Kocherlakota said Tuesday that the Federal Reserve is committed
    keeping inflation under control as part of its continuing role in
    promoting affordable and accessible housing finance.

    Kocherlakota also spoke out in favor of a reduction in the amount
    of debt homebuyers take on to buy a house, arguing that individuals
    should be encouraged to save and become equity holders in their homes.

    In brief welcoming remarks at a workshop sponsored by the