Archive for May, 2005
Euro falls after eu failure
The euro fell in early trading in Asia after the French referendum, amid worries about the effect on European Union economic policy of France’s decision. Luxembourg prime minister Jean-Claude Juncker, who chairs the 12-nation group of eurozone finance ministers, said after the result: “There is no reason to consider that the French ‘No’ will produce [...]
May 30, 2005
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Fed officials warn of further rises
Amercian Federal Reserve officials left little doubt that the bank has more rate increases in mind, but tightening of monetary policy looks likely to continue in small steps unless inflation flares up.Approaching the first anniversary of the Fed‘s program of “measured” increases in short-term rates, Chicago Fed President Michael Moskow said the bank‘s policy remains [...]
May 27, 2005
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Yields drop on FED minutes
Bond prices rose Tuesday, as traders found little of concern in the minutes of a meeting by Federal Reserve policymakers. The price of the benchmark 10-year Treasury note rose 9/32 point, or $2.81 per $1,000 in face value. Its yield, which moves in the opposite direction, fell to 4.03 percent compared with 4.06 percent late [...]
May 25, 2005
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Bush seeks cuts to meet deficit pledge
President George W. Bush challenged Congress yesterday to cut domestic spending in an effort to meet his pledge to halve the US deficit by the time he leaves the White House. In the toughest budget request of his presidency, Mr Bush called for savings at the departments of education, transport, housing and urban development and [...]
May 24, 2005
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Credit card debt starts to fall
Credit card debt has fallen for the first time since May 1994, the British Bankers’ Association (BBA) said as reports suggest consumers are spending less money. During April, cardholders paid £40m more off their credit card than they spent and over the past six months the rise in new card debt has slowed. Recently, High [...]
May 20, 2005
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Bank of England rules out swift rise in rates
The Governor of the Bank of England yesterday suggested the Bank is unlikely to raise interest rates immediately in response to inflation rising above its 2pc target. Mervyn King, speaking at the annual Mais Lecture at the Cass Business School, said: “From time to time shocks will move inflation away from its desired long-run level, [...]
May 18, 2005
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European Govts Bonds may gain with 10-Year Bund yields near record low
European bonds may gain- with the yield on the 10-year German bunds near a record low, on speculation that growth is slowing among the 12 nations sharing the euro. Which boosts speculation that the European Central Bank will not raise its key interest rate. The European Commission last week cut its forecast for second quarter [...]
May 16, 2005
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Treasuries rise on hedge fund rumours
US Treasury prices rose pushing yields lower, as investors were forced to cover short positions on general market unease following rumours about hedge fund troubles in the aftermath of General Motors’ credit downgrade. The problems were thought to centre around a derivatives position hit hard by the double volitile blow of billionaire investor Kirk Kerkorian’s [...]
May 12, 2005
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ECB worried about economic weakness
For much of its short history, the European Central Bank, perched in one of Frankfurt’s highest skyscrapers, has worried about inflationary dangers, earning itself a reputation for monetary hawkishness. But in a feat rare even in the stable world of central banking, the ECB will next month mark two years since its last interest rate [...]
May 11, 2005
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UK interest rates held at 4.75%
The Bank of England has left UK interest rates unchanged at 4.75% for the ninth month in a row. Concerns about an accelerating rate of inflation were outweighed by evidence that the UK economy may be going through a sticky patch, analysts said. Government figures on Monday showed a drop in manufacturing and industrial output, [...]
May 10, 2005
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