• Thursday, May 21, 2015 - 18:07 US's McConnell: Senate Set To Pass TPA Bill Friday or Saturday 0


    --Senate Majority Leader Says Final TPA Vote To Be This Week
    --Sen. McConnell: Working To Arrange TPA Amendment Votes

    WASHINGTON (MNI) - Senate Majority Leader Mitch McConnell said Thursday evening the Senate will vote to approve legislation to renew Trade Promotion Authority before beginning its Memorial Day recess.

    In remarks on the Senate floor, McConnell said the final Senate vote on TPA will likely be either Friday or Saturday.

    "We're going to finish TPA," he said.

    McConnell added the Senate will also pass a two month highway bill and a FISA extension before leaving for the week-long Memorial Day...

  • Thursday, May 21, 2015 - 17:26 US House Panel Subpoenas Fed For Info About 2012 FOMC Leak 0


    --House Financial Services Chief Slams Fed For Leak Response
    --Rep Hensarling: Fed Has Not Taken Panel's Probe Seriously

    WASHINGTON (MNI) - House Financial Services Committee Chairman Jeb Hensarling said Thursday his panel has issued a subpoena to the Federal Reserve Board for "its failure to comply with document requests from the committee for information concerning the leak of market-sensitive Fed deliberations to a private financial newsletter."

    In a sharply worded statement, Hensarling said the Fed has refused to provide his panel with requested documents concerning the leak of confidential, market-sensitive information...

  • Thursday, May 21, 2015 - 17:12 US NAR:Apr Existing Home Sls -3.3%/5.04 Mln; Supply Constraint 0


    --Retransmitting Story Headlilned 10:00 ET Thursday
    --Supply Pipeline 'Depressionary' Despite Housing Starts Surge
    --Prices up 'Unhealthy' 8.9% in April Heading for New Record

    WASHINGTON (MNI) - April existing home sales unexpectedly backtracked 3.3% to a seasonally adjusted annual rate of 5.04 million, as buying enthusiasm was thwarted by a shortage of houses which is driving average prices up toward a new record, the National Association of Realtors reported Thursday.

    Though May mortgage rates crossed back above 4% even before the Federal Reserve's pending start to a...

  • Thursday, May 21, 2015 - 16:00 Canada Finmin Oliver: Main Challenge For Canada Econ External 0


    --No Need For Immediate Policy Change Regarding Housing Finance
    --CMHC Won't Be Privatized

    OTTAWA (MNI) - The main challenge for Canada's economy is "external," Finance Minister Joe Oliver said Thursday, focusing in particular on subdued Eurozone growth and the ongoing developments regarding Greece.

    At home, Oliver said the housing finance system doesn't need any "immediate" change, although adjustments down the road will be made "as appropriate" to reduce the government's role and taxpayers' exposure, he said at the Bloomberg Economic Conference in Toronto, Ontario.

  • Thursday, May 21, 2015 - 15:29 Canada Data Preview:Analysts Agree W/BOC Underlying Infl Est. 0


    By Yali N'Diaye

    OTTAWA (MNI) - While most analysts expect the core inflation rate to remain above the 2.0% Bank of Canada target in April, they agree with the central bank that excluding the exchange rate impact and one-time factors, the underlying trend is closer to 1.6% to 1.8%.

    The median estimate for total CPI in a survey by MNI is for a 0.1% rise in April with analysts' forecasts ranging from flat to plus 0.3%. The index is seen rising 1.0% year-over-year, with forecasts between a 0.9% increase to a 1.2% gain, following a 1.2% increase in March.

    The median estimate for core CPI is also for a 0.1% increase on the month, bringing the year-over-year growth rate to 2.3% from 2.4% in March, when it recorded its fastest...

  • Thursday, May 21, 2015 - 15:18 ECB's Draghi: Growth, Inflation Too Low in Europe 0


    SINTRA, Portugal (MNI) - European Central Bank president Mario Draghi Thursday said that growth and inflation in the euro area remain too low.

    "Recently economic conditions have improved somewhat in Europe but growth is too low everywhere," Draghi said in welcoming remarks to the ECB forum on central banking.

    "Inflation is low in certain member countries and it is certainly too low in other member countries," Draghi asserted.

    The conference focuses on "inflation and unemployment in Europe" and will be held over the next two days in Portugal. Speakers include U.S.