• Tuesday, February 9, 2016 - 14:41 US OMB's Donovan Touts 'Broad Fiscal Progress' in Obama Years 0


    --White House Budget Chief: Budget Makes 'Hard Choices'
    --OMB's Donovan: GOP Should Adhere to 2015 Budget Deal
    --CEA's Furman: US Econ Confronts 'Significant Headwinds'

    WASHINGTON (MNI) - White House budget director Shaun Donovan said Tuesday that President Barack Obama's fiscal year 2017 budget seeks to build on the "broad fiscal progress" that has been achieved during the past seven years.

    At a briefing on the FY 2017 budget, Donovan was joined by Jason Furman, the chairman of the Council of Economic Advisers, and Jeff Zients, director of the National Economic Council.

    Donovan...

  • Tuesday, February 9, 2016 - 14:01 Analysis: Ten-Year JGB Yields Turn Negative; Spillover For Yen 0


    By Vicki Schmelzer

    NEW YORK (MNI) - In a move well-expected but nevertheless feared by the market 10-year Japanese government bond yields moved into negative territory Tuesday.

    While Japanese stocks reacted negatively, there were positive ramifications for the yen, which rose to high levels versus the dollar last seen in November 2014.

    Ten-year JGB yields last traded at -0.0350%, after earlier posting a new life-time low of -0.0853%.

  • Tuesday, February 9, 2016 - 12:23 In Final Budget, Obama Touts Major Progress on Budget Deficits 0


    By John Shaw

    WASHINGTON (MNI) - President Barack Obama unveiled his final budget Tuesday, arguing that policymakers should take stock of the major progress that has been on the fiscal front and take steps to ensure that economic growth continues and key investments are made.

    As he unveiled his $4.1 trillion fiscal year 2017 budget, Obama said the U.S. has experienced "the most sustained deficit reduction" of the post World War II era.

    Obama's budget asserts that, if its policies are followed, budget deficits will remain stable over the next decade.

    The Obama budget sees deficits of $503 billion in FY 2017, $440 billion in FY 2018, $517 billion in FY 2019 and $487 billion in FY 2020.

  • Tuesday, February 9, 2016 - 09:26 Some Global Mkt Views Don't Necessarily Jibe with Outsiders' 0


    By Denny Gulino

    WASHINGTON (MNI) - The views of markets about the global economy can change in seconds but the self-reinforcing fear matrix - with China and Japan's perceived prospects feeding back to depress expectations for any further Fed easing, has embedded itself in the near year, despite some skepticism coming from other directions.

    Reporters who cover the global economy hour by hour form observations that can also change instantaneously, but a snapshot of their views provides a counterpoint on some issues, for whatever that is worth.

    Five international news agency reporters asked by MNI to identify areas of skepticism versus prevailing global market themes all agreed that caution may be recommended before...

  • Tuesday, February 9, 2016 - 08:56 US Redbook: Emphasis Remains on Winter Clearance - Text 0


    WASHINGTON (MNI) - The following is the text of the weekly retail sales report released by Johnson Redbook Tuesday, for the first week of the February retail period:

    The Johnson Redbook Retail Sales Index was up 0.6% in the first week of February. Month-to-date, February was up 0.6% compared to February of last year (relative to a revised target of a 1.0% gain). Month-over-month showed a 2.6% drop versus January (relative to a target of a 2.2% drop). February is a four-week month on the retail calendar, ending on February 27th.

    February is generally a transitional month with merchandising emphasis on winter clearance ahead of spring restocking.

  • Tuesday, February 9, 2016 - 08:50 ECB Weidmann: Will Likely Have To Lower Inflation Forecasts 0


    By Steven Arons and Jack Duffy

    PARIS (MNI) - European Governing Council member Jens Weidmann said Tuesday that the euro area's economic outlook had darkened in recent weeks, while preparing markets for downward revisions of inflation forecasts to be published in March.

    "The economic skies are more cloudy than they were just a few weeks ago," Weidmann said at a press conference in Paris following a meeting of French and German finance officials.