Week of July 3, 2011 thru July 9, 2011
WASHINGTON (MNI) - The Federal Reserve announced Thursday it has
named a new chief of research:
The Federal Reserve Board on Thursday announced the appointment of
David W. Wilcox as director of the Division of Research and Statistics,
effective October 1. Wilcox, currently the deputy director of the
division, will succeed David J. Stockton, who will retire on September
30 after 30 years of service with the Board, including 11 as division
As director of the division, Wilcox will oversee the work of 325
--President Obama To Meet With Congressional Leaders at 11 A.M.
--Speculation Grows That Obama, House Speaker Want Big Budget Deal
--But Senate Leaders Hew Closely To Partisan Talking Points
By John Shaw
WASHINGTON (MNI) - As President Obama prepares to meet with key
congressional leaders Thursday morning, there is growing speculation
that Obama and House Speaker John Boehner are interested in negotiating
a sweeping budget accord that includes critical entitlement reforms and
Obama is set to meet at 11 a.m. with Boehner, Senate Majority
FRANKFURT (MNI) - The European Central Bank will follow the results
of banking stress tests very, very closely and is confident they will
enjoy widespread credibility, ECB President Jean-Claude Trichet said
Trichet said he understands that the results of banking stress
tests will be released some time during the second half of next week.
The ECB follows the results of the stress tests "very, very
carefully," he said, reminding that it had called for them to be done in
the most "professional way."
By Brai Odion-Esene
WASHINGTON (MNI) - The U.S. Commodity Futures Trading Commission
Thursday unveiled final rules intended to guard against fraud and price
manipulation in the swaps and futures markets.
The CFTC also published a final rule defining exactly what it
considers to be an agricultural commodity in order to, among other
things, define the scope of the Dodd-Frank agricultural swaps
The rule comes at a time of widespread suspicion that fraud had
just as much to do with the spike in commodity prices as did market
WASHINGTON (MNI) - The following excerpt is from a fact sheet ahead
of its open meeting Thursday on a final rule that will define the term
"agricultural commodity," as part of its Dodd-Frank rulemaking processs:
Because there is no existing definition of the term agricultural
commodity as used in connection with the CEA or the Commission's
regulations thereunder the final rule will promulgate a definition of
agricultural commodity. The CFTC is defining the term agricultural
commodity in order to, among other things, define the scope of the
WASHINGTON (MNI) - The following are the changes in unadjusted
initial claims by state for the week ended June 25. Data for the July 2
week is not yet available:
STATES WITH A DECREASE OF MORE THAN 1,000
State Change State Supplied Comment
PA -4,974 Fewer layoffs in the transportation,
entertainment, and service industries.
PR -1,332 No comment.
NC -1,316 Fewer layoffs in the stone, clay,
glass,concrete, and textile industries, also in
FRANKFURT (MNI) - The European Central Bank's Governing Council
decided at its monthly monetary policy meeting Thursday to raise its key
interest rate by 25 basis points, the ECB announced.
LONDON, July 7 (MNI) - European CDS markets have had a rather thin
session, with central bank policy meetings taking place Thursday, with
spreads wider in places given the ongoing volatility seen in European
peripheral bond markets.
LONDON, July 7 (MNI) - The new issues sector saw activity slow
further with no new deals hitting the pipeline today. Central bank
meetings from the Bank of England and European Central Bank had
investors sidelined, with ongoing volatility in European government
bond spreads with Ireland coming under pressure today, resulting in a
rather soft tone in the secondary market.
By Karan Landge
OTTAWA (MNI) - Canada's employment is expected to have continued
growing in June, by a modest 10,000 new jobs, following strong gains of
58,000 in April and 22,000 in May.
Statistics Canada is expected to report Friday a slowing but
still positive rate of job increase in Canada in June, according to a
consensus of economists surveyed by Market News International. They
expect the unemployment rate to remain at the May rate of 7.4%.
"We expect a modest increase of 10,000 jobs, a below average growth