Week of November 13, 2011 thru November 19, 2011
--Hill Dems Reject GOP Offer Of $640B Plan With Mostly Spend Cuts
--Meetings & Events of Interest to Subscribers
DATE GMT / EST EVENT
21-Nov 1930/1430 Atlanta Federal Reserve Bank President Dennis Lockhart remarks on the work of the Fed to the Getulio Vargas Business School, Sao Paulo, Brazil.
22-Nov 1500/1000 FDIC Acting Chair Martin Gruenberg briefing on Q3 bank and thrift earnings.
22-Nov 1800/1300 Minneapolis Federal Reserve Bank President Narayana Kocherlakota speech to CFA Winnipeg, Canada.
23-Nov - Federal bankruptcy judge to rule on Harrisburg, Pa.'s Chapter 9 filing.
24-Nov - US govern
--Updating 16:18 ET Story With New Statement By Council Members
PHILADELPHIA (MNI) - Pennsylvania Gov. Tom Corbett on Friday named a receiver to draw up a financial recovery plan for the City of Harrisburg in the latest attempt to rescue the state capital from more than $300 million in debt that threatens it with bankruptcy, asset sales or deep service cuts.
Corbett filed a petition with the Commonwealth Court for David Uncovic, a lawyer and public finance expert, to be appointed as a receiver to oversee a financial overhaul of the city that cannot meet all its obligations as the primary guarantor of debt on a city trash incinerator.
NEW YORK, Nov. 18 (MNI) - There is not much on next week's line-up to allay concerns about still wide eurozone peripheral spreads and larger risk aversion, but there is not much to roil market sentiment either, traders said.
Source: U.S. Treasury, Fannie Mae, Freddie Mac Amounts in billions of U.S.
CHICAGO, Nov 18 (MNI) - The benchmark index on U.S. investment grade Credit Default Swaps rejected Thursday's 6-1/2 week wide, in line with improvement in other risk markets, observers said Friday.
NEW YORK, Nov 18 (MNI) - The U.S. Treasury market traded lower Friday but it held in an extremely tight range as traders were just biding their time before they could bolt for the weekend.
CHICAGO, Nov 18 (MNI) - Over-the-counter swaption volatility slipped off the prior sessions highs early Friday as rates markets reversed some of the recent risk off-tone evident this week.
WASHINGTON (MNI) - The Federal Reserve has been bold and decisive, yet monetary policy needs reinforcement from fiscal policy if a robust recovery is to arriving any sooner than much later in the decade, San Francisco Federal Reserve Bank John Williams told a summit meeting on inflation targeting being held in Santiago, Chile.
"The Federal Reserve has taken extraordinary actions during the past four years to stem what could have been a meltdown of the financial system and a horrific depression," Williams said in a speech text released to reporters, who were barred from the meeting itself.
It hasn't worked, he said, and unemployment won't be back to normal until 2016.
--Democratic Member of Panel Says Talks Continue
--Deficit Group Is 'Looking For A Way' To Get $1.2T
WASHINGTON (MNI) - Rep. Chris Van Hollen, a Democratic member of Congress's deficit reduction panel, said Friday that the committee is "exploring every angle" in its attempt to get a deficit reduction agreement.
"We're looking for a way" to get an agreement, Van Hollen said.
He added the panel is still trying to reach its statutory goal of $1.2 trillion in savings over a decade.
Van Hollen spoke as he left a meeting of six members of the deficit reduction panel who have been meeting in the Capitol suite of the Senate Foreign Relations Committee.
Earlier in the day, Rep.