• Friday, February 12, 2016 - 16:09


    -- BOJ Could Buy JGBs W Lower Than -10bp Yld

    NEW YORK(MNI) - Japan's monetary policy is currently "lax" and must remain so, with scope for additional easing if needed, said Bank of Japan Deputy Governor Hiroshi Nakaso Friday.

    "I am a firm believer that at this critical juncture, the Bank of Japan needs to provide support to the economy by pursuing its inflation targeting policy," he said in a speech to the Japan Society in New York City.

  • Friday, February 12, 2016 - 14:12


    --'Graying of American Debt' Has Consequences
    --Skewed Borrowing Patterns Have Implications for Growth, Welfare

    WASHINGTON (MNI) - When credit underwriting tightened in the United States after the financial crisis, young people were disproportionately hit and the effect is lingering, the New York Federal Reserve Bank reported Friday.

    In its massive report on household credit, New York Fed economists charted the disparate effects of tighter credit, showing younger would-be borrowers, who always have the lowest credit scores, were deprived to a much greater extent the loans their older peers could get easily.

    This age-based discrepancy goes a long way toward explaining Millennial generation spending, borrowing and saving habits, which have diverged sharply

  • Friday, February 12, 2016 - 13:41


    --House Speaker Scorches Obama Budget, Seeks Alternative
    --Rep.

  • Friday, February 12, 2016 - 12:38


    --Liquidity Complexities of ETFs Not Addressed by Regulators

    WASHINGTON (MNI) - The following is the second and final section of excerpts of the Federal Reserve's record of the Feb. 3 meeting between the Fed Board of Governors and its Federal Advisory Board, composed of 12 representatives of the banking industry. The meeting takes place four times a year and is required by the Federal Reserve Act:

    Continued:

    New Observations (About Consumers) Since the December 2015 FAC Meeting

    - There is evidence of increased demand for unsecured and deposit-secured lending. This is most likely due to the ease of processing and obtaining these loans compared to the requirements and length of time to close a home equity loan.

  • Thursday, February 11, 2016 - 16:27


    NEW YORK (MNI) - - The U.S. monetary authorities did not intervene in the foreign exchange markets during the October-December quarter, the Federal Reserve Bank of New York said Thursday in its quarterly report to the U.S. Congress.

    In the fourth quarter of 2015, the U.S. dollar continued to appreciate, with the broad trade-weighted U.S. dollar index rising roughly 2.0 percent, bringing the increase for all of 2015 to more than 10 percent.

  • Thursday, February 11, 2016 - 12:11


    --House Speaker Ryan Says Admin Must Push Harder
    --Rep. Ryan: GOP Dealing With Annual 'Concerns' on Budget
    --Rep.

  • Wednesday, February 10, 2016 - 13:04


    --Tsy's Lew: Puerto Rico Is 'In Crisis,' Must Act Soon
    --Lew: Admin Open On Details of PR Debt Restructuring
    --Lew: Much 'Overlap' W/Admin, Hill On Business Tax Reform

    WASHINGTON (MNI) - Treasury Secretary Jack Lew said Wednesday the administration and Congress should act this year on bipartisan bills to assist financially beleaguered Puerto Rico and to overhaul the corporate tax code.

    In testimony to the Senate Finance Committee on the administration's fiscal year 2017 budget, Lew defended the administration's record for the past seven years and its tax proposals for the coming year.

    During the question-and-answer session with the committee, the bulk of Lew's comments pertained to two topics: Puerto Rico and corporate tax reform.

    On Puerto Rico, Lew

  • Wednesday, February 10, 2016 - 12:46


    --Fiscal Policy Does Affect Monetary Policy Options

    WASHINGTON (MNI) - The following is an MNI transcript of a response by Federal Reserve Chairman Janet Yellen Wednesday to a question from a member of the House Financial Services Committee:

    Rep. Ed Royce, R-Calif: Do you still believe that negatives rates are a tool in the toolbox and can we assume the Federal Reserve would not include this scenario in a stress test if in fact it were not a potential future action?

    Yellen: Let me say that was not what motivated the inclusion of this scenario in the stress test. We are in an environment where, as you pointed out, the number of - the ECB, other European central banks, the Bank of Japan have gone to negative rates.

  • Wednesday, February 10, 2016 - 10:28


    --House Speaker Scorches Obama Budget
    --Rep. Ryan: GOP Will 'Figure Out' New Budget
    --Rep.

  • Tuesday, February 9, 2016 - 14:41


    --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 said Obama's final budget combines short-term practical ideas with visionary long-term proposals, but does all of this within the strictures of last year's spending and debt ceiling