News By Region
Friday, May 27, 2016 - 15:17 Friday's Top Stories in the United States 0
* In the week ahead, markets will have a long wait for key data and events, resulting in range trade for much of the time that defers to watching oil and stocks after month-end needs are satisfied.
Friday, May 27, 2016 - 14:57 Yellen Excerpt - If Econ Improving, Move Probably Appropriate 0
WASHINGTON (MNI) - The following is an MNI transcript of Federal Reserve Chair Janet Yellen's comments on the outlook for rate hikes made at her appearance Friday at Radcliffe Yard, answering questions of Harvard Economic professor Gregory Mankiw:
Mankiw: I've been told that much of the money managers in New York have delayed their trip to the Hamptons this afternoon so they could listen to your talk here today in case it moves markets. So it's your chance to move markets. Can you tell us anything about the path of monetary policy going forward. You're welcome to say no. And if you say no they can leave for the Hamptons.
Yellen: Let me say a few sentences so I won't delay them very long. So, the economy is continuing to improve...
Friday, May 27, 2016 - 12:30 IMF Approves New 2-Yr, $88 Bln FCL for Mexico - Text 0
--Increases from Previous FCL of $67 Bln
WASHINGTON (MNI) - The International Monetary Fund Executive Board Friday announced it had approved a new two-year $88 billion Flexible Credit Line Arrangement with Mexico, canceling the previous arrangement for $67 billion.
Mexico has had an FCL in place since March 2009 but has always considered the arrangement as precautionary and has never drawn on the funds.
The text of the IMF announcement follows:
The Executive Board of the International Monetary Fund (IMF) today approved a successor twoyear arrangement for Mexico under the Flexible Credit Line (FCL) in an amount equivalent to SDR 62.389 billion (about US$88 billion) and canceled...
Friday, May 27, 2016 - 11:48 US Budget Week: Hill FY 2017 Spending Drive Stumbles At Start 0
--House Speaker Blasts Dems For 'Sabotaging' Spending
--House GOP Leadership Regroups on Spending Strategy
--Unclear if Senate Process Will Continue or Falter
WASHINGTON (MNI) - Within a few hours of Senate Majority Leader Mitch McConnell's celebration Thursday of the Senate's early progress on fiscal year 2017 spending bills, the House's appropriations process unraveled in a spasm of accusations of bad faith and partisan deceit.
It now remains very unclear how much spending progress will occur on Capitol Hill during the six-week period from early June to mid July.
To be fair...
Friday, May 27, 2016 - 09:43 EPFR Global: Muni Funds Remain Popular Amid PR Progress 0
By Yali N'Diaye
OTTAWA (MNI) - Despite prospects of another Federal Reserve rate hike this summer that drove investors out of emerging market and high yield debt, muni bond funds remained popular, as they attracted over half of inflows into U.S. bond funds in the week ended May 25.
Fund data provider EPFR Global reported Friday that bond funds took in $2.6 billion in the May 25 week, money market funds absorbed $12 billion - mainly U.S. MMF inflows - while equity funds suffered redemptions of $9.1 billion.
"Among the few fund groups to catch the eye for positive reasons were Alternative Funds, which took in over $1 billion for the fifth time in the past 14 weeks, and municipal bond funds whose current inflow streak...
Friday, May 27, 2016 - 09:22 Overnight Repo: Traders Do PreWknd Trades in Tsy GC,2Y,5Y,10Y 0
By Sheila Mullan
NEW YORK (MNI) - The overnight repo market saw traders rush to do pre-weekend trades, with early demand in Treasury General Collateral, 2-year, 5-year and 10y-ear Treasuries.
The Treasury General Collateral rate opened at 0.28% but ebbed later to 0.35% as various accounts parked money early. That area has received interest from accounts with cash who want to position money cautiously ahead of the June FOMC meeting, said traders.
Similar early demand occurred in the 2-year and 5-year notes, which saw a flurry of demand early and then action quieted down into Friday's early market close and long Memorial Day holiday weekend. The 2-year, 5-year and 7-year note auctions settle next Tuesday, the next business...