Government Policy

  • 2016-06-24 16:41

    * Fixed income traders are really in need of a little calm to digest the impact of the UK's stunning vote to leave the EU Friday, and as such, Treasuries may start to nestle into a new range. That range should be bookended by 1.38%, the July 2012 all-time yield low and the key 1.70% threshold established in the hours surrounding the UK vote, market participants said. There are no Treasury coupon auctions scheduled in the week ahead. Moreover, the Fed speaker calendar is light, with a focus on appearances overseas. Chair Janet Yellen attends a conference at the ECB. Meanwhile, reaction to the Brexit "Leave" vote should continue as market participants reevaluate the effects, but this still should provide support for U.S.

  • 2016-06-24 15:28

    By Denny Gulino

    WASHINGTON (MNI) - The repercussions of the UK exit vote in the economic, financial, foreign exchange and direct investment spheres are unfolding on quote screens around the world Friday yet deeper are some tectonic plates set in motion that will change the landscape, particularly for the United States, from what it has been since World War II, one expert told MNI.

    "The United States' approach to Europe for 70 years has been to build a more united Europe, a more cohesive Europe, a Europe that doesn't go to war with itself but equally importantly, a Europe that is a partner for the United States in shaping the political, economic and security environment in the trans-Atlantic space and around the world," said Jeffrey Rathke, a senior fellow at the bipartisan thi

  • 2016-06-24 13:20

    --Hill's Appropriations Process Slows To A Crawl
    --House Speaker Ryan Declines To Opine On Stop-Gap
    --House Minority Whip Hoyer Says Brief Stop-Gap Is Best

    WASHINGTON (MNI) - While the 2017 fiscal year does not begin for more than three months, informal discussions have begun on Capitol Hill about the terms and duration of a stop-gap spending bill to keep the federal government funded for the start of the 2017 fiscal year.

    These talks have been spurred by Congress's glacial progress on the 12 FY 2017 spending bills and its abbreviated legislative calendar for the year caused by summer conventions and the November elections.

    So far, the House and Senate have each passed three of the 12 spending bills for FY 2017, but no final version of any bill has been appr

  • 2016-06-24 12:53

    --Adds Additional Quotes

    PARIS (MNI) - French Finance Minister Michel Sapin said Friday that the initial shock of the UK referendum vote had been controlled and that the Eurozone had tools to react if the situation worsened.

    "The shock was important but the consequences are under control," Sapin told reporters in Paris. The impact on the Eurozone so far, he said, has been "extremely limited."

    Sapin said the Eurozone was much more resilient now than during the worst of the debt crisis several years ago.

    "It is important that everyone bears in mind that the Eurozone its no longer the same as in 2010-11.

  • 2016-06-24 12:17

    By Jack Duffy

    PARIS (MNI) - French Finance Minister Michel Sapin said Friday that the impact on Eurozone so far from the Brexit vote has been limited and that the currency area has tools to react if the situation worsens.

    Speaking to reporters in Paris, Sapin said "the consequences on the Eurozone have bee extremely limited."

    Hen added that "it is important that everyone bears in mind that the Eurozone its no longer the same as in 2010-11. It now has tools at its disposal."

    He said the Eurogroup of finance ministers "was ready to take decisions" to limit the Brexit fallout if necessary.


    --MNI Paris Bureau; tel: +33 1-42-71-55-41; email:

    [TOPICS: M$E$$$,M$F$$$,M$X$$$,MGX$$$]

  • 2016-06-24 11:39

    WASHINGTON (MNI) - The following is a statement issued by the U.S. Office of the Comptroller of the Currency, the regulatory agency overseeing all national banks and branches and agencies of foreign banks in the United States:

    The OCC is carefully monitoring developments following the results of the U.K. referendum on membership in the European Union. The OCC routinely works with the banks it supervises to ensure bank management understands the unique risks facing their banks, and that they have established the appropriate risk management controls to identify and react to a variety of emerging concerns and contingencies such as this.

  • 2016-06-24 10:56

    --House Speaker Ryan, Tax Chief Brady Unveil Tax Plan
    --House Republican Plan Sets Three Individual Rates
    --House GOP Plan Cuts Top Corporate Rate to 20%
    --Ryan: US's 'Special Relationship' With UK Remains


  • 2016-06-24 09:40

    WASHINGTON (MNI) - The following is a statement issued Friday morning by Fitch Ratings:

    The "Leave" result in the UK referendum on membership of the European Union is credit negative for most sectors in the UK, due to weaker medium-term growth and investment prospects and uncertainty about future trade arrangements, Fitch Ratings says.

    Brexit will be moderately credit negative for the UK sovereign and as we have previously stated we will review the sovereign rating shortly. Any negative sovereign rating action would affect the relatively small number of sovereign-linked or capped ratings in infrastructure, public finance and structured finance and government-guaranteed bank debt.

  • 2016-06-24 09:27

    WASHINGTON (MNI) - President Barack Obama said the UK and European Union "remain indispensable partners" of the United States, in the wake of the vote for the UK to separate from the EU. The text of Obama's statement follows:

    The people of the United Kingdom have spoken, and we respect their decision. The special relationship between the United States and the United Kingdom is enduring, and the United Kingdom's membership in NATO remains a vital cornerstone of U.S. foreign, security, and economic policy. So too is our relationship with the European Union, which has done so much to promote stability, stimulate economic growth, and foster the spread of democratic values and ideals across the continent and beyond.

  • 2016-06-24 08:44

    WASHINGTON (MNI) - The following is an analysis Friday of the Brexit vote's implications for financial regulation in the UK from Duff & Phelps, a global corporate finance advisory firm:

    Regulation and Compliance

    "The UK's relationship with the EU going forward will change and we do not know yet what is certain, at least as far as the rules are concerned, however what is certain is that we will carry on as normal for a time.