The FOMC kept rates on hold as expected at 0-0.25%. Federal Reserve Chairman Ben Bernanke had a cautious tone saying he would keep rates at these levels for an extended period of time.
Federal Reserve
Morning Market Report: Rates to stay on hold
An inconvenient truth sobers thinking on weak state of US banking
Markets are not known for their consistency. Last night, the US market went up 148 points very quickly, then slid back into the red, only to close up 76 points.
No surprises: Bernanke will be back
US President Barack Obama will renominate Ben Bernanke as the US Federal Reserve chief. The move comes a little early — Bernanke’s first term isn’t up for another five months — but it’s hardly a shock in such turbulent economic times, says Phil Izzo.
The end of financial globalisation
The end of footloose finance may be upon us, but the search for alternatives is yet to bear fruit. Though for many, the take home lesson of the GFC is the need for locally owned banking systems, says Floyd Norris.
The long, winding road to a US turnaround
If the US recession somehow peters out this year, it will be nothing short of a miracle, writes Irwin Kellner.
US relief program, a haven for white collar crime?
It sounds far fetched, but the Troubled Asset Relief Program could be in invitation for a new breed of trenchant corporate criminals.
Jobless threat makes mockery of US “rebound”
The latest so-called “Beige Book” from the US Federal Reserve is the most ‘cheery’ in months, despite the imminent threat provided by unemployment.
US Fed: we’re years away from a turnaround
The US central bank has sharply downgraded its economic outlook for 2009 and 2010, confounding analysts who had been predicting an uptick.
CreditWatch: ‘Green shoots’ in US economy turning brown
The US economy appears to be steadying but a turnaround is far from assured, writes Glenn Dyer.
Curing Greenspan’s expansion with expansion
Chairman of Australia’s Future Fund, David Murray AO, yesterday attacked central banks for their role in the global financial crisis, writes Adam Schwab.
Goldman Sachs’ 1% tax rort
Taxpayers may have funded Goldman Sachs’ bailout only to find the former investment banking giant paying hardly any tax, writes Glenn Dyer.
As polling day looms, US to get more economic bad news
With US voters poised to decide who will govern the economy for the next four years, a deluge of bad economic news this week will help focus their minds. By Glenn Dyer.
Kohler: Trigger-happy bankers
Central Banks in the US and Europe are planning, through policy, to impose 1930s-like conditions. We stand at an interesting crossroads in economic history, writes Alan Kohler.
Don’t bank on an end to recapitalisation yet
The growing list of banks recapitalising themselves shows no sign of stopping, writes Glenn Dyer.
US Fed and IMF add to doom and gloom
More gloomy talk overnight from the US Federal Reserve and the IMF, which sees total losses from the credit crunch ballooning past $A1 trillion, reports Glenn Dyer.
Investors continue to bask in the afterglow of Bear Stearns bailout
The US stockmarket has come off its worst quarter for five years with its best start to a second quarter for 70 years. But why? asks Glenn Dyer.
Bear Stearns shareholders offered a reprieve
JP Morgan’s revised offer for Bear Stearns has assured Wall Street that, whatever happens, shareholders and high flyers in investment banks will be looked after, writes Glenn Dyer.
Fed’s $30b made Bear Stearns a BUY for JP Morgan
At the start of 2007 Bear Stearns had a market cap of $US20 billion. After four days of fevered negotiations, rival investment bank JP Morgan bought it for just $US240 million, writes Glenn Dyer.
US Fed throws the mother of all lifelines
The US Federal Reserve must be very worried, reports Glenn Dyer.
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
Mungo MacCallum: at least Kevin kept his pants on
My immediate take on the great Kevin Rudd stripclub scandal is the same as Peter Beattie’s: it is unlikely to do the uptight opposition leader any harm at all.
