ThinkstockConcern about the Japanese economy has increased as the Bank of Japan extended its bond-buying program. The central bank increased its commitment by $138 billion. The entire effort is expected to last through 2013. The…
It was widely expected on Sunday that Hurricane Sandy was going to create closures of the major financial exchanges on Monday October 29. What was not know was the status for Tuesday, October 30…
The Spanish agency responsible for restructuring the country’s banks — FROB — today released its design and structure for the asset management company that will serve as the nation’s “bad bank” — Sareb. The…
ThinkstockIn its most recent survey of 67 firms, the National Association for Business Economics (NABE) continues to expect slow U.S. GDP growth, along with flat sales, margins and employment. Compared with the July survey,…
If Hurricane Sandy remains a Category 1 hurricane, property and casualty insurers may end up be on the hook for damages more than the reinsurers. We have seen an estimate of damages from the storm…
Jeffrey Lacker, President of the Richmond Federal Reserve Bank, has commented on his dissenting vote in a statement issued by the Richmond Fed this morning. Lacker is growing concerned that guidance is implying that…
Rumors that a Fitch Ratings downgrade of the United States appears to be false. We have tracked down the notes from this summer and the indication is that the review will be evaluated through…
It was expected that there would be no change in the interest rate policy from the Federal Open Market Committee today. In fact, it was not even all that expected that any great revelations…
CIT Group Inc. (NYSE: CIT) is recovering on Wednesday, but this is only a portion of the losses that shareholders endured on Tuesday after wider losses due to its debt financing. Today’s small bounce…
Countrywide Financial Corp., now part of Bank of America Corp. (NYSE: BAC) is the gift that just keeps on giving. Today, for example, the former high-flying mortgage lender delivered a lawsuit to BofA from…
This has been an interesting year when it comes to health of the banks. Wells Fargo & Co. (NYSE: WFC) is now the defacto healthiest of the 7 safest banks in America. That was…
If you wonder what a 200 point drop in the DJIA does to a Treasury auction, let’s just say that demand goes through the roof. We would normally not care about a 2-year Treasury…
The Federal Reserve Bank of Richmond has released its October Manufacturing Index and the report is signaling contraction in that district. Today’s data showed that both manufacturing and services posted declines during October. In…
Big-box retailer Target Corp. (NYSE: TD) today announced that it has agreed to sell its credit card business to TD Bank Group (NYSE: TD) for the value of its receivables, currently about $5.9 billion.…
We noted earlier today that Moody’s Investors Service had some cautionary words on Germany’s banking system. Fitch Ratings has similar, if more general concerns. Following yesterday’s summit meeting of European Union (EU) leaders, Fitch…