Larry Flynt is making noises about taking his Hustler porn empire public. The 71-year-old porn king, who has expanded well beyond his monthly magazine into Web sites, casinos, a TV network and a licensing division, thinks the business could be worth as much as $500 million. The Los Angeles-based c…
It is a pleasure to be here at Carleton University. It has been a long time since I was a student here, but I still get caught up in the back-to-school feeling of September. It’s a time of fresh starts and renewed energy. Today I would like to talk about the economies of the United States an…
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Lane: Are We There Yet? The United States and Canada After the Global Financial Crisis
Unlike the U.S. Federal Reserve and other western central banks, the People’s Bank of China isn’t independent of the government. It reports to the State Council, the Chinese government’s top decision-making body and as a result, the PBOC has no real control over China’s monetary policy. Zhou as C…
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How China’s Central Bank Works
As William Dudley goes, so often goes the Fed. In October 2010, he said the outlook for U.S. job growth and inflation was “unacceptable” and probably warranted more monetary stimulus. A month later, the central bank deployed its second round of quantitative easing. Just this May, Dudley said t…
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Dudley Opens New Front for Fed Doves With Dollar Warning
Markets are hard. One of the main reasons they’re hard is because it’s in our nature to overthink. We’re tempted to think deep thought is our value added, how we justify our fees. It’s also how we impress clients. But market reality is usually far simpler. Investors chase returns. We fall for sto…
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Of Trends, Yields, and Metals
Thank you. I would like to thank the Peterson Institute and Adam Posen for organizing this conference focusing on labor market issues. The functioning of the labor market is always of great interest to both academics and policymakers. But today, with the collapse of labor demand during the Great…
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Evans: Patience Is a Virtue When Normalizing Monetary Policy
Barclays Plc (BARC) was fined twice in one day for client account failures in the U.K. and the U.S., hurting the bank’s effort to rehabilitate a tarnished image. It agreed to pay a total of $77 million in penalties. The bank will pay $15 million to the Securities and Exchange Commission to settl…
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Barclays Fined Twice in One Day for Compliance Failures
Good afternoon and thank you for that very kind introduction. I also thank the Cleveland Association for Business Economics, CFA Society Cleveland, and the Risk Management Association for inviting me to speak today. I am pleased to say that a number of Cleveland Fed employees are members of your…
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Mester: The Economic Outlook, Monetary Policy, and Getting Back to Normal
Bank lending to private euro zone businesses needs to grow at a 3 percent annual rate on a sustained basis in order to stir inflation, according a Reuters poll of economists who say that is not likely to happen. In the latest monthly survey on European Central Bank policy taken Sept. 22-24, for…
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ECB’s plans to revive bank lending leave economists unconvinced: Reuters poll
Bullish Week: USD/CAD is bullish this week after falling from 1.11 to 1.0886. At the beginning of the week, we saw a break above a falling trendline from the previous week, and price climbed above the 200-, 100-, and 50-hour simple moving averages (SMAs). The 1H RSI tagged 70 then held above 40 and…
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USD/CAD Breaks into a New High on the Month
U.S. crude stocks fell unexpectedly last week, while gasoline stocks decreased and distillate inventories rose, data from the Energy Information Administration showed on Wednesday. Crude inventories fell by 4.3 million barrels in the last week, compared with analysts’ expectations for an increase…
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U.S. crude oil stocks fall; gasoline inventories decrease – EIA
What’s the difference between traders and rats? What’s the difference between traders and rats? Make all the jokes you like, but it turns out the furry four-leggers make better investment decisions than humans do. “They outperform most human traders and represent a much more economic solutio…
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Meet the rats that trade better than humans
China’s long-time Central Bank head Zhou Xiaochuan may be pushed out of office, the WSJ reports. President Xi Jinping is considering replacing him with someone more in agreement with him over economic reforms, according to party officials. Over the last few months there has been a distinct shift …
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Report: China May Push Out Its Central Bank Head
New-home sales in the U.S. surged in August to the highest level in more than six years, a sign that the housing recovery is making progress. Sales of new houses jumped 18 percent to a 504,000 annualized pace, the most since May 2008, the Commerce Department reported today in Washington. The medi…
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Sales of New U.S. Homes Surged in August to Six-Year High
The euro busted through stops on a fall below 1.2800 to a fresh 14-month low at 1.2788. It was a 35-pip move in minutes. A rumored knock-out option at 1.2800 was busted. The leaked French jobseekers report showed fewer people looking for work in August but it hasn’t helped the euro. The …
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Euro breaks 1.28 in fall to fresh 14-month low
As my colleagues Min Zeng and Katy Burne report in today’s Wall Street Journal, rates on short-term U.S. Treasury bills have suddenly gone negative, opening a window onto challenges the Federal Reserve could face in the years ahead keeping short-term rates in a prescribed, quarter-percentage-point…
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Explaining why U.S. rates have suddenly gone negative
The National Bank of Belgium’s business barometer has stabilised during September, at the level of the two previous months. The business climate picked up solely in the manufacturing industry. In the other branches of activity, confidence among entrepreneurs deteriorated. The improvement observe…
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Belgium Business Confidence Levels Out in September
Since the Scottish sovereignty referendum, it has been difficult to get overly excited about forex, especially with the EUR’s price action confined to a relatively tight trading range. The single units recent moves have been rather telegraphed, influenced mostly by option related deals and a few…
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EUR Strangled By Option Interest
USD/CAD continues to improve after its successful test of its rising channel. A break of the resistance at 1.1099 would favour further gradual strength towards the strong resistance at 1.1279. Hourly supports can be found at 1.0986 (23/09/2014 low) and 1.0927 (22/09/2014 low). In the longer term,…
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USD/CAD – Challenging its recent highs
Tough new U.S. government rules on corporate “inversion” deals, aimed at making the tax-avoidance transactions less desirable, undermined share prices in nearly a dozen companies on both sides of the Atlantic on Tuesday. Analysts and tax lawyers were studying the damage to deals currently in the…
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New U.S. tax rules chill ‘inversion’ deal-making; shares dive
