Maxine Waters says easing banking regulations ‘will come to an end’ when she takes committee chair

Waters is likely to take over as chair of the committee following the midterm elections that gave back House control to the Democrats. In particular, the White House and the Fed have worked to tailor capital rules to be less onerous on regional and community banks. Waters seemed to direct her comments specifically to the bigger institutions, particularly the too-big-to-fail banks that helped trigger the crisis. She made her comments shortly before Quarles said the Fed is looking to further ease


Waters is likely to take over as chair of the committee following the midterm elections that gave back House control to the Democrats. In particular, the White House and the Fed have worked to tailor capital rules to be less onerous on regional and community banks. Waters seemed to direct her comments specifically to the bigger institutions, particularly the too-big-to-fail banks that helped trigger the crisis. She made her comments shortly before Quarles said the Fed is looking to further ease
Maxine Waters says easing banking regulations ‘will come to an end’ when she takes committee chair Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff cox, david a grogan
Keywords: news, cnbc, companies, regulations, trumps, strong, crisis, come, committee, institutions, takes, waters, chair, financial, trump, end, maxine, doddfrank, fed, house, banking, easing


Maxine Waters says easing banking regulations 'will come to an end' when she takes committee chair

Waters is likely to take over as chair of the committee following the midterm elections that gave back House control to the Democrats. Rep. Jeb Hensarling, a Texas Republican, currently presides over the committee.

In addition to Wednesday’s remarks, she has indicated she might use subpoena power to investigate President Donald Trump’s connection to Deutsche Bank and whether it loaned Trump money that was guaranteed by the Russian government.

Since Trump began his term in early 2017, the administration has sought to loosen the regulatory reins imposed by the Dodd-Frank reforms that came into being after the financial crisis that exploded in 2008. In particular, the White House and the Fed have worked to tailor capital rules to be less onerous on regional and community banks.

Waters seemed to direct her comments specifically to the bigger institutions, particularly the too-big-to-fail banks that helped trigger the crisis. She made her comments shortly before Quarles said the Fed is looking to further ease up on community banks.

“It is essential that the Fed keeps a watchful eye on the financial institutions it supervises and makes strong use of its existing enforcement tools to crank down on institutions that break the law,” she said. “I must say that I am concerned about proposals the Fed has put forth this year to reduce capital and liquidity requirements for the largest financial institutions which would weaken strong safeguards established by Dodd-Frank to protect the U.S. economy from another costly financial crisis.”

There was some conciliation, though. Waters said the press and even some of her colleagues have wrongly portrayed her relationship with Republicans, and she hopes they can cooperate.

“I look forward to working with you in any and every way that I can,” she said.

WATCH: Trump’s appointments in key agencies show focus on international coordination


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff cox, david a grogan
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Gold prices hold steady amid easing dollar

Spot gold was steady at $1,232.86 per ounce, as of 0126 GMT. U.S. gold futures was up 0.1 percent at $1,234.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent. In equities, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trades amid worries about tense Sino-U.S. trade relations. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent t


Spot gold was steady at $1,232.86 per ounce, as of 0126 GMT. U.S. gold futures was up 0.1 percent at $1,234.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent. In equities, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trades amid worries about tense Sino-U.S. trade relations. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent t
Gold prices hold steady amid easing dollar Cached Page below :
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Gold prices hold steady amid easing dollar

Spot gold was steady at $1,232.86 per ounce, as of 0126 GMT.

U.S. gold futures was up 0.1 percent at $1,234.6 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent.

In equities, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trades amid worries about tense Sino-U.S. trade relations.

Investors are now focused on the U.S. congressional elections on Nov. 6, which will determine whether the Republican or Democratic party controls Congress, with some predicting increased market volatility on the outcome.

U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.

The U.S. and China are not close to a deal to resolve their trade differences, the White House’s top economic adviser said on Friday, adding that he was less optimistic than previously that such an agreement would come together.

British Prime Minister Theresa May’s office has dismissed as “speculation” a newspaper report that suggests an all-UK customs deal will be written into the legally binding agreement governing Britain’s withdrawal from the EU.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 759.06 tonnes on Friday from 760.82 tonnes on Thursday.

Hedge funds and money managers raised their net short position in gold by 18,723 contracts to 45,622 contracts, according to U.S. Commodity Futures Trading Commission data on Friday. This was the highest in three weeks.

Physical gold demand in India was lacklustre last week, with dealers offering discounts for the metal ahead of a traditionally busy festival week for the first time in at least three years, as high prices kept consumers away.

Barrick Gold shareholders have voted overwhelmingly in favor of the Canadian miner’s $6.1 billion acquisition of Africa-focused Randgold Resources, three people familiar with the preliminary vote count told Reuters on Friday.


Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: edgar su
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Bank of Japan governor says he’s aware that easy policy is hurting lenders, warns of global risks

Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank was aware that prolonged ultra-loose monetary policy could squeeze financial institutions’ margins and potentially destabilize the country’s banking system. “The BOJ fully recognizes that, by continuing monetary easing, financial institutions’ strength will be cumulatively affected,” Kuroda said in a speech to business leaders in Nagoya, central Japan. “Although these risks are judged as not significant at this point … the


Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank was aware that prolonged ultra-loose monetary policy could squeeze financial institutions’ margins and potentially destabilize the country’s banking system. “The BOJ fully recognizes that, by continuing monetary easing, financial institutions’ strength will be cumulatively affected,” Kuroda said in a speech to business leaders in Nagoya, central Japan. “Although these risks are judged as not significant at this point … the
Bank of Japan governor says he’s aware that easy policy is hurting lenders, warns of global risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, risks, hurting, easy, monetary, global, easing, boj, governor, warns, lenders, financial, policy, kuroda, hes, rising, stimulus, institutions, japan


Bank of Japan governor says he's aware that easy policy is hurting lenders, warns of global risks

Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank was aware that prolonged ultra-loose monetary policy could squeeze financial institutions’ margins and potentially destabilize the country’s banking system.

Given subdued inflation and uncertainty surrounding overseas economies, however, he said the BOJ needed to maintain its massive stimulus program while keeping a watchful eye on the merits and costs of its policy.

“The BOJ fully recognizes that, by continuing monetary easing, financial institutions’ strength will be cumulatively affected,” Kuroda said in a speech to business leaders in Nagoya, central Japan.

Japan’s banking system could destabilize in the event of a severe negative shock, if financial institutions more actively take on risk to make up for narrowing margins from years of low interest rates, he said.

“Although these risks are judged as not significant at this point … the BOJ will scrutinize developments and encourage financial institutions to take action as necessary,” he said.

Kuroda’s remarks came after minutes released earlier on Monday showed the BOJ’s nine-member board discussed the rising cost of prolonged easing at its rate review in September.

“One member said there was room to make the BOJ’s policy framework more flexible in the future” if the economy continues to expand, the minutes showed.

Another member said the board should discuss how long the BOJ can maintain its stimulus program, given perceived limits to its policy duration, the minutes showed.

While the BOJ will scrutinize financial risks from easing, it also needed to consider uncertainties surrounding Japan’s economic outlook as Sino-U.S. trade frictions and rising protectionism could weigh on global demand, Kuroda said.

“The impact of such problems on Japan’s economy is limited for now,” Kuroda said. “But if the problems persist, the effect on Japan’s economy could become bigger,” he added.

“It’s necessary to persistently continue with powerful monetary easing, while considering both the positive effects and side effects in a balanced manner,” Kuroda said.

Subdued inflation has forced the BOJ to maintain its radical stimulus program despite the rising demerits, such as the hit to financial institutions’ profits from prolonged low rates.

The BOJ kept monetary policy steady last month and Kuroda ruled out a near-term interest rate hike amid risks from global trade disputes.


Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: akio kon, bloomberg, getty images
Keywords: news, cnbc, companies, risks, hurting, easy, monetary, global, easing, boj, governor, warns, lenders, financial, policy, kuroda, hes, rising, stimulus, institutions, japan


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Manufacturing activity slips for second month; construction spending unchanged in September

U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017. The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy. Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An


U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017. The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy. Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An
Manufacturing activity slips for second month; construction spending unchanged in September Cached Page below :
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Manufacturing activity slips for second month; construction spending unchanged in September

U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017.

The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.

Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An index tracking new orders registered 57.4 percent, a decrease of 4.4 percentage points from the September reading of 61.8 percent.

“Demand remains moderately strong, with the New Orders Index easing to below 60 percent for the first time since April 2017, the Customers’ Inventories Index remaining low but improving, and the Backlog of Orders Index remaining steady,” Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee, said in a press release. “Consumption softened, with production and employment continuing to expand, but at lower levels compared to September.”


Company: cnbc, Activity: cnbc, Date: 2018-11-01
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Hammond warns Brexit rebels not to risk easing of austerity

British finance minister Philip Hammond warned rebels in his Conservative Party that he would have to quickly reverse plans to ease nearly a decade of austerity if London fails to get a Brexit deal. Many investors and businesses are worried that the chance of a no-deal Brexit is growing. But Jacob Rees-Mogg, a leading pro-Brexit lawmaker in the Conservative Party, downplayed the economic risks of Brexit. But despite the budget deficit falling sharply, Britain’s debt levels remain high, limiting


British finance minister Philip Hammond warned rebels in his Conservative Party that he would have to quickly reverse plans to ease nearly a decade of austerity if London fails to get a Brexit deal. Many investors and businesses are worried that the chance of a no-deal Brexit is growing. But Jacob Rees-Mogg, a leading pro-Brexit lawmaker in the Conservative Party, downplayed the economic risks of Brexit. But despite the budget deficit falling sharply, Britain’s debt levels remain high, limiting
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Company: cnbc, Activity: cnbc, Date: 2018-10-28  Authors: oli scarff, afp, getty images
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Hammond warns Brexit rebels not to risk easing of austerity

British finance minister Philip Hammond warned rebels in his Conservative Party that he would have to quickly reverse plans to ease nearly a decade of austerity if London fails to get a Brexit deal. Hammond, who is due to announce an annual budget plan on Monday, said he would be able to show voters that “their hard work has paid off” as long as Britain achieves a smooth exit from the European Union in five months’ time.

Hammond has angered many members of his Conservative Party by arguing Britain should remain close to the EU after Brexit and Prime Minister Theresa May has so far failed to bridge the divide in her party.

Many investors and businesses are worried that the chance of a no-deal Brexit is growing. Hammond said he was confident that London and Brussels would settle their differences but “if we don’t get a deal … we would need to take a different approach to the future of Britain’s economy.”

“We would need to look at a different strategy and frankly we’d need to have a new budget that set out a different strategy for the future,” Hammond said in an interview with Sky News broadcast on Sunday.

Most economists say Britain would suffer an economic shock if it leaves the EU with no deal. The British pound sank to a two-month low against the dollar on Friday and was weaker against the euro.

But Jacob Rees-Mogg, a leading pro-Brexit lawmaker in the Conservative Party, downplayed the economic risks of Brexit.

“The Treasury has rather embarrassed itself, has a lot of egg on its face from getting its Brexit-related forecasts so wrong so far and I think there is an element within the Treasury that is still grumpy about Brexit and that’s a pity,” he said.

In his budget on Monday, Hammond is expected to announce a further improvement in Britain’s borrowing projections, giving him a bit of room to ease nearly 10 years of steep cuts in many areas of public services.

But despite the budget deficit falling sharply, Britain’s debt levels remain high, limiting how much Hammond can relax his spending squeeze.

He said on Sunday that the biggest increase in spending in his budget had already been announced when May said four months ago that more money would be earmarked for the health service.

On Monday, he is set to announce other measures including more spending on roads to ease congestion and a tax cut for small retailers to help them compete against online competition.

He hinted on Sunday that he would provide money to soften the impact of changes to Britain’s welfare system. Hammond said the Bank of England as well as the finance ministry would have to take action if there is a no-deal Brexit.

In the short term, Hammond said he could use some of the breathing space he has kept for himself inside his fiscal targets to help the economy.


Company: cnbc, Activity: cnbc, Date: 2018-10-28  Authors: oli scarff, afp, getty images
Keywords: news, cnbc, companies, brexit, easing, need, hammond, deal, ease, britains, warns, budget, austerity, spending, party, different, rebels, risk


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Gold inches up on easing dollar, global concerns

Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. Gold is seen as a safe store of value during political and economic uncertainty. “Supportive price action around $1,210-$1,220 should restrict declines amid current global political


Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. Gold is seen as a safe store of value during political and economic uncertainty. “Supportive price action around $1,210-$1,220 should restrict declines amid current global political
Gold inches up on easing dollar, global concerns Cached Page below :
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Gold inches up on easing dollar, global concerns

Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal.

Spot gold was up 0.1 percent at $1,226.43 an ounce at 0745 GMT. On Oct. 15, the bullion touched its highest since July 26 at $1,233.26.

U.S. gold futures were up 0.1 percent at $1,229.40 an ounce.

“So far we are seeing a good recipe for gold prices to recover. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. “If the tensions loom large we could see gold rebound through 1,300.”

The outlook for global growth in 2019 has dimmed for the first time, according to Reuters polls of economists who said the U.S.-China trade war and tightening financial conditions would trigger the next downturn.

Geo-political concerns including tensions between Saudi Arabia and the West over the killing of journalist Jamal Khashoggi, developments related to Brexit, and Italy’s budget woes are keeping investors interested in gold, analysts said.

Gold is seen as a safe store of value during political and economic uncertainty.

“Trade concerns between the U.S. and China remain elevated and the ongoing U.S.-Saudi tensions are likely to continue to underpin a bid tone for bullion over the near-term,” MKS PAMP Group traders said in a note.

“Supportive price action around $1,210-$1,220 should restrict declines amid current global political uncertainty, while a test through $1,230-$1,235 will likely squeeze further shorts out of the market and see gold toward $1,250.”

Gold speculators cut their net short position in COMEX gold contracts by 65,637 contracts to 37,372 contracts, the smallest since late July, in the week to Oct. 16, data showed.

Spot gold may either consolidate further below a resistance at $1,235 per ounce, or break a support at $1,217, to fall to the next support at $1,208, according to Reuters technical analyst Wang Tao.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.39 percent to 745.82 tonnes on Friday.

The U.S. dollar, which measures the greenback against a basket of six major currencies, was down 0.2 percent.

Among other precious metals, silver was up 0.4 percent at $14.65 per ounce, while platinum rose 0.8 percent at $836.20 per ounce.

Palladium climbed 0.9 percent to $1,089.80 per ounce, closer to an over eight-month peak of $1,096.80 hit on Oct. 11.


Company: cnbc, Activity: cnbc, Date: 2018-10-22
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Gold prices edge up as easing trade concerns hurt dollar

Gold prices nudged up on Thursday as the dollar softened amid easing Sino-U.S. trade tensions and ahead of next week’s U.S. Federal Reserve meeting. Spot gold was up 0.2 percent at $1,203.86, as of 0347 GMT, after rising 0.5 percent in the previous session. “However, there is not much of a safe-haven appeal (for gold) as the market is not packing in a lot of punch to trade war.” However, a spot of weakness in the dollar indicated that worries over trade tensions have eased as the tariffs were se


Gold prices nudged up on Thursday as the dollar softened amid easing Sino-U.S. trade tensions and ahead of next week’s U.S. Federal Reserve meeting. Spot gold was up 0.2 percent at $1,203.86, as of 0347 GMT, after rising 0.5 percent in the previous session. “However, there is not much of a safe-haven appeal (for gold) as the market is not packing in a lot of punch to trade war.” However, a spot of weakness in the dollar indicated that worries over trade tensions have eased as the tariffs were se
Gold prices edge up as easing trade concerns hurt dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-20  Authors: timothy a clary, afp, getty images, aly song, matt mcclain, the washington post, bebeto matthews
Keywords: news, cnbc, companies, edge, concerns, dollar, tensions, 02, prices, weeks, gold, market, spot, easing, worth, trade, hurt, tariffs


Gold prices edge up as easing trade concerns hurt dollar

Gold prices nudged up on Thursday as the dollar softened amid easing Sino-U.S. trade tensions and ahead of next week’s U.S. Federal Reserve meeting.

Spot gold was up 0.2 percent at $1,203.86, as of 0347 GMT, after rising 0.5 percent in the previous session.

U.S. gold futures were up 0.2 percent at $1,210.20 an ounce.

“The risk (sentiment) is sort of flattening, but that’s also taking wind out of the safe-haven appeal of the U.S. dollar (helping gold) … For gold to break $1,210, we need to see the dollar weakening against the emerging market currencies as well as the euro,” said Stephen Innes, APAC trading head, OANDA.

“However, there is not much of a safe-haven appeal (for gold) as the market is not packing in a lot of punch to trade war.”

Earlier this week, Washington imposed 10 percent tariffs on Chinese goods worth $200 billion, while China retaliated with levies on about $60 billion worth of U.S. goods at scaled-back rates.

Investors have been buying the dollar believing that United States has less to lose from the dispute. However, a spot of weakness in the dollar indicated that worries over trade tensions have eased as the tariffs were seen to be at lower levels than some had feared.

The dollar index was hovering near a seven-week low against a basket of major currencies.

Gold dropped about 11.6 percent from a peak in April, affected by the intensifying U.S.-China trade dispute and on rising U.S. interest rates.

Investors are awaiting next week’s Federal Reserve meeting. The U.S. central bank is widely expected to raise benchmark interest rates and shed light on the path for future rate hikes.

“Recent Fed commentary has implied a steady pace of tightening so anything that calls that into question will be positive for gold,” said Nicholas Frappell, global general manager, ABC Bullion, Australia.

Gold has been stuck in a range between $1,215 and $1,187 for the past three weeks, with investors looking for a technical breakout on either side for further moves.

“The market gives the outward appearance of remaining range-bound and hasn’t yet done enough on the upside to alter this appearance. However, over short term, prices would strengthen to$1,211 and a break above could see $1,221,” Frappell said.

Among other precious metals, spot silver rose 0.8 percent to $14.32 an ounce. Palladium climbed 0.2 percent to $1,036.50, hovering near a five-month high of $1,041.70 hit on Wednesday.

Platinum gained 0.3 percent to $823.40, after hitting its highest since Aug. 13 at $826.40 in the previous session.


Company: cnbc, Activity: cnbc, Date: 2018-09-20  Authors: timothy a clary, afp, getty images, aly song, matt mcclain, the washington post, bebeto matthews
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Greece to ease capital controls ‘very soon,’ finance minister says

Greece plans to further loosen capital controls soon and is on track to lift all restrictions imposed three years ago, its finance minister said Saturday. “We will have new easing (of capital controls) very soon,” Euclid Tsakalotos was quoted as saying in an interview with Naftemporiki newspaper, without specifying when. “With this new easing we will complete the second pillar (of regulations) concerning cash withdrawals and the opening of bank accounts, and we will enter the final phase for the


Greece plans to further loosen capital controls soon and is on track to lift all restrictions imposed three years ago, its finance minister said Saturday. “We will have new easing (of capital controls) very soon,” Euclid Tsakalotos was quoted as saying in an interview with Naftemporiki newspaper, without specifying when. “With this new easing we will complete the second pillar (of regulations) concerning cash withdrawals and the opening of bank accounts, and we will enter the final phase for the
Greece to ease capital controls ‘very soon,’ finance minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-15  Authors: francois lenoir
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Greece to ease capital controls 'very soon,' finance minister says

Greece plans to further loosen capital controls soon and is on track to lift all restrictions imposed three years ago, its finance minister said Saturday.

“We will have new easing (of capital controls) very soon,” Euclid Tsakalotos was quoted as saying in an interview with Naftemporiki newspaper, without specifying when.

“With this new easing we will complete the second pillar (of regulations) concerning cash withdrawals and the opening of bank accounts, and we will enter the final phase for the full lifting of capital controls, the third and final pillar… concerning restrictions on moving capital abroad,” he said.

Greece imposed capital controls to stem a flight of cash from its banks in July 2015, when, at the height of its debt crisis, it faced bankruptcy and a euro exit.

Last month it emerged from its final of three international bailouts and almost nine years of austerity. It remains heavily indebted and under fiscal monitoring by the European Union and International Monetary Fund.


Company: cnbc, Activity: cnbc, Date: 2018-09-15  Authors: francois lenoir
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The market shift that has Jamie Dimon worried is just starting

Dimon said Monday that the unwinding of the unprecedented program could backfire on the economy or spark a market panic. A related danger would be if the Fed is forced to raise rates faster than expected because of higher inflation, he said. “The Fed has committed itself to a symmetric 2 percent inflation target and inflation has been below 2 percent for eight years. There is no doubt that quantitative tightening at times will lead to the opposite — i.e. higher interest rates, wider credit spre


Dimon said Monday that the unwinding of the unprecedented program could backfire on the economy or spark a market panic. A related danger would be if the Fed is forced to raise rates faster than expected because of higher inflation, he said. “The Fed has committed itself to a symmetric 2 percent inflation target and inflation has been below 2 percent for eight years. There is no doubt that quantitative tightening at times will lead to the opposite — i.e. higher interest rates, wider credit spre
The market shift that has Jamie Dimon worried is just starting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-31  Authors: hugh son, getty images, tom williams, cq roll call, jacopo raule, david butow, corbis, johannes eisele, afp, joan cros
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The market shift that has Jamie Dimon worried is just starting

Dimon said Monday that the unwinding of the unprecedented program could backfire on the economy or spark a market panic. Potentially adding to the problem are new limitations on banks’ capital and trading activities, meaning swings in asset prices could be sharper than in the past, Dimon said in an April letter to investors. A related danger would be if the Fed is forced to raise rates faster than expected because of higher inflation, he said.

Here are other views on the potential impact of quantitative tightening:

Larry Summers, former Treasury Secretary:

“The assumption manifest in the statements of the Fed and most commentary is that policy should be tightened over time through rising interest rates and a reversal of quantitative easing. Perhaps, but tightening involves real dangers and needs to be carried out with great care.

“The Fed has committed itself to a symmetric 2 percent inflation target and inflation has been below 2 percent for eight years. If a booming economy in the ninth year of recovery with this prelude is not the time for inflation above 2 per cent, when would such a time arise?”

Peter Boockvar, chief investment officer of Bleakley Advisory Group, a $3.5 billion wealth management firm:

“I believe the market – with the S&P at an all-time high – is headed for a brick wall the deeper quantitative tightening gets. I’ll say this, if the Fed pulls off QT along with more rate hikes in coming years, a soft landing is achieved and the stock market just keeps on keeping on, I will scream from some mountain top (not too high because I’m afraid of heights) that I was dead wrong.”

Ray Dalio, founder of hedge fund Bridgewater Associates:

“The powers of central banks to reverse contractions are more limited than they have ever been (because interest rates are so low and quantitative easing is less effective). For these reasons, I worry about what the next economic downturn will be like, though it is unlikely to come soon.”

Bank of America Merill Lynch:

“Quantitative easing was mostly characterized as an environment with too much money chasing too few bonds, lower interest rates, tighter credit spreads and volatility was suppressed. There is no doubt that quantitative tightening at times will lead to the opposite — i.e. higher interest rates, wider credit spreads and very volatile market conditions.”

Fitch Ratings:

“The impact of such a large turnaround in central bank purchases on global financial markets is likely to be significant, despite it being widely anticipated and despite the smooth progress seen with the Fed’s balance sheet reduction since last October. Private sector investors will be called upon to absorb a much greater net supply of government debt in the coming years as central banks reduce holdings and government financing needs persist in Europe and Japan and rise sharply in the US.”


Company: cnbc, Activity: cnbc, Date: 2018-07-31  Authors: hugh son, getty images, tom williams, cq roll call, jacopo raule, david butow, corbis, johannes eisele, afp, joan cros
Keywords: news, cnbc, companies, fed, inflation, central, rates, jamie, quantitative, worried, easing, dimon, starting, interest, banks, market, shift, tightening


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Trump signals support for legislation easing US ban on pot

President Donald Trump says he’s inclined to support a bipartisan effort in Congress to ease the U.S. ban on marijuana. Asked Friday about a proposed bill that would reshape the nation’s approach to pot, Trump said he would “probably end up supporting that.” The federal ban has created a conflict with more than two dozen states that have legalized marijuana in some form. The legislation would ensure states have the right to determine the best approach to marijuana within their borders. Republica


President Donald Trump says he’s inclined to support a bipartisan effort in Congress to ease the U.S. ban on marijuana. Asked Friday about a proposed bill that would reshape the nation’s approach to pot, Trump said he would “probably end up supporting that.” The federal ban has created a conflict with more than two dozen states that have legalized marijuana in some form. The legislation would ensure states have the right to determine the best approach to marijuana within their borders. Republica
Trump signals support for legislation easing US ban on pot Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-08  Authors: getty images
Keywords: news, cnbc, companies, ban, marijuana, states, sen, legislation, signals, pot, supporting, end, effort, trump, easing, approach, probably, support


Trump signals support for legislation easing US ban on pot

President Donald Trump says he’s inclined to support a bipartisan effort in Congress to ease the U.S. ban on marijuana.

Asked Friday about a proposed bill that would reshape the nation’s approach to pot, Trump said he would “probably end up supporting that.”

The federal ban has created a conflict with more than two dozen states that have legalized marijuana in some form.

The legislation would ensure states have the right to determine the best approach to marijuana within their borders. Some U.S. restrictions would remain, including recreational sales to people under 21.

Republican Sen. Cory Gardner of Colorado is co-sponsoring the effort, alongside Sen. Elizabeth Warren of Massachusetts. Trump said he supported Gardner.

When asked about the measure, Trump told reporters in Washington that “we’re looking at it. But I probably will end up supporting that, yes.”


Company: cnbc, Activity: cnbc, Date: 2018-06-08  Authors: getty images
Keywords: news, cnbc, companies, ban, marijuana, states, sen, legislation, signals, pot, supporting, end, effort, trump, easing, approach, probably, support


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