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The Fed stuck to their guns following the March announcement that they will still purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year, as well as $300 billion of Treasury securities by autumn. On the upside the FED [...] The fledgling recovery in the US housing market appears to have stalled, reducing the chance of President Barack Obama’s “glimmers of hope” turning into green shoots any time soon. Stock markets were little changed as US consumer prices posted their first annual decline since 1955. Trader John Cetera of Hamilton Executions on the floor Hopes of a [...] Despite yesterday’s trading volumes being severely depleted resulting from the Bank Holiday across much of Europe and the UK; there was plenty of activity – both in the equity and the currency markets. Sterling has tracked higher again following a UK bullish article that appeared in the Telegraph in which the Lombard economist predicts that the [...] The G20 Conference in London stole the Press Inches but it was the yesterday’s economic and trading data plus financial announcements that provided the market with more interest. From the US we had several very interesting pieces of news – both good and not so good, but Wall Street ended focusing on the positive and the [...] The Federal Reserve shocked the market with a $1.15 trillion boost for the US economy. The funds will be used to buy government debt and to liquidate Fannie Mae and Freddie Mac. The Fed kept interest rates on hold at 0-0.25 % as expected, however the sheer scale of the plans surprised the markets. $300 billion will [...] There was actually very little focus at the G20 on the forex markets and recent volatility. The main interest was the pledge to double the amount of resources of the IMF, this essentially comforted the markets and encouraged risk appetite. For the week ahead, the main highlight will be the US interest rate decision on Wednesday [...] Asian stocks fell heavily this morning following last night’s sharp decline in American shares. Investors responded to fears that the world’s largest economy is sinking further into recession and speculation that the US Government may be forced to buy stakes in ailing banks, despite assurances from Washington that lenders would not be nationalised. Japan’s Nikkei Index [...] Last week although the currency markets were choppy, we did not see a significant break out of the current ranges for the main protagonists- GBP/USD, EUR/USD and GBP/EUR. What we did see was more negativity in the equity markets as the Dow fell to the 2002 lows below 7300 amid fears that the US [...] Geithner unveilled absolutely nothing new with regards to the Obama Administration’s financial rescue package. It has a fancy title within it, the Financial Stability Plan and the Public-Private Investment Fund (ie Bad Bank) but little else besides. The ideas are similar to those proffered by the widely lampooned ex Treasury Secretary Paulson and the methods to be [...] With a target Fed Funds Rate ( the rate at which The US major Banks are able to borrow overnight Dollars) already at a 0 – 0.25% level, further cuts are nigh on impossible. Attention therefore was firmly fixed on any mention of more innovative easing initiatives and also the mood of the accompanying statement. [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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