News Regulators 

Scott Morrison says ‘fed up’ voters see politicians as irrelevant to their lives

“Morrison said the recent UK election showed voters were prepared to listen to people they regarded as genuine political outsiders” writes Katharine Murphy for theguardian.com. The Robb review found the government was flying blind for key periods after Tony Abbott assumed power in 2013 right through to the 2016 federal election, because the research and data analytics functions were severely under-resourced. Source: theguardian.com Share This:

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GBP Markets News Regulators 

London could lose out as ECB seeks control of euro clearing after Brexit

“The euro clearing issue is one of many competitive threats to the City in the wake of the Brexit vote” writes Jill Treanor for theguardian.com. The argument about where euro clearing should take place raged even before the referendum.London is facing renewed pressure over its dominance of the €1tn (£880bn)-a-day euro clearing market after the European Central Bank set out proposals aimed at giving it more oversight of the lucrative business.The move by the Frankfurt-based ECB – the central bank for the 19 countries using the euro – follows a…

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News Regulators 

Fed’s Bullard says time for Fed to pause on rate hikes

“Louis Fed President has been an outlier among his colleagues, calling for interest rates to remain basically flat through 2019” writes Senior Economics Reporter for marketwatch.com. Louis Fed President James Bullard, on Friday. “Many future developments could impact [the Fed’s] policy path, but the Fed does not need to preempt any of them,” Bullard said in a speech to a bankers convention in Nashville.But Bullard said the latest economic research suggests that even if the unemployment rate fell to 3.5%, the effects on inflation are likely to be small.The Federal…

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News Regulators 

Treasury yields tick up before spate of Fed speakers that could confirm higher-rate path

“Jerome Powell will give remarks at the Chicago Fed symposium on regulation at 2:15 p.m. but is not expected to talk about monetary policy” writes Sunny Oh for marketwatch.com. Treasury yields edged up ahead of a packed schedule of Federal Reserve speakers that could give market participants direction on how aggressively the central bank plans to tighten monetary policy even as recent consumer price data has shown weakness. Source: marketwatch.com Share This:

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News Regulators Reviews 

Policy Daily Review June 23, 2017

Policy Daily Review for June 23, 2017 Praet Says ECB To Ignore Govts’ Worries While Winding Down Bond Purchases The European Central Bank will decide to wind down its government bond purchases based on inflation even if the spreads for any country would rise as a consequence, ECB Executive Board member Peter Praet said.   ECB To Develop Instant Payment Service For Eurozone A new service to enable citizens and firms to transfer money real time within the euro area will be put into operation in November 2018, the European…

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Futures News Regulators Stocks 

U.S. stock futures hunt for a catalyst, with Nasdaq poised for a weekly win

“U.S. stock futures struggled to find clear direction Friday, as the Nasdaq looked set for a winning week, with manufacturing and services data eyed as a potential catalyst for a move” writes Markets Reporter for marketwatch.com. Dow Jones Industrial Average futures   YMU7, -0.18% turned lower, down 44 points, or 0.2%, to 21,304.But the Nasdaq Composite Index COMP, +0.04%  ended up 2.73 points at 6,236.69, driven by a rally in biotech shares IBB, +1.27%  . Source: marketwatch.com Share This:

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News Regulators 

Dollar drops against major rivals with euro boosted by quarterly economic snapshot

“The dollar slipped against major currencies Friday, dropping versus the euro in particular as the shared currency found traction on an upbeat quarterly eurozone growth reading” writes Rachel Koning Beals for marketwatch.com. The Canadian dollar USDCAD, +0.0151%  was flat at C$1.3223 per U.S. dollar after rallying nearly 0.8% on Thursday.In the year since the vote, the pound has fallen more than 15% against the dollar and almost 13% versus the euro. Source: marketwatch.com Share This:

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News Regulators 

Banks hold up in first round of stress tests

“Banks cleared the first round of stress tests conducted by the Federal Reserve Thursday, in a sign that big banks are on track to make it through the annual tests unscathed” writes Joseph Lawler for washingtonexaminer.com. Thursday’s tests were the first part of the two-part annual stress tests conducted to examine the health of U.S. banks.The stress tests showed the 34 banks that were tested losing $493 billion altogether over the course of the imagined crisis.In the tests, regulators simulate what would happen to banks’ balance sheets in a financial…

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Markets News Regulators 

The Fed could start shrinking its giant balance sheet as soon as September

“So no policy action at the July and October/November meetings” writes Wolf Richter for businessinsider.com. “We need to get on with this,” said Philadelphia Fed President Patrick Harker, a voting member of the policy-setting Federal Open Market Committee.But average wages are rising faster than inflation, and in a number of sectors there are significant wage pressures. Source: businessinsider.com Share This:

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