Fed Looks to Keep Rates Low - A number of Fed officials gave speeches yesterday and the themes that they pointed to were the same - low inflation, slow recovery, jobs. The Fed is looking to keep rates low for an extended period since there is virtually no inflation, they predict a slow recovery, and lower rates should help some with the job market. The job market was the biggest concern, but they all pointed to a recovery that was just starting. The overall theme could be to "be patient."
Citi's Kelly Says Sale of Assets Have Not Produced Losses - Speaking at an investor conference, Citi Vice Chairman Edward "Ned" Kelly responded to a question about Citi's efforts to sell about $900 billion of assets. His response was that he was "reasonably certain" that the sales had not yet produced a dollar of losses.
Last year, Citi stated that it would sell or close $898 billion in assets to shrink its operations. Through the third quarter, the bank had sold $281 billion of those assets.
China's Economic Data - China reported industrial production and retail sales continued to accelerate at a faster-than-expected pace, but consumer and producer prices fell more than expected. Industrial production for the month rose 16.1% year over year, and retail sales rose a similar 16.2%. The consumer price index (CPI) fell 0.5% year over year and the producer price index (PPI) fell 5.8%.
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U.S. and Japan on Same Page of Strong-Dollar Book - By Lisa Twaronite - MarketWatch - "And both probably tried hard to keep a straight face when they met and paid lip service to the U.S.' strong dollar policy, knowing full well that a weaker dollar is in the best interests of both countries for the time being, despite its very real and painful side effects."
Geithner Wants Strong Dollar, Will Tackle Deficit - By Glenn Somerville - Reuters - "Treasury Secretary Timothy Geithner said on Wednesday he believes strongly in the need to maintain a strong dollar and said the United States was determined to get its budget deficit down."
Citi's Kelly Says Sale of Assets Have Not Produced Losses - Speaking at an investor conference, Citi Vice Chairman Edward "Ned" Kelly responded to a question about Citi's efforts to sell about $900 billion of assets. His response was that he was "reasonably certain" that the sales had not yet produced a dollar of losses.
Last year, Citi stated that it would sell or close $898 billion in assets to shrink its operations. Through the third quarter, the bank had sold $281 billion of those assets.
China's Economic Data - China reported industrial production and retail sales continued to accelerate at a faster-than-expected pace, but consumer and producer prices fell more than expected. Industrial production for the month rose 16.1% year over year, and retail sales rose a similar 16.2%. The consumer price index (CPI) fell 0.5% year over year and the producer price index (PPI) fell 5.8%.
Articles
U.S. and Japan on Same Page of Strong-Dollar Book - By Lisa Twaronite - MarketWatch - "And both probably tried hard to keep a straight face when they met and paid lip service to the U.S.' strong dollar policy, knowing full well that a weaker dollar is in the best interests of both countries for the time being, despite its very real and painful side effects."
Geithner Wants Strong Dollar, Will Tackle Deficit - By Glenn Somerville - Reuters - "Treasury Secretary Timothy Geithner said on Wednesday he believes strongly in the need to maintain a strong dollar and said the United States was determined to get its budget deficit down."
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