2009 financial stability forum

Fed's Rosengren Calls for Immediate Support for Financial System

Actions to help stabilize the financial system must be taken without delay, Boston Fed President Eric Rosengren said on Friday.I believe that below-potential growth is likely to persist until financial markets and financial institutions can resume more normal functioning, Rosengren said while speaking in New York. So in addition to the other steps being taken to stimulate the economy, we need to be sure that actions to support the stability of the financial system are taken without

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Fed's Lockhart Says Economy Shrinking at "Dramatic" Rate

The U.S. economy is shrinking at a dramatic rate and prospects for a recovery in the second half of 2009 have downside risks, Atlanta Fed President Dennis Lockhart said at an event in Tampa, Florida on Tuesday.The U.S. financial system is certainly not out of the woods, Lockhart said, adding that upcoming stress testing of the 19 largest banks in the United States will reveal more information about the stability of financial entities.Nevertheless, the banking system

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June 2nd 2009, Can The Usd Muster A Rally?

The USD found some stability against the EUR and JPY on Monday but continued to lose ground to the GBP. The ISM Manufacturing PMI data was released yesterday and turned in a slightly better than expected number of 42.8 compared to the estimate of 42.2. U.S. equities turned in another good day of trading as bulls moved forward and have left bears sc

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Financial Crisis Creating "Gaping Hole" in Economy, Says ECB's González-Páramo

Frankfurt - While inflation expectations are anchored, the current financial crisis is creating a gaping hole in the real economy, European Central Bank member José Manuel González-Páramo said.This is true not only for the euro area but for large economies at large, González-Páramo said at a conference in Madrid, Spain on Friday.The central banker also noted that some countries within the euro zone were in a weakened financial position due to the crisis. However, he stressed that preserving

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Fed's Rosengren Calls for Immediate Support for Financial System

Actions to help stabilize the financial system must be taken without delay, Boston Fed President Eric Rosengren said on Friday.I believe that below-potential growth is likely to persist until financial markets and financial institutions can resume more normal functioning, Rosengren said while speaking in New York. So in addition to the other steps being taken to stimulate the economy, we need to be sure that actions to support the stability of the financial system are taken without

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Fed's Rosengren Calls For Systemic Regulator

A systemic regulator may have been able to identify and correct the excesses in the financial system that compounded the financials crisis, a U.S. central banker said.Federal Reserve Bank of Boston governor Eric Rosengren said a systemic regulator would face profound challenges but such an authority may have been able to identify mounting problems in the financial system, he said in the text of a speech to be delivered in Seoul.Assuming the systemic regulator has the ability

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Fed's Bernanke Sees "Tentative Signs" Economic Contraction Is Slowing

The U.S. is undergoing the worst financial crisis since the Great Depression, but there are some tentative signs that the sharp decline in economic activity may be slowing, according to Fed Chairman Ben Bernanke on Tuesday.In a speech leaked by U.S.A. Today to be delivered on Tuesday afternoon, the Chairman said the Federal Reserve has taken action to stabilize the financial system, including substantially lowering interest rates, and introducing groundbreaking facilities to provide credit to financial entities.

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ECB's Mersch Expects Recovery in 2010, Says "Little Margin" for Further Cuts

Frankfurt - European Central Bank Governing Council member Yves Mersch said that projections of a gradual recovery by next year are still valid and that he sees little margin for further rate cuts.Our baseline scenario, which is a profile of a gradual stabilization and thereafter a gradual recovery, appears to be still valid, Mersch said following his presentation of the Central Bank of Luxembourg's financial stability report on Wednesday.In the report, Mersch warned that the effects of the

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Midday Market Recap: Stocks Fall as Fear Grips Financial Markets

(CEP News) - A perfect storm of downbeat data and negative sentiment is helping drag U.S. equity markets below key support levels Tuesday afternoon.North American equity markets remain under significant pressure as economic data continues to disappoint, concerns over the U.S. auto industry grow and the outlook for the European financial sector remains weak.The Dow Jones industrial average is down 282 points to 7568, the S&P 500 is down 35 points to 792 and the Nasdaq is down 61 points

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Canadian Dollar Moves Higher on Quiet Trading Day

The Canadian dollar is showing modest gains this morning in what is a relatively quiet day for financial markets.European markets are closed in recognition of the Easter Monday holiday, which according to some currency strategists could cause liquidity problems in currency markets throughout the day.The Canadian dollar appears to be benefiting from broad U.S. dollar weakness. The greenback is weaker against most currencies except the Japanese Yen. USD/CAD appears to be running into some support at 1.22

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