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Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

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Fed to Safeguard Financial System, Says Fed Governor Duke

The U.S. banking system is facing serious challenges, but the Federal Reserve will continue to ensure that the banking system remains safe and sound and is able to meet the credit needs of our economy, Fed Governor Elizabeth Duke said before the House Financial Services Committee on Wednesday.While the Fed Governor gave lawmakers little new information regarding the state of the economy or monetary policy, she did point out that as the global economy begins to recover,

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ECB's Bonello Says Governing Council Discussing Alternative Tools

The European Central Bank is discussing alternative monetary policy tools that it may unveil in May, Maltese central bank governor Michael Bonello said.Speaking at an event in Malta on Thursday, the central banker said the ECB's rate cuts are having an effect on financial conditions in the euro zone, echoing some of what has been said by ECB President Jean-Claude Trichet.Inflation rates in Europe are likely to fall into negative territory throughout the summer before returning to

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Yen Moves Lower After Quiet Session in Region

The Japanese yen is weaker on Thursday in the aftermath of a relatively quiet session in the region.Bank of Japan Governor Masaaki Shirakawa warned lawmakers that purchasing bonds to finance government stimulus spending may be detrimental to markets. PBOC Governor Zhou Xiaochuan said the country's leading indicators suggest government stimulus is helping the economy to recover.Meanwhile, North Korea is gearing up for long range missile test sometime between April 4 and 8, according to regional newspapers.All data

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BOE's King Says Stimulus, Banks Should be Focus of G20

Bank of England Governor Mervyn King said Tuesday that the focus of the upcoming G20 meetings in London should be fixing the banking system and providing significant stimulus to combat the economic downturn.The immediate need is to deal with the extraordinarily steep and simultaneous downturn in so many economies around the world, and to stabilize the banking system in those countries where it has failed, King said in his prepared remarks. That should be the main priority

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UK Government Must Prop up Banks to Boost Market Confidence, Says BOE's King

Frankfurt - The UK government must work to boost market confidence by propping up UK banks in order to counter the extreme lack of confidence in the banking sector, Bank of England Governor Mervyn King said on Thursday.It's important that the government underpins the balance sheets of major banks, King told lawmakers in London in his testimony on the current banking crisis.However, King acknowledged that studying the banks' balance sheets could take many months and that it is

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Japanese Yen Rallies Sharply; BOJ Deputy Says Central Bank Could Do More

The Japanese yen rebounded on Friday following comments from a Bank of Japan Deputy Governor suggesting that the central bank could take additional actions to stimulate the economy.In an interview with Bloomberg, Bank of Japan Deputy Governor Yutaka Yamaguchi said the central bank could expand purchases of corporate debt and could review its collateral requirements. Meanwhile, People's Bank of China Governor Zhou Xiaochuan said some economic indicators are turning around, suggesting that the central bank and government's

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Betonmarkets.com: Rapport D'après -midi Par David Evans 17/10/08

Les marchés européens ont récupéré d'une vente prématuré grâce à l'offre d'investir dans le future aux États-Unis ce que certains commentateurs appellent un "Buffett Bounce ". Le plus grand investisseur au niveau mondial, Warren Buffett a encouragé les investisseurs d'acheter une tranche du future de l'Amérique à un p

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La Crise Selon Michel Camdessus, Ancien Grand Patron Du Fmi

A la veille du sommet de Washington sur la crise et alors que le monde entre en récession, peut-on refonder le capitalisme ? Pour répondre, Ulysse Gosset reçoit l'homme qui a dirigé le FMI pendant 13 ans, Michel Camdessus. Michel Camdessus est un économiste français né à Bayonne en 1933.Président du Fonds monétaire international du 16 janvier 1

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Canadian Dollar Remains Range Bound Following BOC Governor Carney's Speech

According to FX strategists, markets weren't surprised at hints that the central bank could embark on quantitative easing measures.Despite a weaker January employment report, the Canadian dollar has managed to hold on to some gains across the board. The USD/CAD is struggling to make a break above 1.23 CAD and the EUR/CAD is unable to hold gains above 1.61 CAD. This morning, the USD/CAD is up half a cent to 1.2225 CAD and the EUR/CAD is up 0.74 cents to

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