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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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Positive Financial News Boosts Euro against Greenback

Positive sentiment in equity markets is dragging down the U.S. dollar against the euro ahead of the North American trading session.Risk appetite is emanating from the banking sector, following reports that Citigroup could have higher-than-expected earnings for the first quarter. According to an article in the New York Times, an internal memo from the bank said they earned more than $19 billion in the first two months of 2009.The news has helped the euro retrace some of

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JPMorgan Selected as Custodian for Fed's MBS Repurchase Program

The Fed also selected Blackrock Financial Management, Goldman Sachs Asset Management, Pacific Investment Management and Wellington Management Company to manage the Fed's assets. The firms will manage assets backed by Fannie Mae, Freddie Mac and Ginnie Mae via a facility set up in November 2008 to provide relief to the banking system. By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.caCEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.caThe Copying, Broadcast, Republication or Redistribution of CEP News

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Commercial Real Estate Sector Could Hinder Recovery, Warns Fed's Lockhart

Declining commercial real estate markets pose a risk to financial institutions and markets, Federal Reserve Bank of Atlanta President Dennis Lockhart warned on Wednesday.Given eroding demand for commercial space, financing pressures in commercial real estate are cause for concern, Lockhart said during a speech in Miami.Lockhart, a voting member of the Federal Open Market Committee, said challenges faced by the sector could further complicate efforts to stabilize the banking system and credit markets. He noted there is

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Sterling Dragged Lower across the Board as Financial Problems Grow

Concerns over the banking sector and the global economy are helping to put major pressure on sterling.Among G-10 currencies, sterling is the worst performer against the U.S. dollar. Following the open of the North American trading session, cable hit a session low at 1.3743.Currency strategists said concerns over the financial sector are primarily responsible for the pound's underperformance. UK bank Lloyds has agreed to give over control of Britain's largest mortgage provider to the government in exchange

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Loans to the UK Corporate Sector Rise Unexpectedly, All Other Lending Falls

While credit demand and supply in the UK may have declined in the first three months of 2009, financial institutions in the UK noted an unexpected increase in loans made to the corporate sector.According to the Bank of England's credit conditions survey, the availability and demand of credit to households and small businesses declined in Q1, but banks saw a modest net increase in lending to the corporate sector compared to the fourth quarter of 2009. However,

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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 Papademos Says ECB May Extend Bank Loans

Frankfurt - The European Central Bank may look to extend the maturities of loans made to banks, ECB Vice-President Lucas Papademos said.Speaking at an event in Brussels on Thursday, Papademos added that the ECB's purchases of private-sector bonds in the secondary market may also be warranted to enhance liquidity in order to improve the cost of funding.While the ECB's Governing Council has stated on numerous occasions that discussions on non-standard measures are ongoing, no decisions have been taken,

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Positive Financial News Boosts Euro against Greenback

Positive sentiment in equity markets is dragging down the U.S. dollar against the euro ahead of the North American trading session.Risk appetite is emanating from the banking sector, following reports that Citigroup could have higher-than-expected earnings for the first quarter. According to an article in the New York Times, an internal memo from the bank said they earned more than $19 billion in the first two months of 2009.The news has helped the euro retrace some of

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USD Mixed Ahead of Official Release of Geithner Plan

The U.S. dollar is mixed against majors ahead of the U.S. Treasury's press conference on Monday where details will be provided about its Public-Private Investment Program.Over the weekend, Treasury Secretary Timothy Geithner has said the program will create subsidies to encourage private sector investments to purchase toxic debt and offset risk. He also said it will initially be worth $500 billion, but could be expanded to $1 trillion. In the aftermath of the news, the Japanese Nikkei

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