The banks open in Cyprus tomorrow with strict capital controls, from Reuters: G4S Readies Guards as Cypriot Banks Prepare to Open The Central Bank said banks would open their doors at midday (6 a.m. EST) on Thursday after nearly two weeks when Cypriots could only get cash through limited ATM withdrawals. A central bank...
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In general the media covered the GDP report correctly. Even though the headline number was slightly negative, the underlying details were in line with expectations (except the sharp drop in Federal government spending for defense). As an example, from the NY Times: Economy Contracted Unexpectedly in Fourth Quarter The drop in gross domestic product...
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A couple of reports from earlier this morning: • The Chicago Fed released the national activity index (a composite index of other indicators): Economic Activity Increased in November Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.10 in November from –0.64 in October. Two of the four...
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US Markets will be open on Wednesday. Currently S&P 500 futures are up slightly. Wednesday: • At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the mortgage purchase applications index. • At 9:45 AM, the Chicago Purchasing Managers Index for October will be released. The consensus is for an increase to 51.0,...
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The beatings continue in Europe … From the NY Times: Despite Public Protests, Spain’s 2013 Budget Plan Includes More Austerity The Spanish government on Thursday presented a draft budget for 2013 with a package of tax increases and spending cuts that it said would guarantee the country could meet deficit-cutting targets agreed to with...
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Some earlier news … • From Chicago ISM: Chicago Business Barometer gained incrementally The PMI increased to 53.7 from 52.9. Expectations were for a decrease to 52.5. The employment index decreased to 53.5 from 60.4, and new orders increased to 52.9 from 51.9. • From Reuters: Consumer confidence rises in July The Conference Board,...
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First, from the Financial Times on “open-ended QE”: Bleak jobs outlook raises heat on Fed In an interview with the Financial Times, forecast that unless “further action” was taken, there would be a lack of progress in boosting the jobs market … He added that there would also...
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Second Federal Pillaged the Chicago way Illinois inept by Soylent Green is People From the FDIC: Hinsdale Bank & Trust Company, Hinsdale, Illinois, Assumes All of the Deposits of Second Federal Savings and Loan Association of Chicago, Chicago, Illinois As of March 31, 2012, Second Federal Savings and Loan Association of Chicago had approximately...
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“They built this City… … Playing corporation games Write us off the page” Excerpted by Soylent Green is People from M.Page, B. Taupin, D. Lambert, and P.Wolf. From the FDIC: FDIC Approves the Payout of the Insured Deposits of New City Bank, Chicago, Illinois As of December 31, 2011, New City Bank had .2...
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The Chicago ordinance passed last week on vacant house upkeep could restrict lending in the city and other areas impacted by similar laws if lenders, mortgage assignees and securitizers conclude they end up assuming too much risk, according to Moody's Investors Service. The ordinance passed by Chicago's City Council would force lenders to pay...
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