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Dollar, yields spike on Fed minutes; China data awaited
The story was much the same in Britain where bond yields jumped on news that two Bank of England policymakers unexpectedly broke rank with colleagues and voted for higher interest rates earlier this month. The current target for Fed funds is a range of zero to 25 basis points and it effectively trades at just 8 basis points.
Fed debates merits of earlier rate hike given U.S. jobs...
Federal Reserve hinted on Wednesday that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating. At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting. "Labor market conditions had moved noticeably closer to those viewed as normal in the longer run," the minutes said, adding that policymakers "generally agreed" the job market was healing faster than they had expected. The Fed had said in its policy statement following the July meeting that there was "significant" labor market slack, but the minutes showed many members of its policy-setting panel thought this characterization "might have to change before long."
BofA in $16.5 billion deal with U.S. over mortgage bonds:...
Bank of America Corp is expected to pay more than $16.5 billion to end investigations into mortgage securities that the bank and its units sold in the run-up to the financial crisis, in a deal that could be announced as early as Thursday, a person familiar with the matter said. An agreement in principle was reached earlier this month after a phone call between the bank's chief executive, Brian Moynihan, and Attorney General Eric Holder. Representatives of the Justice Department and Bank of America declined comment.
Oil ‘super spike’ is coming
Dan Dicker of MercBloc on why cheap oil could trigger a 'super spike' in oil prices
World of Warcraft may soon be a job-related skill
More and more young people want to list new pursuits like World of Warcraft, Minecraft and fantasy baseball on their resumes but will it catch on?
Refinancers act on lower rates, home buyers don't
More trouble in the Ukraine led to more applications for U.S. mortgage refinances last week; it is all about interest rates.
Countrywide founder Mozilo may face lawsuit over subprime...
Countrywide Financial Corp. co-founder Angelo Mozilo hasn't escaped the wrath of prosecutors for his company's role in inflating the U.S housing bubble that preceded the financial crisis. More than 12 months after a deadline passed to file criminal charges, the U.S. The government is making a last ditch-effort to hold him accountable for the excesses of the past decade's subprime-mortgage boom, using a 25-year-old law that has helped the Justice Department win billions of dollars from Wall Street banks, said the people, who weren't authorized to discuss the case publicly. Securities and Exchange Commission from 2010 to resolve allegations that he misled Countrywide investors.
BofA reaches $17B settlement with US
Officials familiar with the deal say Bank of America has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.
The surprising reason AOL could rise 60%
Could one of the hottest companies in the Internet be… America Online?
Hertz cuts losses after Icahn takes 8.48% stake
Hertz Global Holdings Inc. shares cut losses Wednesday after activist investor Carl Icahn disclosed an 8.48% stake, or 38.8 million shares, according to regulatory filings. Icahn said he sees Hertz shares as undervalued.
Subprime car buyers fueling default surge
Subprime auto loans are back and defaults are starting to rise
Fed minutes: Some want 'relatively prompt' rate hike
But the minutes, released Wednesday, also showed that most members agreed more data was needed to move up the schedule of rate hikes.
Russian watchdog shuts four McDonald's restaurants in Moscow
Russia ordered the temporary closure of four McDonald's restaurants in Moscow on Wednesday, a decision it said was over sanitary violations but which comes against a backdrop of worsening U.S.-Russian ties over Ukraine. The four restaurants ordered to suspend operations by the state food safety watchdog included the first ever McDonald's in Russia, which opened in the last days of the Soviet Union, and which the company says is its most frequented in the world. The watchdog, known in Russia as Rospotrebnadzor, said in a statement inspectors had found numerous sanitary violations. Asked if the decision was a retaliation for the United States and other countries imposing economic sanctions on Moscow over the crisis in Ukraine, the source declined to comment and referred to the statement about sanitary violations.
Car rental firm Hertz is latest victim of auto recalls
The latest casualty was Hertz Global Holdings Inc, whose stock slumped as much as 13 percent on Wednesday after the company withdrew its full-year financial forecast, blaming a shortage of cars due to the recalls and costs associated with an accounting error. Activist investor Carl Icahn on Wednesday reported an 8.48 percent stake in Hertz and said he intended to engage in talks with management on accounting issues and operational failures. "They (Hertz) weren't able to get the benefit of a strengthening market because they simply didn't have the cars," Michael Millman of Millman Research Associates told Reuters.
HP earnings will tell if PC rebound is real
The recent weak rebound in PC sales may be a temporary blip, fueled by Microsoft's decision to end support of Windows XP.