Larry's Blog
Geithner NYT Editorial Not a Game Changer
August 3, 2010
A defense of the Obama economic policy record by Treasury Secretary Geithner appears in today’s New York Times. The accomplishments mentioned are standard ones. They contain no fresh claims, and will do little to resurrect the administration’s popularity. Geithner writes that Nobody expected recovery from the great recession to be easy or quick. GDP has […] More
Central Bank Watch
Australian Official Cash Rate Held at 4.5% for Third Straight Time
August 3, 2010
Monetary officials left their policy steady, called the present stance “appropriate” in a newly released statement, and gave no hint about the timing or direction of the next possible rate change. Note was made that borrowing rates are now in line with their ten-year averages, and officials predicted near-trend growth and near-target inflation but warned […] More
New Overnight Developments Abroad - Daily Update
Dollar Depreciates Further
August 3, 2010
Dollar/yen broke below last week’s low to reach 85.775, which is less than a single yen away from the 14-year low touched in November 2009. The dollar also reached a three-month low against the euro of $1.3263. Net overnight declines in the dollar amount to 0.6% against the yen, 0.5% versus the euro, 0.4% relative […] More
