Archive for January 20th, 2009

Bonds and Stocks

U.S. Stocks Before and After the Swear-In

January 20, 2009

At 16:00 GMT, an hour before the noontime transfer of presidential power, the Dow Jones Industrial Average was down 1.9% on the day at 8112, and it had an identical quote two hours later, one hour into the new presidency.  In an inspiring 18-minute address, President Obama promised that America’s hard and many challenges will […] More

Central Bank Watch

Bank of Canada Eased 50 Basis Points As Expected

January 20, 2009

The Bank of Canada has implemented an eight reduction of its overnight money rate target to 1.0%.  Previous reductions from a peak of 4.5%  amounted to 150 basis points between December 2007 and April 2008 and another 150 basis points during the fourth quarter of 2008.  The spike in oil prices, C-dollar depreciation, and higher […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Dollar and Yen Jump Against Sterling

January 20, 2009

The dollar is off 0.5% against the yen but 3.5% higher against sterling, which sank as low as $1.3337. The dollar has also gained 2.7% against the kiwi, 1.5% against the Australian dollar, 1.1% versus the euro, 1.0% relative to the Canadian dollar and 0.7% against the Swiss franc. Asian stocks fell for the most […] More