Archive for September 29th, 2009

Larry's Blog

A Distrustful Society

September 29, 2009

When a deep hole is dug, it takes sustained confidence and courage to navigate a way out.  Accomplishing such a turnaround is doubly hard in an age of distrust.  Unfortunately, widespread mutual distrust is a sign of our times within countries and between them, and the longer problems fester, the more deeply layered the distrust […] More

British Economic Woes

September 29, 2009

The final second-quarter British national income accounts were published today.  Real GDP contracted 2.3% at an annualized rate,  more than twice as much as the drop in U.S. growth and about four times greater than Euroland’s slide.  Business investment plunged 19.3%, exports sank 5.5% and household consumption fell by 2.4%.  Productive output, service sector output […] More

Central Bank Watch

Central Bank Rate Cuts in Russia and Romania

September 29, 2009

Following Hungary’s 50-basis point rate cut on Monday, similar-sized reduction were implemented today in the Russian refinancing rate to 10.0% and the Romanian monetary policy rate to 8.0%. The Central Bank of the Russian Federation had implemented six earlier rate cuts, two by 25 bps in mid-September and early August and one each of 50 […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Dollar Higher Against Euro, Yen, and Swiss Franc

September 29, 2009

Despite the weekend victory of the center-right in Germany’s election on Sunday, the dollar is 0.3% higher against the euro.  The greenback also gained 0.6% against the Swissy, 0.3% relative to the yen, and 0.1% against the Canadian dollar, but it is 0.1% lower versus the kiwi and Aussie dollar. The 10-year JGB is unchanged […] More