Deeper Analysis
Canada and United States Release Several Indicators: Highlights
June 15, 2010
Foreigners on net bought over $100 billion of long-term U.S. securities for a second straight month in April. The two-month average, $134.2 billion, compares very favorably with $43.8 billion per month in January-February, $53.3 billion per month in 2009 and $34.3 billion per month in 2008 and even exceeded the pace of $83.4 billion in […] More
Central Bank Watch
Bank of Japan Unveils New Program to Encourage Corporate Lending in the Private Sector
June 15, 2010
The Bank of Japan after a two-day, six-hour and 11-minute meeting Voted 8-0 to keep the uncollateralized overnight call rate at 0.1% where such has been since December 2008. In contrast to multi-hundred basis point rate declines by most central banks during the world recession, this rate is just 40 basis points below its prior […] More
New Overnight Developments Abroad - Daily Update
Credit Rating Downgrades
June 15, 2010
Moody’s announced a four-step downgrade of Greek debt from Ba1 to junk status, A3. The 10-year Greek-minus-German yield premium widened 35 basis points to more than 600 basis points. Irish and Spanish premiums also increased. Fitch reduced British Petroleum’s credit rating from AA to BBB. President Obama will address the nation on the oil spill […] More
