Larry's Blog
Mid-Term Elections: T Minus Five
October 28, 2010
After U.S. voters go to the polls in five days, the composition of the Congress will be flipped on its head or almost so, and that change is expected to usher in two years of stalemate, unlike the activist 111th Congress. Democrats now control 256 seats in the House of Representatives, identical to what they […] More
Central Bank Watch
Bank of Japan Fleshes Out Details of Asset Purchase Program
October 28, 2010
The Bank of Japan held a single-day meeting lasting four hours and 26 minutes in which details were unveiled of the asset purchase program. A unanimous 9-0 decision was made to keep virtual zero interest rates until price stability (core CPI of around 1%) is in sight. This will take years, not months. There was […] More
New Overnight Developments Abroad - Daily Update
BOJ On Higher Alert Against Yen Strength
October 28, 2010
The dollar weakened overnight, with losses of 0.9% against the kiwi, 0.7% versus sterling, 0.6% relative to the euro and Australian dollar, 0.5% against the Swiss franc and yen, and 0.4% versus the Canadian dollar. The Bank of Japan released new quarterly forecasts, changed its meeting schedule, loosened the credit rating of corporate debt it […] More
