Archive for April 18th, 2011

Larry's Blog

Is Standard and Poor’s Too Bearish about U.S. Public Finances?

April 18, 2011

Officials in the Obama Administration predictably called the decision by S&P, the credit rating agency, to change the outlook on its AAA rating for U.S. debt to “negative” far too bearish and unjustified.  I disagree for several reasons. First, President Obama has been underestimating the scope for bipartisan governance since he was candidating for the […] More

Central Bank Watch

Hungarian Monetary Policy Unchanged As Expected

April 18, 2011

The two-week deposit rate of the Magyar Nemzeti Bank was left at 6.0%, the same result of the prior two meetings on February 21 and March 28, and a statement today made similar points as those from the statement after the meeting in March.  Because of cost-push food and energy pressures, CPI inflation, which accelerated […] More

New Overnight Developments Abroad - Daily Update

Fresh Angst about EU Peripheral Debt Depresses Euro and Stocks in Europe

April 18, 2011

Big gains were scored by the Euro-phobic True Finns Party in yesterday’s Finnish election.  The nationalistic party secured 39 parliamentary seats, up from just 6, and will likely join a Center-Right coalition.  True Finns opposes IMF bailouts of troubled peripherals like Portugal, Ireland, and Greece, and Finnish law allows parliament to vote on and indeed […] More