OIL and Euro sink at the close of the Quarter
The New York Federal Reserve Bank of New York said Friday that it would begin Treasury purchases and sales on Monday as part of the program dubbed "Operation Twist" announced by policy makers earlier this month.
The Fed will buy long-term debt on Monday, Tuesday and Friday and inflation-linked debt on Wednesday.
It will sell one-year debt on Thursday, the Fed said on its schedule posted on its web site
Rating Firms the Leaking Jar..?
In a report issued Friday on the performance of the big ratings firms, the Securities and Exchange Commission said that despite changes to their operations, it still "identified concerns" at all of them. Among the problems, the SEC said, are "apparent failures in some instances to follow ratings methodologies and procedures [and] to make timely and accurate disclosures. It also criticized the firms for not being able to "establish effective internal control structures for the rating process and to adequately manage conflicts of interest." SEC staff looked at 10 of the biggest operators in the industry, including Fitch, Moody's and Standard & Poor's.
US Economy in recession .
The U.S. economy is headed for a new recession that government intervention cannot prevent, the Economic Cycle Research Institute said Friday. "Cyclical weakness is spreading widely from economic indicator to indicator in telltale recessionary fashion," ECRI said in a published report. The ECRI's Weekly Leading Index (WLI) growth indicator, reported Friday, showed economic growth at negative 7.2% for the week ended Sept. 23, continuing a trend that began in August. U.S. economic strength has been declining since May, according to the WLI.
The New York Federal Reserve Bank of New York said Friday that it would begin Treasury purchases and sales on Monday as part of the program dubbed "Operation Twist" announced by policy makers earlier this month. The Fed will buy long-term debt on Monday, Tuesday and Friday and inflation-linked debt on Wednesday.
It will sell one-year debt on Thursday, the Fed said on its schedule posted on its web site
Rating Firms the Leaking Jar..?
In a report issued Friday on the performance of the big ratings firms, the Securities and Exchange Commission said that despite changes to their operations, it still "identified concerns" at all of them. Among the problems, the SEC said, are "apparent failures in some instances to follow ratings methodologies and procedures [and] to make timely and accurate disclosures. It also criticized the firms for not being able to "establish effective internal control structures for the rating process and to adequately manage conflicts of interest." SEC staff looked at 10 of the biggest operators in the industry, including Fitch, Moody's and Standard & Poor's.
US Economy in recession .
The U.S. economy is headed for a new recession that government intervention cannot prevent, the Economic Cycle Research Institute said Friday. "Cyclical weakness is spreading widely from economic indicator to indicator in telltale recessionary fashion," ECRI said in a published report. The ECRI's Weekly Leading Index (WLI) growth indicator, reported Friday, showed economic growth at negative 7.2% for the week ended Sept. 23, continuing a trend that began in August. U.S. economic strength has been declining since May, according to the WLI.
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