Oil Falls to Under $40 in New York
With today’s confirmation that the U.S. economy is still shedding jobs, oil fell below $40 for the first time in 2009. While oil rebounded somewhat since the low of $32.40 last month, analysts predict that oil prices will continue to retreat. More
Cable Closes the Week on a High Note
The British pound completed its best week ever against the euro, gaining over 8 percent for the week. More
Fed Loan Programs “Fraught With Risks”: Lacker
Richmond Federal Reserve Bank President Jeffrey Lacker warned that the central bank should avoid using its balance sheet to finance a fiscal stimulus plan, saying such a strategy is “fraught with risks.â€
“Many historical instances of monetary instability have been the result of central banks being prevailed upon to use their balance sheets for fiscal ends,†Lacker said in a speech to the Maryland Bankers Association in Baltimore. “Mixing monetary and fiscal policy is fraught with risks.†More
