US Senate Votes to Place Restrictions on Credit Card Rates
In a move clearly aimed at easing the burden of debt-laden Americans, the Senate voted 90 – 5 today to put into law a bill that limits the interest rate charge that issuing companies can levy and prohibits companies from arbitrarily raising rates. The House is also expected to approve the bill and it could be ready for President Obama’s signature by the end of the week. More
Dollar Falls on Reduced Demand for Safety
The dollar lost to all the major currencies today on speculation that most of the big banks have sufficient capital giving speculators reason to trade in riskier currencies that offer higher yields than the greenback. By 1:00 in New York, the dollar fell 0.4 percent to the euro to $1.3614, while losing 0.2 percent to the yen to 96.08 from 96.30. More
Oil Fails to Maintain $60 Barrier
Citigroup analysts said that oil’s failure to break through the $60 barrier suggests that the market is currently not willing to go beyond $60.
“Crude faltered at the psychological $60 level, and momentum has turned down, suggesting the danger of a shorter- term correction,” said Tom Fitzpatrick, chief technical analyst at Citi FX, part of Citigroup Capital Markets in New York. More
Some Banks to Start Repaying TARP Loans Next Month
Several of the largest banks included in the Federal Reserve’s stress test examination, are expected to start repaying their TARP loans next month. More
