EU Plans to End Stimulus Payments
Citing signs of “sustainable economic recovery”, EU Finance Ministers said today that they will slow the pace of economic stimulus spending. A draft statement was made public explaining the position of the EU leaders.
“Further budgetary stimulus would not be warranted and attention should shift toward consolidation, keeping pace with economic recovery,†noted the draft communication. “There is a clear need for a reliable and credible exit strategy.†More
Inflation Concerns Help Support Crude Prices
Investors are turning to oil and other commodities as a hedge against inflation that some fear could be triggered by the unprecedented levels of government spending to stimulate economies. More
Germany’s Producer Prices Index Declines 3.6% From 2008
Germany’s Produce Price Index (PPI) for May fell by 3.6 percent when compared to the same month one year ago. More
LIBOR Rate Setting Process May Change
The British Banker’s Association (BBA) said today that it may add more banks to the current group of commercial banks surveyed to arrive at the LIBOR rate which serves as the benchmark for setting other interest rates – particularly for forward rate agreements and other derivatives products. More
