Fed: Recession “Easing” – Treasury Buying to End in October
The US Federal Reserve announced at the conclusion of its two-day meeting this afternoon in Washington, that it expects to end its program of Treasury buying by October.
“To promote a smooth transition in markets as these purchases of Treasury securities are completed, the committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October,” the Federal Open Market Committee said earlier today. More
Oil Stays Below $70
Oil prices remained below $70 a barrel in European trading as investors fretted over weakening global demand despite a surge in China. The benchmark crude for September delivery managed to gain 12 cents to $69.57 a barrel after falling $1.15 yesterday. More
US Posts Record YTD Deficit of $1.27 Trillion
Sagging tax revenues and increased spending as part of the economic recovery plan have conspired to set a deficit record of $1.27 trillion for the first ten months of 2009. More
King: Recession in England “Deeper Than Feared”
Mervyn King – Governor of the Bank of England – said that growth could fall below 1 percent as the recession continues to rage in the UK.
“The recession appears to be deeper than the MPC (Monetary Policy Committee) thought likely at the time of the May report,” King said earlier today. “Nominal indicators remain weak and the adjustment of balance sheets has a long way to run.†More
