by Marco Cipriani and Julia Gouny - Liberty Street Economics, Federal Reserve Bank of New York
In February, the Federal Reserve Bank of New York"s trading desk announced it will publish a new overnight bank funding rate early next year. The new rate will be based on both federal funds and Eurodollar transactions reported in a new data collection - the FR 2420 Report of Selected Money Market Rates. In a previous post, we explained how FR 2420 fed funds transaction data will replace brokered data as the base for the fed funds effective rate. This post provides insights on the Eurodollar market in advance of the publication of the overnight bank funding rate.
Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).
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Early Headlines: China Yuan Gains IMF Backing, Chinese Markets Bubble, Bond Market is Saying 2016, Controversial EU Migrant Quota System and More
Early Bird Headlines 27 May 2015
Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
Infographic Of The Day: Food Photography
The principles of great food photography from an expert
FOREX NEWS by DailyForex
When Federal Reserve Chair Janet Yellen reiterated her expectations to raise interest rates this year for the first time since 2006 she put smiles on the faces of her peers at central banks around the world.
Last week’s release of inflation data helped to push the US Dollar Index higher and lifted the greenback to an 8-year peak versus the Japanese Yen.
In June, Greece must repay €1.5 billion to the IMF and roll over €5.2 billion in short-term bonds.
Crude oil seems to be making a comeback. With prices rebounding significantly over the last few weeks, traders are jumping back in with expectations of continued gains.
With all the talk by Fed Chairwomen Janet Yellen and other Fed officials that interest rates will be raised by the end of the year, Federal Reserve Vice Chairman Stanley Fischer seems to be taking a different approach, believing that there is a risk to raising interest rates prematurely.
Hypocracy about "Rules" in the Eurozone
by Dirk Ehnts, Econoblog101
I have always thought that an inflation-targeting central bank is independent because it follows a clear goal: get inflation to fall in line with the target in the medium term. What I cannot understand is what ECB and Bundesbank are doing.
Money Morning Article of the Week
by Keith Fitz-Gerald, Money Morning
I want to give you a truthful look at what"s happening in the single most underestimated, misunderstood, and perpetually disrespected country on earth: China.
22May2015 Market Close: Markets Closed Mixed, Small Caps Closed In The Green Ahead Of The Memorial W
from the American Chemistry Council
The Chemical Activity Barometer (CAB), jumped 0.7 percent in May, as measured on a three-month moving average (3MMA). Reaching an index of 99.3, last seen in November 2007, the CAB remains up 3.3 percent over a year ago, and suggests gains in business activity now will continue into 2016.