Global finance chiefs are showing support for a plan to address the European sovereign debt crisis. A more complete plan may be presented by the October 23rd summit in Brussels. The plan is expected to include writing down as much as 50% of Greek debt.
To read a related Bloomberg article, please click here:
James Sutliff
The Senate voted 63-35 in support of the currency bill. The currency bill was supported by Republican and Democratic Senators and is hoped to address the trade imbalance due to undervalued currencies. Although the Senate supported the measure, the House may not even vote on the bill. House Speaker Republican John Boehner does not support the legislation and the bill may not advance for a vote.
To read a related Reuters article, please click here:
http://www.reuters.com/article/2011/10/11/us-usa-china-idUSTRE79A5AO20111011
Jim Sutliff
The Iowa Republican caucuses are expected to be moved to January 3rd 2012. The date of the Iowa GOP caucus was moved after Florida set their primary date at January 31st. The Nevada caucuses are scheduled for January 14th and the South Carolina primary is set for January 21st. New Hampshire still needs to set a date for their primary.
To read a related Roll Call article, please click here:
http://www.rollcall.com/news/Iowa-Moves-GOP-Caucuses-to-Jan-3-209309-1.html?pos=hbtxt
James Sutliff
On Wednesday, Sarah Palin anounced that she will not seek the Republican nomination in 2012. New Jersey Republican Governor Chris Christie also announced this week that he would not run for President. The Republican field is taking shape and fundraising is expected to focus on the three main candidates. Michele Bachmann is likely to benefit the most from Sarah Palin making an official announcement. Romney is in a better position due to the absence of Christie in the race. However, Rick Perry is still the frontrunner and will benefit from a solid southern vote.
To read a related Fox News article, please click here:
http://www.foxnews.com/politics/2011/10/05/palin-opts-against-2012-presidential-run/
Jim Sutliff
Moody’s downgraded Italian government debt from Aa2 to A2 with a negative outlook. Moody’s cited the increase in long-term funding risks for Euro nations with high levels of debt. Also, the weak global economic outlook was part of the rationale for the downgrade. The timing of the downgrade could have an effect on market activity for the remainder of the week..
To visit the Moody’s site, please click here:
James Sutliff
Florida Republicans haved moved the Republican Presidential primary to January 31st. The move is expected to cost Florida Republicans half of their delegates. Several other states are considering moving their Republican primaries earlier in the nominating process. The earlier primary date should give Florida more influence in the Republican Presidential race.
To read a related CNN Politics article, please click here:
Jim Sutliff
The U.S. Senate voted 79-16 in support of legislation to finance the government. The legislation also includes $2.65 billion in disaster assistance. The measure will finance the government through November 18th. The House is expected to vote on the legislation on October 4th.
To read a related Bloomberg article, please click here:
James Sutliff
Democratic Senator Harry Reid has indicated that he will introduce legislation relating to undervalued currencies. The measure will address the effect that undervalued currencies have on trade. The Chinese Yuan is one currency that is considered to be undervalued and acting as a subsidy to China.
To read a related Reuters article, please click here:
http://www.reuters.com/article/2011/09/27/us-usa-china-currency-idUSTRE78Q4Y720110927
Jim Sutliff
The Senate voted 59-36 against a House spending bill. The Republican bill in the House was designed to cut $1 billion in spending to pay for disaster relief. Senate Democrats are expected to move for a vote on an alternative measure by Monday evening. A spending bill has to be approved by the first of October to avoid a government shutdown.
To read a related Roll Call article, please click here:
http://www.rollcall.com/news/senate_votes_to_shelve_house_spending_bill-208979-1.html?pos=hln
James Sutliff
Republican Presidential candidates squared off last night in their third debate in less than a month. Social security and immigration were two of the main issues discussed in the debate. Most of the action was between frontrunner Rick Perry and his closest rival Mitt Romney. The Republican candidates will get to meet voters again today at a CPAC event in Florida.
To read a related Fox News article, please click here:
Jim Sutliff
Treasury yields for 30 year bonds fell below 3% for the first time since 2009. The Federal Reserve announced that it will purchase long term debt and sell shorter term debt in an attempt to spur economic growth. It is expected that they will purchase $400 billion of debt with 6 to 30 year maturites and sell the same amount of debt with maturites of 3 years or less.
To read a related Bloomberg article, please click here:
James Sutliff
On Monday, eight Republican Presidential candidates squared off in the CNN/Tea Party Debate. The Tea Party debate took place in Florida which is expected to be a heated primary race. Perry maintained his frontunner status with Romney and Bachmann questioning his stance on social security. A win in the Florida primary could give Perry the Republican nomination.
To read a related CNN article, please click here:
Jim Sutliff
The Senate voted 52-45 to increase the debt limit by $500 billion. The vote came on Thursday night after the jobs speech by Obama and before the NFL season opener. Democratic Senator Ben Nelson voted with the Republicans and Republican Senators Corker and Scott Brown voted with the Demcratics.
To read a related Roll Call article, please click here:
James Sutliff
The debate at the Ronald Reagan Presidential Library took shape as a showdown between Rick Perry and Mitt Romney. Perry had taken the frontrunner status from Romney and perfomed well in his first Presidential debate. There will be two more Republican Presidential debates in the month of September. The locations will be in Tampa and Orlando Florida.
To read a related Real Clear Politics article, please click here:
Jim Sutliff
The yield on a ten year Treasury fell to an all-time low in trading on Tuesday. The European debt crisis and a slow US economy drove investors to the safety of Treasuries. European stocks fell on Monday and US stocks declined in trading on Tuesday.
To read a related Bloomberg article, please click here:
James Sutliff
