US debt ceiling division may be the harbinger of greater crises to come October 10, 2013 AS THE government shutdown has metastasised into a crisis about the US debt ceiling, a dark narrative has been playing endlessly inside my head. For the social and political divisions that have been revealed over these past few weeks may well be harbingers of greater crises ahead. To understand why, we need only look back [...]
US economy held hostage by shutdown October 9, 2013 FEARS over the potentially disastrous consequences of the US shutdown mean the Federal Reserve’s plan to slowly bring the economy back to normal have been put on ice. As Fed vice chair Janet Yellen was officially nominated by President Barack Obama as the next chair of the Federal Reserve, minutes from the American central bank [...]
Top 1 per cent of income taxpayers are bailing out the Treasury October 9, 2013 THERE is no better snapshot of modern Britain than the regular updates from HMRC on the taxes we pay and the income we earn. The latest batch doesn’t disappoint. There will be just 29.3m income taxpayers in 2013-14, 2m lower than in 2010-11 as a result of the increase in the personal allowance. There will [...]
Profile: New Fed chair Janet Yellen October 9, 2013 Janet Yellen has an impeccable economics pedigree for the role, with a family of professors and her own history as a high-flying academic. The incoming Federal Reserve chair is currently in the deputy position, meaning she was already a leading contender for the top job. Her role means she represents a degree of stability and [...]
New York Report: Choice of Yellen as new Fed boss boosts Wall St October 9, 2013 US stocks climbed yesterday to recovering from some of the day’s earlier losses, and the year’s high-performing technology stocks fell, as investors anticipated the nomination of Janet Yellen as US central bank chairman and as a political standoff continued in Washington. The stalemate in Washington and expectations of Yellen’s nomination as Federal Reserve chief made [...]
US debt ceiling division may be the harbinger of greater crises to come October 9, 2013 AS THE government shutdown has metastasised into a crisis about the US debt ceiling, a dark narrative has been playing endlessly inside my head. For the social and political divisions that have been revealed over these past few weeks may well be harbingers of greater crises ahead. To understand why, we need only look back [...]
The Fed is in desperate need of change – sadly Janet Yellen won’t be it October 9, 2013 PRESIDENT Obama has now officially announced his intention to nominate Janet Yellen, current vice chair of the Federal Reserve, to succeed current chair Ben Bernanke. And while Yellen is likely to receive a frosty reception from Republicans, she has a very good chance of garnering the necessary 60 votes needed to achieve Senate confirmation. She [...]
Yellen expected to bring continuity to top job in monetary policy October 9, 2013 News that Janet Yellen will be nominated as successor to Ben Bernanke as chairman of the US Federal Reserve has been welcomed by market watchers, with Yellen expected to bring a wealth of experience to the role. Joshua Raymond of City Index says that while "there is no real surprise here" after Larry Summer's withdrawal [...]
What you need to know before the open – 09/10 October 9, 2013 President Obama's comments last night – that there is "no magic bullet" to end the standoff between the two parties – seems to finally be drumming home to markets the ramifications of shutdown. US markets saw their biggest one-day slide in 11 months. There was some stabilisation, however, on the news that Janet Yellen would [...]
Janet Yellen to be next Fed Chief October 8, 2013 PRESIDENT Barack Obama will today nominate Janet Yellen to be the new chair of the Federal Reserve, making her the first woman to hold the most important job in the global financial system. Yellen will replace the outgoing Ben Bernanke at the end of January subject to approval by the US Senate, a White House [...]