Week of November 4, 2012 thru November 10, 2012
WASHINGTON (MNI) - Due to the disruptions to gasoline supply caused by Hurricane Sandy, the U.S.
WASHINGTON (MNI) - The following is the text of a statement Friday by the U.S. Department of Energy:
- As part of the government-wide response and recovery effort for Hurricane Sandy, President Obama declared that Hurricane Sandy has created a severe energy supply interruption and directed the Energy Department to loan the Department of Defense ultra-low sulfur diesel from the Northeast Home Heating Oil Reserve.
The Defense Logistics Agency (DLA) will begin drawing down stocks from the heating oil reserve terminal in Groton, Connecticut as early as tomorrow. The fuel, which will be distributed to state, local and federal responders in the New York/New Jersey area, will be used to provide additional supplies to ensure continued response and recovery efforts.
--Meetings & Events of Interest to Subscribers
DATE GMT / ET EVENT
04-Nov 0700/0200 U.S. Eastern Standard Time begins.
04-05 Nov -- U.S. Treasury Under Secretary Lael Brainard attends G20 meeting in Mexico.
05-Nov 0000/2000 San Francisco Federal Reserve Bank Pres. John Williams speaks to the University of California at Irvine on "Unconventional Monetary Policy" and after will answer media questions.
06-Nov -- U.S. Election Day
08-Nov 0000/2000 St. Louis Federal Reserve Bank Pres.
(MNI) - Ahead of this weekend's Group of 20 meetings in Mexico City, a senior U.S. Treasury official stressed the need for China to make further progress toward exchange rate flexibility and toward increasing domestic demand in its economy to reduce its large trade surplus.
The official also said a central focus of the gathering of G20 Finance Ministers and central bank governors will be the ongoing problems in Europe.
Encouraging steps have been taken in the 17-nation Euro zone, including the European Central Bank's sovereign bond buying program and the euro-zone bail-out fund or European Stability Mechanism, but more progress is needed, the official said in a conference with reporters.
Source: U.S. Treasury, Fannie Mae, Freddie Mac Amounts in billions of U.S.
NEW YORK, Nov 2 (MNI) - The dollar was able to muster modest gains Friday after the release of a stronger-than-expected October U.S. employment report.
Euro-dollar was changing hands at $1.2827 in quiet afternoon dealings Friday, with the euro in the lower reaches of the day's $1.2822/1.2892 U.S. hours range after beginning the day around $1.2880.
Dollar-yen meantime was trading at Y80.43 in afternoon dealings, a bit above its early Y80.27 early level of the day after traversing Y80.22/68 during U.S. hours.
Afternoon dealings had slowed to a trickle in still-thin U.S.
--But Reimbursement Prospects Important to Credit Assessment
WASHINGTON (MNI) - While natural disasters have the potential to pressure liquidity positions and weaken local governments credit strength in the short term, the Big Three rating agencies indicated they expect little implication for those issuers' credit quality in the long term.
That being said, reimbursement prospects will have an important role in assessing municipal issuers' credit in the aftermath of hurricane Sandy.
"Initially we see strains on liquidity and short-term costs," Standard & Poor's U.S. Public Finance analyst Karl Jacob told MNI Friday as the agency was preparing to issue a report on the topic.
WASHINGTON (MNI) - How much could the taxes on the most heavily taxed part of your income go up Jan. 1? How about 189%?
That's the change in 2013 marginal tax payments if all income is from stock dividends. If all your income is from capital gains, the tax bill on the most heavily taxed portion will go up 58.7%.
While old news to tax specialists, who are busy advising clients to accelerate income into 2012, the numerous tax changes scheduled for Jan. 1 are just beginning to sink in for many others.
On Capitol Hill, most if not all of the many separate scheduled changes are considered bargaining chips, to be traded and modified in the process of avoiding -- and to some extent exploiting -- the fiscal cliff deadline.
(MNI) - Emphasizing the "flexibility" of the Federal Reserve's third round of large-scale asset purchases, San Francisco Federal Reserve Bank President John Williams said Friday that the Fed "may expand" its asset purchases to "include other assets."
Williams, a voting member of the Fed's policymaking Federal Open Market Committee, said that alternatively the Fed could adjust downward or even end its third round of asset purchases if it finds they aren't working or are causing problems.
However, he strongly suggested that the FOMC will more likely need to continue so-called "quantitative easing," given that the Fed is "falling short" on both its maximum employment and price stability objectives.
London, Nov 2 (MNI) - The following are highlights of forecasts for upcoming U.K. economic indicators and events.