News By Region
Monday, May 2, 2016 - 19:03 US Trade Rep Froman: Expect Congress To Approve TPP In 2016 0
--'Building Support' For TPP In Talks W/Hill
--Hints Expects TPP Vote In Hill After Election
--'Pretty Clear Sense' of Hill Votes On TPP
LOS ANGELES (MNI) - U.S. Trade Representative Michael Froman said Monday he's confident Congress will approve the Trans-Pacific Trade Agreement this year, hinting the vote will likely come in a post-election Lame Duck session.
"It will happen," Froman said during a panel session at the Milken Global Conference.
"We'd like to get it done as early as possible this year," Froman said.
Froman declined to specify when the congressional...
Monday, May 2, 2016 - 19:01 SF Fed's Williams: Downside Risk to Fed's Long Run FFR F-cast 0
By Karen Mracek
WASHINGTON (MNI) - San Francisco Federal Reserve Bank President John Williams warned Monday that even when the Federal Reserve and other central banks raise rates, the longer run equilibrium rate will be lower than in the past, and he even sees downside risks to the Fed's forecast.
Real equilibrium interest rates have declined to zero or slightly less, not just in the U.S. but around the world, Williams said in a discussion at the Milken Institute's 2016 Global Conference.
Monday, May 2, 2016 - 17:02 Monday's Top Stories in the United States 0
* The arrival of Puerto Rico's "default" Monday appeared to leave the wider municipal market unfazed, as island officials continued to negotiate with assorted sets of bondholders to stave off court action until after the U.S. Congress gives them more leverage. Bondholders, of which there are many varieties based on legal standing and the amount of revenue available to back them, hope to at least be assured of a schedule of payments, perhaps after a two-year moratorium and then stretched out into the future, not a repudiation of much of what is due them. What they actually get and whether the island can escape the endless litigation that could follow is up to the U.S. Congress. Some bondholders, at least, seem to be willing to wait.
Monday, May 2, 2016 - 16:37 US Tsy's Lew Letter to Congress on Puerto Rico - Text 0
WASHINGTON (MNI) - The following is a letter U.S. Treasury Secretary Jack Lew sent to congressional leaders Monday urging action soon on oversight and restructuring legislation for Puerto Rico as it faces debt service it will not or cannot meet:
The Honorable Paul Ryan Speaker
U.S. House of Representatives
Washington, DC 20515
Dear Mr. Speaker:
I am writing to follow up on my January letter regarding Puerto Rico's debt crisis and to provide information on the mounting costs of congressional inaction. More than six months ago, the Administration introduced a comprehensive legislative plan to resolve this crisis.
Monday, May 2, 2016 - 15:39 Two US Senate Budget Panel Members Lament Fiscal Stalemate 0
--Sens. Warner, Perdue Urge Bipartisan Budget Compromises
--Sen. Warner: Parties Must Drop Fiscal 'Talking Points'
--Sen. Perdue: 'We're In A Full Blown Crisis'
LOS ANGELES (MNI) - Two members of the Senate Budget Committee, Democrat Mark Warner of Virginia and Republican David Perdue of Georgia, said Monday the U.S.'s fiscal outlook is more dire than most Americans realize, and the two parties need to negotiate reasonable compromises on entitlement and tax reform.
In remarks on a panel on U.S.
Monday, May 2, 2016 - 15:00 US Tsy Sees $65B Paydown In 2Q; Prev Estimate $112B 0
WASHINGTON (MNI) - The U.S. Treasury Monday estimated it will paydown $65 billion of net marketable debt in the second quarter of 2016, assuming a $350 billion cash balance on June 30.
Previously, the Treasury estimated it would paydown $112 billion in the quarter, with a $350 billion cash balance at the end of June.
"The increase in borrowing is due primarily to lower receipts and higher outlays, partially offset by higher net issuances of State and Local Government Series securities," Treasury said.
In the first quarter of 2016, Treasury borrowed $244 billion, while the end-of-quarter cash balance was $314 billion. Treasury had previously estimated it would borrow $250 billion in the first quarter,...