By Dean Popplewell:
By Kenny Fisher
GBP/USD has reversed directions in Tuesday trading, as the pair has pushed higher and crossed above the 1.64 line. In economic news, most UK inflation indicators were within market expectations, led by CPI, which posted a gain of 2.0% in December. In economic news, US Retail Sales dropped in December, while Core Retail Sales improved and beat the estimate.
The United States has already hit its debt ceiling--the legal limit of the amount of money it is allowed to borrow, as established by Congress. Right now, the U.S. Treasury is resorting to "extraordinary measures" to keep paying the country's bills.
Paul Krugman is now so far into outer space with ridiculous economic proposals that even Helicopter Ben Bernanke recognizes Krugman's proposals as "reckless".
Bloomberg reports Bernanke Takes On Krugman’s Criticism Ignoring Own Advice
Federal Reserve Chairman Ben S. Bernanke took on Nobel prize-winning economist Paul Krugman yesterday and called his advice to reduce unemployment by boosting inflation “reckless.”
AUSTIN, Texas (Reuters) - The Federal Reserve may have more latitude to pursue easy-money policies if inflation runs below its newly-set 2-percent target, though such a move does not guarantee more jobs, a top central bank official said on Thursday.
Reuters - The Federal Reserve may have more latitude to pursue easy-money policies if inflation runs below its newly-set 2-percent target, though such a move does not guarantee more jobs, a top central bank official said on Thursday.
The government intends to bring forward legislation to implement changes, including the new criminal offence of reckless misconduct and changing the way senior figures are authorised by City regulators, one of the recommendations in the commission’s report
Some of the recommendations made by the Tyrie commission – set up after Barclays was fined £290m for rigging Libor a year ago – can also be implemented without changes to the law and through existing powers handed to the regulators.