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Posted Nov 16th 2007 12:12PM by Filed under: . Industrial Production cut 0.5% in October considerably worse than the consensus calculate of a 0.1% production gain. Friday. It was the largest decline in IP since January 2007. Industrial Production rose 0.2% in September. Meanwhile capacity utilization --- which measures the percent of plants in use --- cut to 81.7% in October from 82.2% in September. Analysts had expected a 0.1%-0.3% rise in the utilization rate. Production at factories declined 0.4% utility production declined 1.6% and mining create cut 0.6%. Also telling: production of consumer durable goods dropped 0.8%. Analysts said the October industrial production decline adds to the argument that the U. S housing sector's woes - - the most serious housing droop in more than a decade - - are beginning to spill over into the broader economy: "The October industrial production statistic certainly is a disappointment. Combined with lower capacity utilization it suggests the economy is slowing and it's something that has to concern the Fed," economist M. David Chandler told Bloggingstocks. "This puts added focus on the November and December stats. If we see industrial production slowing in those two months. Q4 will go in very very weak and the U. S economy will be growing at near-stall levels." Please act your comments relevant to this blog entry. Email addresses are never displayed but they are required to affirm your comments. When you enter your label and email address you'll be sent a link to confirm your comment and a password. To leave another comment just use that password. To act a live link simply write the URL (including http://) or email address and we will alter it a live cerebrate for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br> tags.

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It is hard to introduce inflation targeting without introducing an inflation target but with the US Federal Reserve’s new communications strategy its head Ben Bernanke has done a creditable job. The new system is imperfect and members of the Fed board ordain have to act responsibly to make it.... This cluster be to the following story: Keywords: United states / Federal Reserve Bank. Ben Bernanke / rate fed economy forecast growth inflation head decrease Start go out: Friday. November 9. 2007 This site is a project of the SeS Unit of the IPSC at the JRC. The EMM system automatically collects aggregates and analyses articles from news portals around the world. The JRC is not responsible for the contents of the original articles and cannot pledge the correctness of the extracted information. Please send any comments or suggestions to The information on this site is affect to a

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Will the "Bernanke Era" be remembered for its own create of ? Perhaps so. U. S. Federal keep back head Ben S. Bernanke and his team at the policymaking Federal change state merchandise Committee announced yesterday (Wednesday) that they would increase the frequency of their economic projections from twice a year to once a accommodate. Additionally the FOMC will stretch the horizon on their forecasts from two years to three years. The FOMC ordain also beef up the content of its reports the central bank said. "FOMC meeting participants will now give projections for overall personal consumption expenditures (PCE) inflation as well as for real gross domestic product (GDP) growth the unemployment rate and core PCE inflation. Projections of nominal GDP growth will be discontinued. Summaries and explanations of the projections will be published along with the minutes of the FOMC meeting at which they were discussed," the Federal keep back said in its announcement. "If you haven’t thrown out your Greenspan decoder ring by now you should," chief economist at Lehman Brothers Holdings Inc. () said during an interview on Bloomberg TV. According to a report on the converse by Harris was referring to the long-winded jargon-laden obfuscations used by Bernanke’s predecessor. Alan Greenspan. The intent is to provide investors with a exceed understanding of the deliberations undertaken and decisions reached during Federal Reserve meetings - including risks to the economic outlook and the disparity of views among policymakers. Investors will get a glimpse at the Fed’s new come on Nov. 20 when the central bank is scheduled to release the minutes of its policymaking sessions of Oct. 30-31. In 2008 projections made by members of the come in of Governors and presidents of the regional Federal keep back Banks ordain be published with the minutes of the Fed meetings in January. April. June and October. Speaking at the Cato Institute in Washington. D. C.. Bernanke explained the changes further saying the committee’s projections would function in three ways - "as a forecast as a provisional plan and as an evaluation of certain long-run features of the economy." In a refreshing surprise the Fed said it would also furnish separate forecasts on inflation - one including the more-volatile food and energy costs and another excluding them. Predictions will include unemployment rate. According to the "good communications are a prerequisite if central banks are to maintain the democratic legitimacy and independence that are essential to appear monetary policymaking." Bernanke noted that a more-transparent central tip would compound U. S economic performance by reducing uncertainly and allowing households and economic institutions to alter exceed decisions. [Editor’s say: Bloomberg also has a 42-minute video of Bernanke’s speech to the Cato Institute. To check it. .] Right now. $867 billion is on the verge of flowing into markets worldwide generating long-term profits that could command the gains of the Internet the Telecom Revolution and the Gold Boom combined. Already the forces fueling this powerful trend are creating some "blue-chip" stocks from companies with alter beginnings - the same set up for Microsoft-sized gains during the computer revolution. sight out more about these companies. be to experience why Japanese real estate is booming? Which affiliate makes 90% of the gaming consoles sold in the world? Or why wet is the “Oil of the 21st Centuryâ€�? Every month renowned international investing experts Horacio Márquez and Martin Hutchinson follow the money to extreme profits. Learn how to change state a member of for as little as $49.50. ©2007 Monument Street Publishing. All Rights Reserved. Protected by procure laws of the United States and international treaties. Any reproduction copying or redistribution (electronic or otherwise including on the world wide web) of content from this website in whole or in part is strictly prohibited without the convey written permission of Monument Street Publishing. 105 West Monument Street. Baltimore MD 21201. Email:

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Anyone under the impression that the carnage in the credit market is fully priced into financial stocks had better act a deep breath before reading on. Remember to exist. How will the ASX act to yesterday’s 362 point. 2.6% decline on the Dow? We evaluate it ordain highlight the growing divergence between financial shares and resource shares. Granted the difference is already pretty clear. One write of firm makes money off of money. The other makes money from “stuff.â€� It’s not complicated. But October came and went without the dreaded “Redâ€� trading days that headline writers begrudge. That’s authorise. Black November is off to a good start. By good we convey really bad. “It almost feels as if yesterday’s action in the market was a dream and we woke up today to a stark reality – that we’re not going to be getting rid of this significant persistent and consistent downdraft in the financials for some time,â€� Peter Kenny managing director at ennoble Equity Markets told Bloomberg. But yesterday’s biggest news got the least attention. Little noticed and lightly reported in the aftermath of yesterday’s post-rate cut rout is this item: the Federal keep back injected US$41 billion into the American financial system in three separate open market operations yesterday. So what? What’s US$41 billion between central tip cronies and their banking friends? That US$41 billion in one day is the second largest be on record. And no hit day of the credit crisis in August matched it. The previous preserve was set on September 19th. 2001 when the Fed pumped US$50 billion into the US markets in affix 9-11 trading. So why you may be wondering did the Fed be to administer so much liquid courage into the merchandise after cutting rates the day before? The say may lie with Citigroup (NYSE:) an American financial have. Citigroup appears to be the latest casualty in the slow-motion change of the asset-backed commercial paper market. That’s the market where bundles of securitised assets (equipment loans credit card receivables) are used as collateral for loans. That market is the primary source of funding for certain financial institutions. Trouble is the asset-backed commercial cover merchandise has fallen by 26% since the beginning of the ascribe crisis in August. “The change of the market,â€� writes Rex Nutting at CBS Marketwatch. “has prompted owe companies and others who relied on the commercial paper market to seek alternative sources of funding mainly by tapping existing ascribe lines at large banks. The banks in turn undergo sought alternative funding for their special investment vehicles…Citigroup’s shares were displace on Thursday on reports it needed to raise US$30 billion in capital perhaps by cutting the dividend.â€� Are you still with us? It’s time for a short course in forensic finance. First the crashing US house market leads to falling prices for mortgage-backed securities. Next. CDOs that contain mortgage-backed securities mouth to fall. Indexes which bring in the CDO and asset-baked security merchandise designate these falling values. Ratings agencies get in the game by re-rating AA and AAA bonds…downward. That last phase—the re-rating of asset-backed commercial cover—happened in mid-October. Only now is it filtering down to real-world consequences. Faced with falling asset values and a tight credit merchandise. Citigroup perhaps turned to the only source of funding left in the market yesterday: the Fed. ordain this arrange of consequences lead to more collateral alter in financial stocks? Tomorrow is Friday in America. It’s going to be color. P. S to get The Daily Reckoning enjoin to your inbox sign up to our or if you prefer to use RSS bid to the. I saw this $41 bil mentioned since Thursday. It is not change by reversal. The Fed had $42.5 bil expiring Nov 1 (thursday) in their Temporary change state merchandise Operation (TOMO). It is unusual for them to undergo that much expiring at once because it was almost the complete balance of $47 bil. but it just worked out that way. They replaced that $42.5 bil with just $41bil. In three repos expiring the 2nd. 8th and 15th. In essence they drained $1.5 bil. Good site for keeping up with TOMO’s. It appears the media picked it up as a big add when it wasn’t. They just replaced what was expiring. That said. I am not going to say that haven’t been adding - just in this case someone got it do by. Amazing how this story took on a life of its own. Google “Federal Reserve $41 bil”. It is all over the place. XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym call=""> <b> <blockquote cite=""> <label> <em> <i> <touch> <strong> offers an independent and critical perspective on the Australian and global investment markets. Sign up for our free daily e-mail newsletter below. "If I had to name just one book investors should read this is the one I would select..." -- Dr. Marc Faber editor of the maverick Gloom Boom & ordain Report and Amazon best-seller Tomorrow's Gold: Asia's Ageof Discovery "We undergo not seen a nationwide decline in housing like this since the Great Depression" ~ Wells Fargo Chief Executive John Stumpf referring to the U. S. Housing merchandise

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The ardent supporters of Rep. Ron Paul the iconoclastic Texas libertarian whose race for the presidency is threatening to upend the battle for the Republican nomination got word yesterday of a new obtain of outrage and motivation: reports of a federal raid on a company that was selling thousands of coins marked with the craggy visage of their hero. Federal agents on Thursday raided the Evansville. Ind. headquarters of the National Organization for the Repeal of the Federal Reserve Act and Internal Revenue label (Norfed) an organization of "sound money" advocates that for the past decade has been selling a private currency it calls "Liberty Dollars." The company says it has put into circulation more than $20 million in Liberty Dollars coins and paper certificates it contends are backed by silver and gold stored in Idaho are far more reliable than a U. S dollar and are accepted for use by a nationwide underground economy. Norfed officials said yesterday that the six-hour raid occurred just as its six employees were mailing out the first batch of 60,000 "Ron Paul Dollars," coat coins sold for $1 to honor the candidate who is a longtime advocate of abolishing the Federal Reserve. The assort says it has shipped out about 10,000 silver Ron Paul Dollars that sold for $20 and about 3,500 of the copper $1 coins. But it said the agents seized more than 50,000 of the copper coins -- more than two tons' worth -- plus smaller amounts of the silver coins and gold and platinum Ron Paul Dollars which sell for $1,000 and $2,000."They took everything all of the computers everything but the desks and chairs," the affiliate's founder and head. Bernard von NotHaus said in a telephone converse from his home in Miami. "The federal government really is afraid." Von NotHaus changed the name of Norfed to Liberty Services earlier this year but affidavits for government search warrants served yesterday continued to use the older name. News of the assail lit up Ron Paul online forums yesterday the latest unlikely episode in a campaign that began as an idiosyncratic bid by the veteran congressman but has grown into a cause with the potential to influence the GOP oppose. Paul. 72 has attracted droves of disaffected Republicans and independents to his platform which includes ending the war in Iraq abolishing the Internal Revenue Service and adhering to a strict libertarian interpretation of the Constitution. He raised a record-breaking $4 million in a single day this month and nears double digits in some New Hampshire polls. A Paul campaign spokeswoman said yesterday that the campaign has "no affiliation" with the Ron Paul Dollars. But Paul's supporters said the seizure of the coins is sure to further stoke give for the campaign."People are pretty upset about this," said Jim Forsythe head of the Paul Meetup assort in New Hampshire who said he recently ordered 150 of the copper coins. "The dollar is going down the tubes and this is something that can protect the value of their money and the Federal Reserve is threatened by that. It'll definitely blast people up."

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Retail sales in the U. S rose less than forecast in August adding to the inspect for a cut to interest rates by the Federal Reserve next week. See the full story from. Reproductions and distribution of the above bind are strictly prohibited. To request reprints and/or communicate permission to use the bind in full or partial change gratify communicate our reproduce Sales Manager at (212) 210-0762.

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Federal keep back officials mention on effects of mortgage and liquidity crisis on broader US economy analyse out that let you integrate Digg into your site and add Google features. Get a real-time look beneath the surface in the with our tools and. Also see our original real-time tracking system. NEW! Show current Digg news on your blog or website with a. It's super customizable. © Digg Inc. 2007 — User-posted content unless source quoted. --> DIGG. DIGG IT. DUGG. DIGG THIS. Digg graphics logos designs summon headers add icons scripts and other function names are the trademarks of Digg Inc.

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CHARLOTTE. N. C. (AP) - Bank of America Corp said Friday it has received approval from the U. S. Federal Reserve to end its US$21 billion purchase of Chicago's LaSalle tip Corp. The decision is the final regulatory approval needed for the transaction which is expected to close in early October. tip of America said. The purchase will create a leading banking certify in Chicago and Michigan two areas where LaSalle mainly operates while filling a key gap for Bank of America nationally. LaSalle has about 411 branches. 1,500 automated teller machines and 1.4 million customers. Adding LaSalle would give tip of America more than 6,100 branches and close to 10 per cent of deposits nationwide the maximum allowed by federal law. Bank of America shares rose nine cents to $49.95 Friday. Want online access to Atlantic Canada's premiere source for local news entertainment sports and much more? to enter online remove. This site uses Javascript extensively. gratify ask with your browser Help menu for instructions on how to enable Javascript.

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Banks Borrow $7.2 Billion From Fedposted on: September 13. 2007US banks had borrowed $7.2 billion from the Federal keep back as of Wednesday the most since alter after the September 11th tragedy. The data says the New York Fed was owed $4.9 billion the Cleveland Fed was owed $1.6 billion and $550 million was owed to the Richmond Fed but the names of the banks were not detailed. Banks usually borrow from other banks at the federal funds evaluate which has averaged 5.01% this month. The banks that borrowed money from the fed had to pay 5.75% in arouse which is known as the discount evaluate. The cerebrate they did this according to Lou Crandall chief economist for Wrightson ICAP was that the fed was "deliberately stingy" ahead of the expiration of the reserve maintenance period the measure when banks must show they undergo enough cash on reserve against their capital. It seems that the Fed created the scenario where so many banks were so bunco capital that the federal finance rate at 6.5% on Monday. 6% on Tuesday and 6.25% on Wednesday was higher than the 5.75% reject rate. Why did the Fed do this? come up until this week the Fed with little success was encouraging banks to borrow from them to increase liquidity and ease the credit crunch. There is a stigma associated with borrowing from the discount window; historically it is done only in extraordinary situations where banks were desperate. By forcing banks to acquire this might diffuse the stigma. The Fed also lowered the discount rate last month half a inform with the same idea of getting banks to borrow from them. "If the carrot won't work use the stick," Crandall said. The Fed's measure tactic was more than effective. Sources: MarketWatchCommentary: Economists Up the Odds of a Recession -WSJ • Bernanke Mum on Possible Rate CutSeeking Alpha's news briefs are combined into a pre-market summary called Wall Street eat. Get protect Street eat by email -- it's remove and takes only seconds to sign up seekingalpha com

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While ABN Amro and its shareholders agonize over competing takeover offers from two other European banking heavyweights. Bank of America today got the nod to proceed with the acquire of one ABN Amro's crown jewels. The U. S. Friday that it had approved Bank of America's purchase of ABN Amro North America Holding Co for $21 billion. That would give BofA hold back of LaSalle tip Corporation of Chicago. The Royal tip of Scotland one of the European bidders for the whole of ABN Amro had been seen as chiefly interested in the Dutch bank because of LaSalle and the opportunity the Chicago-based bank represented to RBS to change magnitude its presence in the United States. The problem is. ABN Amro had agreed to change LaSalle to tip of America before RBS stepped up to buy ABN Amro. The other European bidder for all of the Dutch bank is Barclays. A sale of LaSalle to BofA which could close as early as next month would probably let Barclays obtain the be of ABN Amro even though its bid is nominally displace than RBS's furnish. The has been even more complicated than this align broach suggests. For one thing the $83.3 billion Barclays bid is largely in stock which fell in value after the offer was made. Meanwhile a $98.7 billion all-cash offer from the RBS-led assort (which includes the big Belgian bank Fortis and large Spanish tip Santander) has been hampered by those banks' trouble in arranging the financing. LaSalle which operates in Chicago and Michigan is such a consider because it has more than 400 branches. 1,500 automated teller machines and 1.4 million customers. tip of America would have more than 6,000 branches and about 10 percent of all deposits in the U. S if it can close the deal. Selecting "bequeath me" allows you to alter comments on the site for 30 days without having to enter your label and email address each measure. Your information will be saved only for this period and ordain not be shared. I accept that submitting a comment constitutes acceptance of the and. We encourage comments that foster a respectful constructive dialogue. If you've read a comment that you accept violates place etiquette gratify inform it to us using the form below. We ordain review the comment in question and then end whether it should be removed. Inappropriate comments include those that include or bespeak personal information use obscene or offensive language or alter unauthorized or commercial offers. Thank you for your interest in keeping Portfolio com a displace where ideas and conversations can thrive. Fields marked with an asterisk * are required. Quotes delayed 15 minutes for NASDAQ. 20 minutes for NYSE and AMEX. merchandise Data provided by Interactive Data. Powered and implemented by. Company fundamental data provided by Hemscott. Economic data provided by Econoday. News provided by Comtex. Sec Filings data provided by Edgars. The protect Street Horizon National Consumer Interest Rate Survey. PMMS Mortgage Data ©2007. Mortgage averages are for conforming mortgages with 20% down.

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