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Bernanke says 'far too early to declare victory' with U.S. recovery

Wednesday, March 28, 2012 4:05 AM GMT

Good Morning,

- FX traded in very narrow ranges overnight.

- Stocks: Nikkei -0.93 %, Hang Seng -0.86 %, Shanghai Composite -1.74 %, Dow Jones -0.33 %, S+P500 -0.28 %

- Moody's Investors Service said its top rating on Germany remains stable, though the credit rater said some factors continue to pressure its debt metrics.

-Italian Prime Minister Mario Monti said the risk of debt contagion from Spain has decreased after measures taken to increase a firewall. Monti, who spoke to reporters in Tokyo, didn't specify the size of an ideal firewall. Monti in a speech on March 24 warned that Spain risked re-igniting Europe's debt crisis because it hadn't done enough to tame its budget deficit.

- Fitch: Portuguese banks remain on shaky ground

- Bank of England policy maker Adam Posen said that he's pretty close the the Monetary Policy Committee's modal forecast on growth and inflation. "I'm not as worried about downside risks as I once was," he told reporters at an event in London. "I'm pretty close to the committee's modal forecast, though I see risks a little more to the downside."

- Fed Bernanke says "far too early to declare victory" with U.S. recovery.

  • Odds of another recession "pretty low," yet "you just never say never,"

  • 2014 low-rate pledge is not a guarantee, it's Fed's "best estimate"

  • Fed will change low-rate plan if "things get a lot stronger or a lot weaker"

 

- Federal Reserve Bank of Boston President Eric Rosengren said the U.S. central bank may need to ease monetary policy if unemployment stays too high.

- Federal Reserve Bank of Dallas President Richard Fisher said the U.S. central bank has "done its job" to provide liquidity when it was needed and that the economy now needs Congress to indicate a clearer plan for taxes and spending.

- Federal Reserve Governor Elizabeth Duke said low-income communities need creative business ideas to help recover from the recession.

- European risks have not completely disappeared, while U.S. economy is performing better this year than last year, Federal Reserve Bank of St. Louis President James Bullard tells reporters in Beijing.

  • U.S. inflation is moderating, still a little above target

  • Oil price is a wild card and a big issue for China

 

- BOJ Nishimura says there's no need to take on the risk of introducing the U.S. Fed's Maturity Extension Program, or Operation Twist, in Japan.

  • BOJ must avoid spurring speculation of fiscal financing through its bond purchases

 

- Bank of Japan board member Ryuzo Miyao says Feb. 14 action by the bank helped weaken yen, boost stocks.

  • Miyao says BOJ must pay attention to any policy side effects

  • Miyao says Japan economy will recover gradually

 

- Australia's banks, battling the weakest mortgage demand in more than three decades, should avoid taking on more risk to stoke profits, the nation's central bank said. It would "be unhelpful if banks were to chase unrealistic profit expectations by taking on more risk," the Reserve Bank of Australia said in its financial stability review released in Sydney today. It warned against cutting lending standards, expanding too quickly into new markets, or by weakening risk management, the report said.

- Russia will raise $7 billion in Eurobonds in the largest emerging markets sovereign offering since at least 2000, fully covering its foreign borrowing plan for 2012, sources close to the deal said on Tuesday.


- 13.00 US MBA Mortgage Applications
- 14.30 US Durable Goods Orders Feb
- var. Germany Laender CPIs Feb
- 10.00 Eurozone M3 Feb
- 10.00 Italy Business Confidence Mar
- 14.00 ECB Weidmann
- 17.30 ECB Contancio
- 10.30 UK GDP Q4 F
- 10.30 UK Current Account Q4
- 10.30 UK Total Business Investments Q4 F
- 12.30 BOE Tucker
- 09.00 Sweden Consumer Confidence Mar
- 09.00 Sweden Manufacturing Confidence Mar
- 09.00 Sweden Economic Tendency Survey Mar

(CET)

Have a nice day !

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