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Stock Market & Financial Investment News

News Breaks
January 2, 2013
14:45 EDTMoody's: 'Cliff' deal not basis for meaningful improvement in U.S. debt ratios
Moody's Investors Service said that the fiscal package passed by both houses of Congress yesterday is a further step in clarifying the medium-term deficit and debt trajectory of the federal government. It does not, however, provide a basis for a meaningful improvement in the government's debt ratios over the medium term. The rating agency expects that further fiscal measures are likely to be taken in coming months that would result in lower future budget deficits, which are necessary if the negative outlook on the government's bond rating is to be returned to stable. On the other hand, lack of further deficit reduction measures could affect the rating negatively. Notably, yesterday's package does not address the federal government's statutory debt limit, which was reached on December 31. The need to raise the debt limit may affect the outcome of future budget negotiations. Moody's said the macroeconomic effects of the package are positive, since it averts the recession that would likely have occurred had personal income taxes gone up for all income levels. However, the increase in the Social Security payroll tax from 4.2% to 6.2% of income that became effective on January 1 will likely be a constraint on growth in coming quarters. Furthermore, expenditure cuts that may be decided in coming months could also affect the rate of GDP growth in the near term. Overall, therefore, the recent package mitigates part of the fiscal drag on the economy associated with the fiscal cliff but does not eliminate it. Moody's added that it believes that the debt limit will eventually be raised and that the risk of default on Treasury bonds is extremely low, this confluence of events adds uncertainty to the outcome of negotiations. However, the spending measures that result from the negotiations will form part of the medium-term outlook for the budget deficit. Moody's will need to consider these measures in assessing the rating outlook. Further revenue measures may also form part of the negotiations. The debt trajectory resulting from this process is likely to determine whether the Aaa rating is returned to a stable outlook or downgraded to Aa1, as Moody's previously stated.
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October 20, 2014
07:50 EDTN.Y. FX Outlook
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07:40 EDTFed Governor Powell will take part in a webinar
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07:40 EDTTreasury Market Outlook: Treasuries are little changed
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07:32 EDTU.S. Labor Secretary speaks on the economy at a luncheon meeting
U.S. Labor Secretary Perez discusses the U.S. economy and labor situation in a speech entitled "Shared Prosperity: Building an Economy that Works for Everyone," at a National Press Club luncheon meeting being held in Washington, D.C. on October 20 at 1 pm.
07:31 EDTFederal Reserve Governor Tarullo to speak at workshop
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07:30 EDTFCC to hold a consumer advisory committee meeting
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07:28 EDTFederal Reserve Bank of New York President speaks at workshop
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07:24 EDTFutures lower to begin the week
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07:13 EDTBofA/Merrill to hold a workshop
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06:09 EDTOn The Fly: Morning Wrap-Up for October 20
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03:05 EDTFX Action: The dollar was mostly firmer
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October 18, 2014
10:27 EDTNew Home Sales to be reported at 10:00
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10:27 EDTKansas City Fed Manufacturing Index Level to be reported at 11:00
October Kansas City Fed Manufacturing Index Level will be reported at 11:00 . Current consensus is 6.0
10:27 EDTLeading Indicators to be reported at 10:00
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10:27 EDTFHFA House Price Index M/M change to be reported at 09:00
August FHFA House Price Index M/M change will be reported at 09:00 . Current consensus is 0.3% for the month
10:27 EDTPMI Manufacturing Index Flash Level to be reported at 09:45
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10:27 EDTConsumer Price Index CPI less food & energy to be reported at 08:30
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10:27 EDTConsumer Price Index CPI to be reported at 08:30
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10:27 EDTExisting Home Sales to be reported at 10:00
September Existing Home Sales will be reported at 10:00 . Current consensus is 5.10M
10:27 EDT Federal Reserve Gov. Jerome Powell Speech to be released at 10:00
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