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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.
News For NOSYMBOL From The Last 14 Days
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March 16, 2015
09:22 EDTBoard of Governors of the Federal Reserve to hold a closed meeting
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09:10 EDTU.S. Industrial Production Preview
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09:00 EDTU.S. equities are all fired up again
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08:55 EDTThe Empire State drop to 6.90
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08:45 EDTFX Action: The dollar eased a touch
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08:45 EDTTreasury Action: yields remained fairly inert
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08:43 EDTEmpire Manufacturing report has little impact on futures
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08:40 EDTU.S. Empire State manufacturing index dipped to 6.9 in March
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08:25 EDTEnergy Action: NYMEX crude matched January 29 trend low
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08:15 EDTU.S. NY Fed "Empire State" Index Preview
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07:50 EDTN.Y. FX Outlook
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07:45 EDTTreasury Market Outlook: Treasuries are a little higher
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07:33 EDTStock futures suggest higher open
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07:31 EDTOppenheimer to hold a tour
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07:31 EDTVanguard REIT ETF volatility at upper end of three-year range
Vanguard REIT ETF overall option implied volatility of 18 compares to its 26-week average of 15 according to Track Data, suggesting large near term price movement.
07:26 EDTDeutsche Bank to hold a conference
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07:08 EDTSPDR S&P Oil and Gas Exploration and Production ETF volatility flat
SPDR S&P Oil and Gas Exploration and Production ETF overall option implied volatility of 39 compares to its 26-week average of 38 according to Track Data, suggesting non-directional price movement as WIT oil is at a six-year low.
06:50 EDTFX Update: The dollar traded steady-to-softer
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06:00 EDTOn The Fly: Morning Wrap-Up for March 16
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05:48 EDTMarch front month equity options last day to trade is March 20, 2015
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