Economy
EU Stirs Expectations of Greek Aid Package to Ease Region's Widest Deficit The European Union dropped hints that
a summit this week will offer an aid package to financially-
stricken Greece as officials seek to prevent its budgetary woes
from eroding confidence in the euro.
Summers Says He's Optimistic Congress Will Pass Bill to Boost Job Growth White House economic adviser Lawrence
Summers said today he is “optimistic” that Congress will pass
legislation this year aimed at job creation.
Wholesale Inventories in U.S. Unexpectedly Declined by 0.8% in December Sales at U.S. wholesalers climbed in
December for a ninth consecutive month, leading to an unexpected
drop in stockpiles that may keep spurring orders.
Stiglitz Says U.S., U.K. Default Notion Reflects `Absurdities' in Markets Nobel laureate Joseph E. Stiglitz
said the prospect of a default by the U.S. or the U.K. is an
“absurd” notion constructed in financial markets.
European Finance Ministers Urged to Skirt Questions About Greek Default European Union finance ministers were
instructed last week to skirt questions on a possible bailout of
Greece and emphasize their support for the government’s deficit-
cutting measures, according to a draft document.
Germany Considers Aid to Greece to Ease Deficit, Government Lawmakers Say Germany is considering assistance for
Greece after the country’s fiscal woes threatened the stability
of the euro and financial markets, two lawmakers from Chancellor
Angela Merkel’s governing coalition said.
O'Neill Says China's Growth `Too Strong' for Government Looking to Tighten China’s economic growth is “too
strong” for government officials who are already trying to
tighten credit, said Goldman Sachs Group Inc.’s Chief Global
Economist Jim O’Neill.
South Korea's Central Bank May Maintain Rate at 2% Amid Political Pressure South Korea’s central bank may keep
the benchmark interest rate at a record low as the government
presses policy makers to stoke the economy before elections.
U.S. Small-Business Confidence Index Rises for First Time in Three Months Confidence among U.S. small
businesses increased in January for the first time in three
months as the outlook for sales improved, according to the
National Federation of Independent Business optimism index.
EU's Barroso Says Investors Wrong to Bet Against Euro Amid Greece's Crisis European Commission President Jose
Barroso said Europe’s political commitment to the euro means
investors would be wrong to bet against the single currency as
Greece’s budget woes threaten to spread to other countries.
U.K. Winter Freeze Hurt Retail Sales, Housing Market Enquiries in January U.K. retail sales climbed in January
at the slowest annual pace in at least 15 years, and enquiries
to buy homes dropped as winter weather hurt consumer spending,
surveys showed.
Fed's Yellen Says Flexible Yuan May Ease China's Concerns About Inflation Federal Reserve Bank of San Francisco
President Janet Yellen said a more flexible exchange rate policy
in China may help mitigate growing concerns about inflation
there and ease “global imbalances.”
End of TALF Means Bond Sales With Spreads Five Times Wider: Credit Markets The end of a Federal Reserve program
that helped unlock credit markets is spurring sales of asset-
backed bonds with relative yields five times wider than on debt
secured by car loans.
Hoenig Says He Dissented on FOMC's `Extended Period' Language on Rates Kansas City Federal Reserve Bank
President Thomas Hoenig said he dissented from the Fed’s last
policy decision because promising to keep rates low for an
“extended period” isn’t appropriate as the crisis fades.
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