Economy

Greek Aid Package Considered by EU as Deficit Threatens Confidence in Euro European officials said they are considering assistance for Greece as its struggle to contain the European Union’s highest budget deficit threatens to erode 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.

Paulson Tells Buffett U.S. to Get `Every Penny' of Bailout Back From Banks Former Treasury Secretary Henry Paulson, responding to a question from billionaire Warren Buffett, said the U.S. government will be repaid in full for the funds it put into the country’s lenders.

Greece Unveils Tax Overhaul to Boost Revenue, Increasing Levy on Dividends Greece’s government announced an overhaul of the tax system, including higher levies on dividends, and reiterated a pledge to freeze wages of public workers to rein in the European Union’s biggest budget deficit.

EU Parliament Backs New Economy Team Amid Greek Woes, Bank-Oversight Push The European Union approved new economic leadership, putting a Finn in charge of policing Greece’s deficit, a Frenchman at the helm of bank regulation and a Spaniard in the top antitrust job.

BIS Pushes for Higher Capital at Banks in Case of Credit-Market Shutdown Capital requirements on banks aren’t sufficient to ensure financial stability and lenders should hold enough liquid assets to survive a temporary loss of access to funding, the head of the Bank for International Settlements said.

India Poised to Resume Record Pace of Economic Growth, Singh Adviser Says India is poised to resume its record pace of expansion, Prime Minister Manmohan Singh’s top economic adviser said, as global companies flock to the fastest-growing major economy after China.

U.S. Corporate Credit Risk Climbs on Concern Over European Budget Deficits A gauge of corporate credit risk climbed to the highest in three months amid investor concern that “contagion” from rising government deficits in Europe may spread to other assets.

U.K. Housing Market's `Dead Cat Bounce' Is Now Ending, Lombard Street Says The British housing market’s recovery in the past year is waning as a lack of available mortgage credit keeps demand for homes “heavily constrained,” Lombard Street Research Ltd. said.

Fed Watch

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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