News
Fox Business | Rep. Paul to Fed: Tell Us Everything or Else
The chairman of the House subcommittee that oversees the Federal Reserve demanded Tuesday that the Fed fully disclose details of billions perhaps trillions in secret emergency loans it made to almost every major bank in the U.S. and overseas during the financial crises or face a congressional subpoena for the information.
Market Watch | Dollar falls after ADP report disappoints
The dollar lost ground Wednesday after payroll-processing company ADP said the U.S. economy added 38,000 jobs in May, far fewer than the 175,000 economists expected.
Bloomberg | Treasury 10-Year Yields Fall Below 3% for First Time in 2011 on Jobs Data
Treasuries rose, pushing 10-year note yields below 3 percent for the first time in 2011 after ADP Employer Services reported that U.S. companies added fewer jobs in May than economists forecast.
Econ Comments
Minyanville | Reflections on the Yuan as a Global Reserve Currency
There's likely more local trading in the yuan, but that doesn't imply the death of the dollar or its loss of reserve currency status. And it certainly doesn't portend hyperinflation.
WSJ | The Fed Has Trapped Itself on Rates
Thanks to borrowing short and lending long, the central bank could end up losing big money.
Blogs
Forbes | Christy Romer Wants an Adult Conversation on the Dollar
Romer is criticizing the notion, widely held across the globe, that the dollar should be strong – that the U.S. currency should consistently be able to buy a good deal of foreign currency, the euro, peso, renminbi, whatever. In Romer’s view, these who adopt this position don’t respect the law of supply and demand. “The exchange rate is a price much like any other price, and is determined by market forces.”
