NEWS
- Obama mounts full-scale push for government authority to shut down troubled institutions like insurer AIG to avoid the need for future bailouts.
- Obama urges fellow leaders to agree swift action at G20 next week to spur global recovery
- Facing anger on corporate bonuses and scepticism about his budget, Obama to hold news conference explaining economic steps
- Fed Chairman Bernanke says the rescue of AIG was warranted to avoid a potential 1930s style meltdown and showed new rules are essential
- U.S. mortgage demand balloons after Federal Reserve actions drives down U.S. borrowing costs. Sales of previously owned U.S. homes rise at fastest pace in nearly six years in Feb
MARKETS
- U.S. stocks slide as investors paused a day after a huge bounce to gauge if the government's plan to shore up bank balance sheets will succeed.
- U.S. long bond rockets higher on Fed plan
- Dollar rises in resumed safe-haven buying as optimism over U.S. bank plan dims
- Crude oil prices retreat as dealers eyed stockpiles
QUOTES
'AIG highlights the urgent need for new resolution procedures for systemically important nonbank financial firms.'
- Bernanke.
'The great risk that we face now is that after a long period of irresponsibility and excessive risk-taking, that the system will not take enough risk now.' - Treasury Secretary Geithner.
'The long-awaited U.S. program is finally out, and that is significant enough to bring some stability to the market.' - Minoru Shioiri, chief manager of currency trading at Mitsubishi UFJ Securities in Tokyo.
'I'm afraid that the economy will continue to slide down well into next year ... I think there will be a need for another fiscal stimulus package at some point.' - economist and Obama adviser Martin Feldstein.
DIARY
(all times GMT)
TUESDAY, March 24
WASHINGTON - Obama holds televised news conference at 8 p.m. EDT (0000 GMT).
WASHINGTON - U.S. House Financial Services Committee holds a hearing with Geithner and Bernanke testifying about AIG's payment of retention bonuses.
WASHINGTON - U.S. House Financial Services Committee to consider legislation to prohibit bonus payments by companies who have received government bailout funds.
TOKYO - BOJ to publish minutes of Feb. 18-19 monetary policy meeting.
(Compiled by World Desk Americas) Keywords: FINANCIAL/SNAPSHOT 2240 GMT
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
- Obama mounts full-scale push for government authority to shut down troubled institutions like insurer AIG to avoid the need for future bailouts.
- Obama urges fellow leaders to agree swift action at G20 next week to spur global recovery
- Facing anger on corporate bonuses and scepticism about his budget, Obama to hold news conference explaining economic steps
- Fed Chairman Bernanke says the rescue of AIG was warranted to avoid a potential 1930s style meltdown and showed new rules are essential
- U.S. mortgage demand balloons after Federal Reserve actions drives down U.S. borrowing costs. Sales of previously owned U.S. homes rise at fastest pace in nearly six years in Feb
MARKETS
- U.S. stocks slide as investors paused a day after a huge bounce to gauge if the government's plan to shore up bank balance sheets will succeed.
- U.S. long bond rockets higher on Fed plan
- Dollar rises in resumed safe-haven buying as optimism over U.S. bank plan dims
- Crude oil prices retreat as dealers eyed stockpiles
QUOTES
'AIG highlights the urgent need for new resolution procedures for systemically important nonbank financial firms.'
- Bernanke.
'The great risk that we face now is that after a long period of irresponsibility and excessive risk-taking, that the system will not take enough risk now.' - Treasury Secretary Geithner.
'The long-awaited U.S. program is finally out, and that is significant enough to bring some stability to the market.' - Minoru Shioiri, chief manager of currency trading at Mitsubishi UFJ Securities in Tokyo.
'I'm afraid that the economy will continue to slide down well into next year ... I think there will be a need for another fiscal stimulus package at some point.' - economist and Obama adviser Martin Feldstein.
DIARY
(all times GMT)
TUESDAY, March 24
WASHINGTON - Obama holds televised news conference at 8 p.m. EDT (0000 GMT).
WASHINGTON - U.S. House Financial Services Committee holds a hearing with Geithner and Bernanke testifying about AIG's payment of retention bonuses.
WASHINGTON - U.S. House Financial Services Committee to consider legislation to prohibit bonus payments by companies who have received government bailout funds.
TOKYO - BOJ to publish minutes of Feb. 18-19 monetary policy meeting.
(Compiled by World Desk Americas) Keywords: FINANCIAL/SNAPSHOT 2240 GMT
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.