Banks Failing Stress Tests To Receive Help in 6 Weeks
Treasury Secretary Timothy Geithner said today that banks identified through the stress tests as needing assistance will begin to see that assistance within six weeks.
Ã¢â‚¬Å“Working with the Federal Reserve and the FDIC, we expect these programs to begin operating over the next six weeks,Ã¢â‚¬Â Geithner said in testimony to the Senate Banking Committee today in Washington. More
Decline in US Supply Boosts Crude Prices
US stockpiles of crude oil fell by more than 2 million barrels to 368.5 million barrels while gasoline reserves fell much further than expected to 204 million barrels. More
Pound Gains on Prospects of BoE Boosting Money Supply
Sterling gained on the US dollar and by mid-afternoon in New York, one pound could buy $1.5650 – up from Tuesday’s close of $1.5350 pushing the pound to a five-month high against the greenback. The jump in value is attributed to comments from the Bank of England suggesting that the Bank could increase the money supply which could encourage lending and boost spending. More
Fed Lowers 2009 Forecast
Despite some positive signs the Federal Reserve lowered earlier predictions for the economy. Business sales and factory production are expected to start to increase during the second half of the year but unemployment could reach 10 percent. More
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