Dollar Falls on Recession Fears and Possible Rate Cut
As Congress debates the merits of Bush’s $700 billion bank bail-out plan, more signs pointing to a long and painful recession prompts talk of a rate cut at next months Federal Reserve  meeting.
LIBOR Rates Continue to Rise
Fears of further delays or even a rejection of the U.S. Treasury’s bank bail-out has some banks holding on to reserve cash thereby reducing funds in the overnight lending market. This has pushed the three-month London Interbank Offered Rate (LIBOR)  up another 32 basis points.
President Bush Describes Bail-Out Package as a “Tough Vote”
Despite continued discussion and passionate speeches from both sides of the debate over the merits of the $700 billion bank rescue package, it appears that a deal is close to being signed. It appears that several amendments – including one that limits executive compensation and provides additional protection for taxpayers and homeowners – have been written into the bill to be presented to Congress.
FSA Fines Subprime Mortgage Lender
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.