Forex News and Rumors for September 29th, 2008

We Have an Agreement – Now It’s Up to Congress

It appears we’ve reached the final stage of the on-going bank rescue saga as leaders settle on the final wording of the Troubled Asset Relief Act (TARA). It is now up to Congress to approve the new act.

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Despite reservations, Obama and McCain both support the bailout plan:

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U.S. Consumer Spending Remains Unchanged

Despite forecasts predicting an increase, consumer spending remained constant in August.

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U.S. Unemployment Rises

New unemployment claims increased by 32,000 which pushing U.S. unemployment to a seven-year high.

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Wachovia Selling Banking Operations to Citigroup

Paulson’s rescue plan is too late for Wachovia who has agreed to sell its banking operations to Citigroup Inc.

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