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  1. #1
    Legendry Member milos's Avatar

    FOMC Meeting Minutes !!!

    The Fed's minutes of the July meeting, it was reported that many officials believes that it is necessary to soon begin narrowing monthly bond buting program,although the US central bank has not made it clear whether the decision will be given in September or later in the year. US dollar retreated from a six-month bottom against the euro ahead of eagerly awaited the minutes of the meeting of the Federal Reserve which was published yesterday. The dollar index which tracks the movement of the dollar against a basket of six other major currencies rose by 0.27% to 81.15.
    The dollar strengthened against the euro, the forex pair EURUSD dropped to 1.3329. GBPUSD dropped to 1.5602.The US currency strengthened against the Swiss franc. The currency pair USDCHF rose to 0.9246. AUDUSD dropped to 0.89385. USDCAD rose to 1.0485. NZDUSD dropped to 0.7854.Gold sharply dropped to $1355 and consolidated above $1362 per ounce.US stocks fell after the publication of the minutes of the July meeting of the Federal Reserve. The Dow Jones fell by 0.70%,the S&P500 Index went down by 0.58% while Nasdaq composite index fell 0.38%.

  2. #2
    Legendry Member Michael Hodges's Avatar
    The minutes revealed absolutely nothing. Tapering is coming but when it is coming is still a big question mark. Maybe there will be more info at the Sept FOMC meeting?

  3. #3
    Specialist Member TAllen1429's Avatar
    Even though an exact date was not stated, the publication yesterday of the minutes from July’s Federal Open Market Committee (FOMC) meeting did not negate rising expectations that the US Federal Reserve could begin reducing its massive stimulus measures as early as September. Ensuing doubts about the precise timing were enough to send the stock markets plunging; US debt yields soaring and the US Dollar to strengthen against a basketful of major currencies.

  4. #4
    Specialist Member TAllen1429's Avatar
    Maybe the biggest impact of the FOMC minutes was their influence on the emerging markets. Developing countries, whose economies are interwoven with that of the USA, were already experiencing difficulties balancing expanding deficits in their current account balances.

    The FOMC minutes have stressed this situation even further by causing US debt yields to soar forcing the cost of global borrowing to rise. As such, the new trend increased overnight involving investors repatriating their capital investments out of emerging markets. Consequently, the economies and currencies of these more vulnerable nations are presently plunging.

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  5. #5
    Specialist Member TAllen1429's Avatar
    Problems with NASDAQ

    NASDAQ has been completely down for the last few hours.

    Limited quotes started at 3.10pm EST.

    A current announcement on CNBC is stating that it should be fully active at 3.25pm EST.

    Need to watch out for large spikes when this index becomes fully operational at that time.

    My broker's price feed has been frozen for hours as a result.

  6. #6
    Specialist Member TAllen1429's Avatar
    Trading on the NASDAQ came to a complete shutdown after an undisclosed problem completely froze this vital component of the US financial system. This disturbing event caused the shares in some of the world’s top companies to abruptly and mysteriously. cease trading for much of Thursday, e.g. Google, Apple, Microsoft plus 3,000 others.

    The major US index managed to recommence full trading at 3.25pm EST after suffering its longest shutdown in its operational history. Whenever issues created this chaos will now come under an urgent and thorough investigation. The NASDAQ was closed for just over 3 hours in total.

  7. #7
    Legendry Member milos's Avatar
    Hi Terry
    You are right about Nasdaq. Day's range:3,613.93 - 3,639.21 and 52wk range 2,810.80 - 3,694.19. Nasdaq rose 1.08% today. Yesterday's report from the last Fed meeting showed that members of the Monetary Committee support the plan to reduce the monetary easing in the US. Soon it will begin the program by reducing the monetary easing if continued recovery of the US economy. Bond buying program was adopted in order to stimulate the economy and resulted in the decline in interest rates which had a positive effect on the growth of the stock price. On the other hand investor are cautious as yesterday published notes from the last meeting show.Fed will likely soon be a reduction in bond buying program.
    Last edited by milos; 08-22-2013 at 09:48 PM.

  8. #8
    Specialist Member TAllen1429's Avatar
    Hi Milos,

    What is worrying about this NASDAQ freeze is that no one from that organization has made any attempt today to identify the central cause of the problem.

    Jim Crammer of CNBC 'MAD Money' fame is angrily accusing the NASDAQ and the SEC of once again totally letting down the small investor. In fact, he referred to NASDAQ has a mickey mouse operation run by a bunch of nobodies. He is very concerned that this failure is another in a growing line of problems, such as the 2007-2008 meltdown, flash crashes and the Facebook debacle, etc. He is urgently requesting that the SEC must now quickly take control of this deteriorating and worrisome situation in order to restore confidence in a crumbling financial system.

  9. #9
    Legendry Member milos's Avatar
    The main culprit for the economic crisis of 2007-2008 were wrong with analysts estimates. They did not have the necessary information and the lack of necessary knowledge.Carefully follow the Stock of Exchange these days. You'll see a lot of shocks in stock market,forex market and commodity market.

  10. #10
    Legendry Member milos's Avatar
    President of the Federal Reserve in Dallas, Richard Fisher said, that the easing of monetary policy will revive the American manufacturing sector, while long-term fiscal reform will. Low interest rates and incentive programs, such as Fed's bond-buying program in the amount of $85 billion per month, which aims to encourage investment and employment have helped the industry and business in the past. Not it is time for Congress to follow the example of the introduction of the necessary tax and other reforms to revive economy.
    "Our producers have given more than ample natural gas and other energy source for their work.We have very cheap monetary fuel that they needed to run their production engine for business expansion. Obstacles that interfere with achieving the absolute best economy for manufactures and companies have fiscal and regulatory policies that can not seem to provide work for manufactures and other business that pay taxes and could take advantage of cheap fuel as the Fed provided. Easy there are many risks in the policy pursued by the Federal Reserve, each manufacturer of the goods in America gets a great gift from the central bank, and this is the lowest cost of the money in the last 237 years," Fisher said in a speech at the summit on manufacturing in Orlando.
    Richard Fisher believes that after the recovery of most of the losses from the Great Recession, output growth slowed in the last two years and that the producers are uncertain about the potential tax issues and how government spending have a direct impact on them or their clients.

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