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Moody’s Investors Service will this month start cutting the credit ratings of more than 100 banks, a move that risks pushing up their funding costs and forcing them to curb lending in a threat to economic growth.
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Almost two decades after advising the U.S. to sell floating-rate notes to lower debt expenses, Campbell Harvey says starting to issue the securities now would be a costly mistake for American taxpayers.
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The 10 biggest prime U.S. money market funds redirected investments from German to Swiss banks in March as Swiss banks’ funding needs rose and the euro- region’s sovereign debt crisis flared up again.
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Stresses in the global financial system have stopped easing as European policy makers signal they’re unlikely to extend a third round of unlimited loans to the region’s banks and as bond yields in Spain and Portugal begin to rise again.
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Investors should buy September Eurodollar futures contracts because the recent increase in the rate banks say they pay for three-month loans in dollars may have gone too far, according to JPMorgan Chase & Co.
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U.S. money-market funds reduced their lending to French banks by 97 percent in 2011, according to an analysis of reports from the eight largest U.S. funds published in today’s Bloomberg Risk newsletter.
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Kevin Kennedy says it’s tougher now to be a money-fund manager than at any point in his three decades in the business.
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The European debt crisis would pose a threat to U.S. money-market mutual funds if a rash of sovereign defaults caused big banks to fail to meet obligations within the next three months.
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Rates for borrowing and lending Treasuries in the repurchase-agreement market rose to a two-year high as Republicans and Democrats try to push through a deal to lift the nation’s debt limit and avoid a default.
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U.S. money-market fund managers have cut their lending to French banks at a pace that may force the banks to raise capital by selling assets, according to William Prophet, a desk analyst at Deutsche Bank Securities Inc.
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