Jim Bianco News
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The Federal Reserve Bank of New York said it will test allowing “small broker-dealers” to act as counterparties in sales and purchases of Treasuries for the central bank’s portfolio.
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“Fear of the unknown” fallout from Europe’s sovereign-debt crisis, similar to the concern at the start of the subprime-mortgage market collapse, is keeping volatility high in financial markets, according to Jim Bianco .
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Federal Reserve Chairman Ben Bernanke is taking flak from international policy types for his latest foray into quantitative easing. He had to defend his actions to economists and former policy makers at a Jekyll Island, Georgia, conference last week. He even had to submit to a “cease and desist” order from Mama Grizzly Fed Watcher extraordinaire, Sarah Palin .
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“There’s not a doubt in my mind that you will see a spate of municipal-bond defaults,” the banking analyst Meredith Whitney , nodding her head, said on a Dec. 19 segment of CBS Corp.’s “60 Minutes.”
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The Federal Reserve announced at the conclusion of today's meeting that it will continue its maturity extension program, known as Operation Twist, through the end of the year. This time it plans to buy $267 billion of notes and bonds with maturities of six to 30 years, and to sell an equivalent amount of short- term bills and notes.
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The biggest bond gains in almost a decade have pushed returns on Treasuries above stocks over the past 30 years, the first time that’s happened since before the Civil War.
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David Ader survived a heart attack in a jet over the Atlantic, missed a chance to work at the CIA thanks to his friend the international spy, changed jobs during the worst financial crisis in a lifetime and helped upstart CRT Capital Group LLC almost double revenue in two years.
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Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., said the additional easing programs hinted at by Federal Reserve officials will push yields on longer-term Treasuries higher.
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Fannie Mae and Freddie Mac mortgage bonds pared losses relative to Treasuries with the market for government-backed home-loan debt after heading for its worst month since 2008 at the height of the global financial crisis.
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