Turkey’s lira depreciated for the first time in a week as bonds and stocks slumped after riot police in Istanbul stepped up their crackdown on protesters and five labor unions declared a general strike today.
New collateral rules for hedge funds, insurers and others in the $633 trillion over-the-counter derivatives market are poised to boost demand for U.S. Treasuries, potentially slowing rising yields as the Federal Reserve considers scaling back unprecedented stimulus.
Russia’s central bank left its main interest rates unchanged at Sergey Ignatiev’s final meeting as chairman, signaling that his successor Elvira Nabiullina may have grounds to cut once inflation begins to slow.
The U.S. Securities and Exchange Commission will vote today on a proposal that would impose a floating-share value on the riskiest type of money-market mutual funds or allow them to suspend redemptions when the fund is under stress.
Wells Fargo & Co., the bank building a securities business to challenge Wall Street, promoted Dan Thomas to help clients clear trades and manage collateral and hired Deutsche Bank AG’s Eamon McCooey to run hedge-fund services.
Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest bond fund, said the Federal Reserve’s zero-bound interest rate policy and quantitative easing programs are becoming more of a problem for an economy that needs structural reforms.