November 19th – Top Stories
- Senate banking panel to vote on Fed’s Yellen on Thursday - Reuters
The Senate Banking Committee will vote on Thursday on President Barack Obama’s nomination of Janet Yellen to be the next chair of the U.S. Federal Reserve, a sign her confirmation to become the first woman to lead the central bank was advancing smoothly.
The committee will meet at 10 a.m. (1500 GMT) to vote on whether to send Yellen’s nomination to the full Senate for consideration, it said in a statement on Monday.
- China Money Rate Declines Most This Month as PBOC Adds More Cash - Bloomberg – By Bloomberg News
China’s benchmark money-market rate declined the most this month after the central bank stepped up cash injections into the financial system.
The People’s Bank of China added 35 billion yuan ($5.7 billion) via seven-day reverse-repurchase agreements sold at 4.1 percent today, according to a statement on the website. That’s the biggest amount pumped in since Oct. 8. The seven-day repurchase rate, a gauge of funding availability in the banking system, jumped the most since June on Nov. 15 after the PBOC drained money in the last two weeks. The yield on 10-year government bonds climbed to the highest in at least six years.
3/ Eurozone & UK
- EU Considers Loans in Return for Economy Overhauls - Bloomberg – By Rebecca Christie
The European Union is considering whether it could encourage countries to make long-term economic changes by offering them loans at below-market rates, an EU official told reporters in Brussels today.
The idea is to spur reform in areas like labor policy, vocational training or the judicial system, the official said on condition of anonymity because the proposal is still in early planning stages. The loans could be most attractive to smaller countries that don’t have reliable market access, while bigger nations might benefit from looser budget targets in exchange for reform commitments.