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Cliff Watchers on Edge
Cliff Watchers on Edge

U.S. stocks moved lower again on Wednesday as concerns amplify over whether the U.S. government will reach an agreement to avoid the fiscal cliff on January 1st, actions that have turned investors into full fledged 'cliff watchers'. As of early afternoon trading on Wednesday, on the New York Stock Exchange, for every stock that rose, three declined. President Barack Obama will begin negotiating a budget deal with Congress on Wednesday in an attempt to prevent more than $600 billion in automatic tax hikes and spending reductions that are slated to begin in January. Obama is meeting with corporate executives Wednesday. On Friday, the President will meet with Democratic and Republican congressional leaders to begin budget discussions.

The Labor Department reported on Wednesday that U.S. wholesale prices fell a seasonally adjusted 0.2% during October, mainly because of lower costs of gasoline and motor vehicles. Core wholesale prices fell 0.2% when volatile categories of food and energy were excluded. Automobile costs fell by the biggest amount in three years, down 1.6%, partly due to new adjustments in how the government measures quality improvements in motor vehicles. Energy prices fell 0.5% during October. Wholesale cost of food rose by 0.4%. On a core basis, over the past year wholesale prices have risen an unadjusted 2.3% or by 2.1%.

According to reports on Wednesday, former CIA Director David Petraeus will testify Thursday before a closed-door congressional hearing about the deadly September 11 attack on the U.S. consulate in Benghazi, Libya. Late last week, Petraeus resigned as CIA chief over revelations that he had an extramarital affair with his biographer, Paula Broadwell. Petraeus is likely be questioned about his relationship with Broadwell and whether she was given access to any classified military documents. Reports indicated Broadwell has allegedly admitted to FBI agents investigating the case that she was in possession of such documents. The documents were retrieved by federal agents during a scheduled search of her home.

Forex markets trading activity has been sluggish over the past two weeks, partly attributed to presidential election and the fiscal cliff. Forex traders have been hugging the sidelines due to sluggish activity. Ahead of upcoming holidays and until the potential fiscal cliff is resolved, the sluggishness may continue.

According to a report and investigation conducted by a House Financial Services Committee panel released on Wednesday, decisions made by former head of bankrupt MF Global, Jon Corzine, sealed the firm's fate which led to the collapse of the firm and misplacement of $1.6 billion in customer funds. According to the report, MF Global CEO, Jon Corzine, former co-chairman of Goldman Sachs (GS), U.S. senator and governor of New Jersey, created an "authoritarian atmosphere." The report also stated that Corzine insulated MF Global trading activities from the firms normal risk management review process.

FOMC Minutes from Federal Open Market Committee meeting on October 23 and October 24 were released Wednesday. In the Minutes, Federal Reserve officials reported they are closer than previously thought to revamping the central bank's guidance on what economic conditions would have to be in place, before interest rates rise for the first time since the start of the financial crisis. The 19 Fed officials "generally favored" the use of economic variables in their guidance. The Fed is relying on a calendar date, saying it expects to keep rates near zero until mid-2015. The new approach would be some variant of a plan offered by Chicago Fed President Charles Evans, who wants the central bank to tell the market it will keep rates low until the unemployment rate falls below 7%, as long as inflation remains below 3%. The minutes show that a number of practical issues need to be solved before officials would decide to use these "economic thresholds." According to the minutes, a number of officials think the Fed will likely need to buy more assets once its "Operation Twist" stimulus program wraps up in December. Fed officials could not agree on a consensus economic forecast.


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Nov 14, 2012


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