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Obama Wants Compromise On Fiscal Cliff
Obama Wants Compromise On Fiscal Cliff

President Barack Obama, during a short statement from the White House on Friday, invited Republican and Democratic congressional leaders to come to the White House next week to compromise on the fiscal cliff. Obama said that any deal on the fiscal cliff must include higher taxes on the wealthy. The President called for the House of Representatives to swiftly pass an extension of middle-class tax cuts for Americans earning under $250,000 - adding that the Senate has already passed the measure. To reiterate the urgency to get the deal done, Obama pulled out a pen and said he would sign the extension if the House acts. The fiscal cliff is front and center as Obama and Congress approach the lame-duck session due to begin next week. If the spending cuts and tax increases are allowed to take full effect on January 1, the U.S. economy would likely shrink by 0.5% in 2013 and the unemployment rate would likely rise to 9.1% from 7.9%, per the Congressional Budget Office on Thursday.

The Federal Reserve and two other bank regulators introduced a proposal in June, known as Basel III, to implement a global agreement that suggested an effective date for institutions to comply as of January 1. Due to the wide range of views expressed by interested institutions and others, on Friday, U.S. regulators agreed to indefinitely delay the effective date. No new date was set as they reportedly are "working as expeditiously as possible to complete" them.

Commodity Futures Trading Commission (CFTC), in U.S. District Court for the Southern District of New York, charged a former trader from Goldman Sachs Group Inc. (GS) with defrauding the firm by intentionally concealing an $8.3 billion futures position that led to a realized loss of $118.4 million, for the firm. According to a filing with the Financial Industry Regulatory Authority, during 2007, Matthew Marshall Taylor was a trader at Goldman Sachs and the CFTC alleges Taylor entered fabricated trades in e-mini futures by bypassing Goldman's internal system designed to enter and rout electronic trades to the Chicago Mercantile Exchange. The CFTC alleges Taylor obstructed his employer's discovery of the position by providing false, misleading or deceptive information. "Matt Taylor provided false explanations when confronted about irregularities we detected in his account during the Dec. 14, 2007 trading day," a Goldman spokesman said in a statement. "He admitted his misconduct following market close, and was promptly removed from his job and terminated soon thereafter."

The U.S. Commerce Department reported Friday that prices paid for goods imported into the U.S. rose 0.5% during October, marking the third straight gain. During October, excluding fuel, import prices rose by 0.3% and the price of imported oil jumped 1.3%. Food-import prices rose 0.2% during October.

The U.S. Commerce Department reported on Friday that inventories at U.S. wholesalers rose a seasonally adjusted $494.15 billion to1.1% during September. During October, sales for wholesalers climbed 2% to $413.97 billion. The ratio of inventories relative to sales edged down to 1.19 from 1.20. Inventories data measures how many months it would take for a company to sell off its current inventory.

Preliminary reading of the University of Michigan/Thomson Reuters consumer-sentiment index released on Friday came in at 84.9 in November from a final reading in October of 82.6 - showed that consumer sentiment is at the highest level seen in more than five years, led by improved views on current conditions. Consumer-sentiment index is a gauge of consumers’ views on current conditions which rose to 91.3 during November, up from 88.1 during October, while the barometer of expectations increased to 80.8 from 79.

According to the latest update from the Energy Information Administration, nearly 10% of customers that lost electricity service during Hurricane Sandy, remain without power as of late Thursday. The day after Hurricane Sandy made landfall, October 30, 8.2 million customers in the Mid-Atlantic, Northeast and Ohio Valley region were without power. The EIA also said the storm that struck the region earlier this week has slowed efforts to restore power to those effected by Sandy.


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Nov 9, 2012


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