Markets Around The World Are Selling Off: Nikkei -4% Japan! BofA Falling In Pre-market -2,25%, New Bill Plans To Close Fannie & Freddie, Will Leave US Home Buyers On The Hook Again!!! September Tapering Is A Done Deal!!!
Stock markets around the world are in the red as the world’s central banks meet.
England’s FTSE 100 is down 0.4%.
France’s CAC 40 is down 0.3%.
Germany’s DAX is down 0.5%.
Spain’s IBEX is down 0.7%.
Italy’s FTSE MIB is up 0.2%.
Later this morning, the Bank of England and its governor Mark Carney will release its quarterly inflation report. Economists expect the event to include the information as to how the BoE plans to include forward guidance with its monetary policy announcements.
The sell-off in Europe follows a sharp sell-off in Asia.
Japan’s Nikkei fell 4.0%.
Korea’s Kospi fell 1.4%.
Australia’s S&P/ASX fell 1.8%.
Hong Kong’s Hang Seng fell 1.5%
China’s Shanghai Composite fell 0.6%.
The Bank of Japan begins its two-day monetary policy meeting today. According to analystssurveyed by Bloomberg, the BoJ will expand its easy policy.
http://www.businessinsider.com/global-market-sell-off-2013-8
Plans to close Fannie and Freddie will leave US homebuyers on the hook again
Future homebuyers could feel the pinch from plans in Congress to scrap Fannie Mae, Freddie Mac
WASHINGTON (AP) — Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis.
Borrowers would probably end up paying slightly higher mortgage rates under House and Senate bills that would phase out Fannie and Freddie over five years and shrink the government’s huge role in guaranteeing mortgage securities. Fannie and Freddie teetered under a crush of massive losses on risky mortgages before being bailed out.
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Whistler Blowers, Insiders
Bernanke just got done stating that the tapering would begin in 2014……not next month.
“If we were to tighten (monetary) policy, the economy would tank.” – Fed Reserve Chairman, Ben Bernanke 18-July-2013
I don’t see the tapering to begin anytime soon based upon that statement.