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Fed forecasts slower growth, more out of work in 2008
The Federal Reserve reported today that it expects slower economic growth and a slight bump up in unemployment next year due to the housing slump and a credit crunch. The board also said, however, that it thinks inflation will remain moderate. The fresh assessment of the country's future economic performance was issued by the Fed in the first of its quarterly reports to the nation. On the growth side, the Fed said it believes that business growth will slow next year, with the gross domestic product (GDP) coming in between 1.8 percent and 2.5 percent. That would be weaker than how the Fed expects the economy to perform this year and would mark a downgrade to a previous projection released in the summer. The downgrade was due to a number of factors, including "the tightened terms and reduced availability of subprime and jumbo mortgages, weaker-than-expected housing data and rising oil prices," the Fed explained.
Daily Brief
France's transport system is grappling with disruptions today following the initiation of broad strikes (France24) by several of the country's most influential unions. The strikes come in protest to President Nicolas Sarkozy's efforts to reform the country's pension system, cutting back on benefits some French workers see as an entitlement. The strikes come on the heels of widespread walkouts in October. As a new Daily Analysis outlines, Sarkozy's plans to reform the French economy met approval during his presidential campaign, but he must face down vocal labor unions to pass the measures. In addition to reforming France's pension system, Sarkozy also wants to make France a more business-friendly environment through reforms that include ending the thirty-five hour work week. Speaking recently at CFR, French Finance Minister Christine Lagarde described her efforts to reinvigorate Paris as a financial center, noting union opposition but reiterating that a majority of French still stand behind the push for reform.
Banks bitten as £5bn wiped off shares
THE gossip is as fine as the vintage wine at the New York headquarters of Citigroup, and it flows just as freely. At 399 Park Avenue in Manhattan, the management team of one of the world's largest banks enjoys access to nine private dining rooms and a menu prepared by a team of top chefs. Yesterday's dish of the day was humble pie. The resignation of Charles Prince, the chief executive, amid losses of as much as $18 billion (£9 billion), as a result of high-risk mortgages, triggered further losses of £5 billion in the shares of Britain's banks, leaving the public to question whatever had happened to the days when bank managers were cautious men who lunched at their desks on sandwiches from brown paper bags and carefully scrutinised, over half-moon spectacles, home-loan applicants.
Stocks higher; Freddie sinks
Stocks were mostly higher at the start of trading Tuesday, but Freddie Mac's bigger-than-expected loss and huge writedown sent its shares down by one-third. The Dow Jones industrial average gained 0.2 percent. The Nasdaq composite index was up 0.4 percent. The Standard & Poor's 500 index added 0.2 percent. Freddie Mac (Charts, Fortune 500), which generally only purchases securities backed by the safest types of mortgages, was hurt by the rising delinquencies and defaults that has hit the subprime sector and other more exotic home loans. The mortgage financing firm reported a large loss along with an $8.1 billion drop in the value of its assets, as it set aside $1.2 billion to cover credit losses. Shares of the other government-sponsored mortgage finance firm Fannie Mae (Charts) have fallen nearly 25 percent since it reported lower earnings on Nov.
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