Financial Institutions

[Foxx]

Quick, act surprised...

 

[Foxx]

FedNow launching in late July

[Foxx]

Of course they are...

 

Credit Suisse inquiry will keep files secret for 50 years

Quote

ZURICH, July 15 (Reuters) - A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians.

The document means the investigating commission would hand over its files to the Swiss Federal Archives after a longer gap than the usual 30 years to ensure high levels of confidentiality apply to the investigation, which has generated huge public interest. ...

Why is the standard even 30 years?

[Foxx]

MORTGAGE RATES RISE, STAYING ABOVE 7% - WSJ

 

Mortgage rates rose, remaining above 7% for a fifth straight week.

 

The average rate on the standard 30-year fixed mortgage climbed to 7.18% from 7.12% a week earlier, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac.

 

It was around 6% a year earlier and less than 3% two years earlier.

 

Higher mortgage rates have sharply pushed up the monthly cost to own a home, keeping would-be buyers on the sidelines of a market where prices also remain elevated. The median monthly mortgage payment rose to an all-time high of $2,632 in the four weeks that ended Sept. 10, according to Redfin.

 

 

[Foxx]

Wells Fargo

 

[Nouseforaname]

On 10/1/2023 at 9:23 PM, Foxx said:

Wells Fargo

 

If he really messed up he wouldn’t have committed suicide because he knew he had a promotion and a gold watch on the way.

[Foxx]

Largest ever

 

[Foxx]

Riksbank is in trouble. But... it is a Central Bank, which means it can print money, almost at will. So, is it really in trouble? I say, yes. Keep printing that digital money you &#%$s. Next stop, hyperinflation.

 

 

Bailing out central banks

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... For one thing, central banks are not normal companies subject to normal accounting rules. They are state constructs that can literally create money. And as Thedéen noted, negative equity doesn’t actually affect a central bank’s ability to do its job.

 

The Czech National Bank has had negative equity for most of the past two decades, for example, mostly because it is successful: most of its assets are in foreign currencies, the CNB’s credibility has helped the koruna rise against most of them, causing a loss. ...

 

... Last year Sweden passed a new Riksbank Act that stipulates that it should target capital of SKr60bn, or at least SKr40bn. And if it falls below SKr20bn the Riksbank has to go to the Swedish parliament to ask for more money.

 

Thedéen’s speech yesterday is therefore the first step in the process The Riksbank governor said that it planned to ask for the money once its 2023 annual report is finished and it has a better idea of how much it needs — so roughly by March 2024. ...

 

[Foxx]

In case you hadn't heard... S. Korea banned shorts last Friday.

 

[Foxx]

They've been dumping treasuries in record numbers

 

[Foxx]

BRICS to meet

 

[Nouseforaname]

 

[Foxx]

You know they are going to directly benefit