Multiple positive Zhuzhang dollars

U.S. The Conference Board's consumer confidence index in July from June touched the low of 16 rose to 51.9, stop the continuous decline in six months, showed that U.S. consumer confidence recovered.

Technically, the dollar index in 12 weeks, the downward trend line break is very likely, likely to start next intermediate rally. However, the short-term dollar index will be encountered in the vicinity of 73.85 weeks on the rail line near the Brin resistance, short-term support in the vicinity of 72.80. The corresponding euro against the dollar in the medium-term goal down below 1.5450, resistance in the short-term rebound in the vicinity of 1.57 British pound fell against the dollar medium-term objectives in the vicinity of 1.96, 1.99 short-term rebound resistance in the vicinity of the dollar against the yen of resistance at around 108.40 or 109.20, Support in the vicinity of 106.80.

U.S. employment data Lagao private enterprises dollar

U.S. employment data Lagao private enterprises dollar
ADP employment service organizations Wednesday announced private enterprises sector employment data show that private enterprises jobs increased in July 9000. Once the number of private enterprises jobs in June decreased by 77,000. In addition, the euro zone economic sentiment fell data indicates that the euro zone's economic situation is deteriorating. Wednesday the euro fell 0.3 percent to 1.5540 U.S. dollars, spent the night at a time Taizhi 1.5616 U.S. dollars. Dollar exchange rate by 1 to 0.1 percent than the 107.71 to 1 ratio 108.20. U.S. dollar index increased 0.3 percent to its highest since June 24, 73.493 DXY.

U.S. oil giant production down profits rely on high oil prices

The two major U.S. oil giant Exxon Mobil and Chevron reported to be the lowest since the 2005 production data, enterprises are expected in the high level of profits can only rely on high oil prices realized.

New York Macquarie Bank analyst Jason Gan HUMMEL expected, Exxon Mobil Corporation second quarter of the output will drop by more than 5 percent, marking at least the biggest decline in 10 years. And Chevron on the 10th is expected that the second quarter of its oil and gas output than the same period last year dropped 3.4 percent.

Meanwhile, according to Bloomberg News collection of analysts expect the results, ExxonMobil's net income in the second quarter to grow 26 percent to 12.9 billion U.S. dollars, U.S. companies set a record quarterly profit. Chevron profits will be over the same period increased by 11 percent to 5.95 billion U.S. dollars. Exxon Mobil and Chevron's second quarter earnings in July 31 and August 1 officially announced.

ExxonMobil and Chevron are doing their best to stop the decline in output. The two companies this year's capital expenditure budget close to 48 billion U.S. dollars, of which 75 per cent increase in production and prevent the decline in inventories. Among them, the Qatar ExxonMobil natural gas project, if launched as scheduled this year, production will increase 40 percent, the company's largest production projects. According to Gan HUMMEL disclose the information, Chevron in Nigeria may soon launch a coastal oil field project. The investment reached 5.4 billion U.S. dollars, Chevron is the largest new projects this year.

According to data provided by Bloomberg News, although this year's oil prices were to break through 147 U.S. dollars per barrel, but ExxonMobil and Chevron of the shares respectively in 1982 and since 2002 has been the largest decline, the two companies worth a total reduction of about 90 billion U.S. dollars. In addition, the major U.S. oil company stock prices reflect changes in the S & P oil stock prices this year has been a decrease of 12 percent, the worst since the 2002 performance. (Xinhua)

Greenspan said the U.S. house prices is far from bottoming out

U.S. Federal Reserve Chairman Alan Greenspan before the Committee on the 31st in a television interview that the U.S. housing prices fall far from bottoming out.

U.S. President George W. Bush has just signed a relief package of bills the real estate market, Greenspan this time position that he does not think that the U.S. Government and Congress to take measures can have immediate effect. But he also pointed out that: "We concentrate on stabilizing the financial system, which is very important."

A number of data indicate that the United States very sluggish real estate market. Standard & Poor's Case - Schiller's housing price index showed that in May U.S. housing prices in 20 major cities in the same period last year decreased by 15.8%. National Association of Realtors said that sales in June fell to second-hand housing 10 to the lowest point. The Commerce Department said new home sales in June fell 33.2 percent year-on-year.

Greenspan from 1987 to 2006 as chairman of the Federal Reserve, some critics believe that the U.S. real estate bubble a few years ago during his term of office of its low interest rate policy has a lot.

U.S. employment data Lagao private enterprises dollar

ADP employment service organizations Wednesday announced private enterprises sector employment data show that private enterprises jobs increased in July 9000. Once the number of private enterprises jobs in June decreased by 77,000. In addition, the euro zone economic sentiment fell data indicates that the euro zone's economic situation is deteriorating. Wednesday the euro fell 0.3 percent to 1.5540 U.S. dollars, spent the night at a time Taizhi 1.5616 U.S. dollars. Dollar exchange rate by 1 to 0.1 percent than the 107.71 to 1 ratio 108.20. U.S. dollar index increased 0.3 percent to its highest since June 24, 73.493 DXY.

On the 30th U.S. regional bank stocks gained most of

On the 30th of investors in the U.S. Federal Reserve yesterday announced that the emergency loan program to obtain the confidence of the financial industry, to dispel investors for the lack of liquidity in the banking concern. The central bank allowed commercial banks obtain loans up to 84 days. The plan seeks to enable investment banks more willing to provide funds for mutual self-help. Recent regional banks since the mortgage was in default of a serious loss of influence, they need more cash to overcome difficulties.

National City National City Bank rose 12 cents to 5.10 U.S. dollars, or 2.4%; Zions rose 1.10 to 29 U.S. dollars, or 3.9%; PNC Financial Services Group rose 43 cents to 71.71 U.S. dollars. BB & T rose 1.04 to 28.89 U.S. dollars, or 3.7 percent.

This relative, Fifth Third fell 14 cents to 14.04 U.S. dollars, KeyCorp fell 42 cents to 11.03 U.S. dollars, a decrease of 3.7 percent.

Dollar down because of credit concerns

Dollar fell Monday due to the financial industry on the U.S. economy continued to concern the health status of Mengyin, limits the Federal Reserve raising interest rates before the end of this year's ability. Bloomberg News reported that Merrill Lynch analysts expect the fourth-largest U.S. investment bank Lehman Brothers reported a third quarter loss of material, and may again write down 2.5 billion U.S. dollars of assets related to housing loans. Lehman Brothers, Merrill Lynch expected the third quarter expected a loss of 1.59 U.S. dollars, and Lehman target price from 28 dollars down to 25 U.S. dollars. This has deepened investors in the U.S. financial industry concerns, a drag U.S. stocks and the dollar fell one of the factors. In addition, the U.S. Federal Reserve Bank of Minneapolis President Stern published in the Financial Times in an interview that the next 2-3 quarter economic growth may be disappointing. His remarks show a deterioration in credit crisis FED that the inflation increase even more sure that inflation is moderate tone, the dollar negative sentiment increased. Investors are waiting for data later this week a series of the latest market transactions that provide more guidance, including the United States Thursday of the second quarter gross domestic product (GDP), Friday's U.S. payrolls report. On the map, the number of MA muster, short-term view that the United States still under pressure. Today is expected to support at 72.40, with resistance at 72.80.

The euro against the dollar yesterday ended up. Germany announced yesterday the Gfk Consumer Confidence Index fell movements did not affect the euro. DailyFX.com senior currency strategist Boris Schlossberg said, although in the past few days, the euro area is more negative data, the euro accident holding positions, mainly because the market is very worried about the U.S. financial system of systemic risks. But on the other hand, the weak data so that the hasty follow-up to euro bulls. On the map, the exchange rate of re-running the 100-day moving average, and mitigate the decline in the early, more short-term oscillation interval, the initial resistance near the 20-day MA. Today is expected to support at 1.5700, with resistance at 1.5790.

British pound against the dollar yesterday rose oscillation. Because after the British domestic real estate advisory body Hometrack published data showed that British house prices in July for the first 10 months decreased, the British pound fell, but all of the U.S. dollar weakened, making sterling back before the decline. Today morning, sterling against the dollar yesterday closed in the vicinity of consolidation, with technical indicators, continue today in 20-day MA near the possibility of oscillation, is expected to support at 1.9870, with resistance at 1.9980.

Stocks fell by the impact of the dollar against the yen yesterday dropped from a high level, slightly down. Today, there are likely to continue to decline near the 200-day MA, is expected to support at 106.70, with resistance at 107.60.

Other currencies price forecast:

The Australian dollar :0.9530-0.9620; :1.0280-dollar CHF 1.0350; USDCAD :1.0170-1.0230

Today:

16:30 June consumer credit

16:30 Germany in July Consumer Price Index initial value

21:00 U.S. May S & P / Case-shiller price changes

22:00 U.S. economy of the Chamber of Commerce June consumer confidence index

The White House said the U.S. government next fiscal year will be a record budget deficit

White House Office of Management and Budget report released on the 28th forecast, due to the economic downturn and the large number of tax rebates, the next fiscal year the U.S. government budget deficit will reach a record 482 billion U.S. dollars.

The White House has previously predicted that the year ended September 30 of this fiscal year the deficit will be 410 billion U.S. dollars, from October 1 this year, the beginning of the next fiscal year deficit of 407 billion U.S. dollars. But the White House released the same day the latest forecasts show that the next President of the United States entered the White House, will have to accept a record budget deficit.

Analysts believe that, taking into account the U.S. economy is still the danger of recession, the Government may have to continue to take tax rebate to stimulate the economy, the next fiscal year's budget deficit likely to rise.

For the record budget deficit, White House spokesman Pei Linuo the same day that this was the Government to promote economic development must pay a "price." In her view, because of the government's economic stimulus plan implemented, the U.S. economy is expected in the next few months out of its predicament, and by 2012 can still achieve the Government's fiscal surplus.

U.S. government budget deficit in fiscal year 2004 hit a record high of 413 billion U.S. dollars, while in 1998-2001 had a surplus for four consecutive years.

Bingdebuqing world headache

Of the United States

The world balance of power dynamics of the United States clearly negative trend, its strength and the ability to control the world都呈a downward trend and the plight of a hegemony.

First of all, as the overall national strength based on the successive years of economic decline, a recession edge. After the Cold War, especially the Clinton administration for eight years, the U.S. economy in the West to outshine others, for 10 consecutive years the average growth of 3 percent or more. U.S. GDP in 2000 accounted for 31% of the world, the position reached its peak stage. In recent years, with the support of high-tech new economy, in areas such as real estate and financial bubble burst, the loan-to-the spread of the crisis, the U.S. economy remains in the doldrums, in 2007 the economy grew only 2.28 percent this year, is expected to be reduced to around 1 percent. Its share of the world's GDP has dropped sharply in 2006 accounted for only 27 per cent of the world, this year will decrease to only about 25 percent of the world, the lowest since the end of the Cold War. In international trade and finance, and other important areas of the status and share also decreased trend. These make the U.S. contribution to world economic growth each year to reduce, or even landed in China in 2007 after the first time, second place. Its promotion of world economic growth as the main engine of the role of近尾声.

Second, U.S. foreign policy a serious setback, the international position and influence to historical low. It persists in the implementation of unilateral hegemony strategy by the international community and widespread opposition boycott. Fabricate an excuse for occupation of Iraq not only to international credibility and moral lost, making it difficult to extricate themselves bogged down in the quagmire so far in the international fight against terrorism, non-proliferation, establishment of the African Command and the promotion of democracy in the world in terms of its policy objectives frequently come to nothing; Allies on the baton fatigue, failure; opposition to the U.S. control of the wave swept through Latin America, the United States in the traditional "backyard", almost all from its allies have left the same one of the world's major powers in Russia's relations after the Cold War "The worst" period, the two sides in the eastward expansion of NATO, anti-defense plan, Kosovo, Iran and other major issues of acute confrontation, difficult to reconcile the contradictions. The brutal fact that the United States is now experienced 20 years of unprecedented "hegemony difficulties."

U.S. weakness, the overall decline in strength and influence is not accidental, nor a flash in the pan, but a structural an inevitable trend. World uneven development, U.S. forces dropped in at the same time, other forces in the growth: EU's total economic output in 2006 had already surpassed the United States, the world's largest economic center. BRIC to the four countries, represented by the emerging market economies developing rapidly, continued to narrow the gap with the United States. For example, China's GDP in 1980 and only the United States of 7.2 percent, to the United States in 2007 reached 25 percent this year, the United States could be close to 30 percent. At the same time, emerging economies over the past five years of contribution to world economic growth rate of close to 50 percent, far more than the United States and promote world economic growth as the main engine. Indeed, now it is too early to assert that decline of U.S. hegemony, the United States as the overall strength of the strongest superpower status will remain a longer period, but the United States compared with other power centres, "the United States to" eliminate his long trend is the "cover up Castle Peak Can not, after all, east to. "

U.S. hegemony is its own policy dilemma "Yingshang" caused. Contrary to the trend of the times it introduced the hegemony of diplomatic strategy, the international community to put itself in opposition, it too ambitious, long hand, the burden too heavy. Meanwhile, the U.S. domestic economic policies, there are also weaknesses. Its long-term high trade deficit, high fiscal deficits, high current account deficit of the "three-high" policy, it is now back straw rain, the more the weight back.

The U.S. economy is the establishment of dollars in bad financial hegemony on the world, to a great extent, depend on borrowing and issuing large number of U.S. dollars to run. It was issued in U.S. dollars as the center of the financial services sector output as early as the 1990s even more than the value of the manufacturing sector, a major component of the GDP of one of its foreign debt has reached a total of 9 trillion U.S. dollars, accounting for GDP The 63 per cent. These shows that the U.S. economic base is weak, not long withstand the impact of the crisis.

Stir up the world pistachio

The world changes in the structure of power has expanded to world peace and development. At the same time, the international situation is volatile contingency factor in the unprecedented increase, ecological crisis, food crisis, the energy crisis, the financial crisis intertwined, especially in the developing countries pose a serious challenge. Hegemonic position of the United States dropped the world's more prominent role in the negative, to become the world triggered a lot of the main causes of the crisis.

Ecological crisis. Global warming caused by human exacerbate environmental degradation has reached crisis "critical point", the United Nations Secretary-General Ban Ki-moon has issued "the world is at a brink of disaster," a strong warning. The United States bears the greatest responsibility. It has long been a global greenhouse gas emissions than any other country, its population accounts for only 4 percent of global greenhouse gas emissions account for 25 percent of the world, per capita emissions, 20 tons, is a developing country in per capita emissions several times . Now it is the international community to ease the main obstacle to the greenhouse effect. It provides exclusive refused to emission reduction targets for developed countries the "Kyoto Protocol" and Guzhijixian a mistake in the end. This year has held 20 of the Fourth Ministerial Meeting of the Group of environmental issues, G8 Group summit on environmental issues on the agenda, because the United States from Zuogeng ended without results.

The food crisis. Many countries currently sweeping across the world food crisis is largely caused by the United States single-handedly. The United States have important indirect responsibility ─ ─ global warming caused by the drop in grain production increase; United States is also the world's food crisis are directly responsible for the outbreak. Developed countries consume a large amount of grain used for the production of bio-fuels, is for the international food shortages and the main reason for soaring grain prices, while the United States is the initiator and the first major. 2007, which will total grain output of 1 / 3 used to produce bio-fuel ethanol, the corn is only out of 81 million tons. It also flew compressed grain production, wheat production from 80 million tons by 2007 for the 70 million tons, artificial supply shortfall caused by wheat, lifting its market value. Meanwhile, the U.S. dollar allowed the substantial depreciation, resulting in financial market turbulence, makes the US-based international capital a major push into the grain market vigorously engaged in speculative activities, pushed grain prices, exacerbated the crisis.

The energy crisis. The United States is the main international oil prices skyrocketing promoter. It implementation of monetary easing over the expansionary fiscal policy, has repeatedly lowered interest rates, the large number of dollars issued to allow the exchange rate has banished, makes dollar-denominated oil prices rose for the blowout, from a year ago soared to 65 dollars a barrel now More than 140 U.S. dollars per barrel. Since the depreciation of the dollar this year alone that is driven international oil prices rose 50 percent. Meanwhile, the U.S. Middle East policy, particularly the armed occupation of Iraq continue to pressure Iran and to strengthen the practice of the world's major oil-producing areas of the Middle East and the situation in the Gulf sustained tension, which has seriously affected its oil production. If Iran's oil output from the 1979's daily average of 6 million barrels down to the current 4.3 million barrels, Iraq from the 1999 daily average of 2.6 million barrels down to the present 1.9 million barrels. This is leading to the international oil supply and demand imbalances and soaring oil prices a major factor.

The financial crisis. The United States is the current world financial crisis of the source. The crisis the United States from the 2007 outbreak of the loan-to-the beginning of the crisis, with the loan-to-aggravated the crisis continues to deteriorate. The United States, loan-to-crisis affecting the entire Western financial system, the U.S. and Western financial institutions by nearly trillion-dollar losses, many banks serious losses or even bankruptcy. The United States also laissez-faire dollar depreciation, exacerbated by the turmoil in world financial markets. In response, Russian President Medvedev has recently pointed out sharply that "the United States in the world economy in the formal role of inconsistency with its actual capacity," the U.S. "aggressive financial policy" has created the present financial crisis, it may become the world in 1929 The Great Depression of the most serious crisis, "most of the world's population of the poor even more than before."

Fish in troubled waters

World-hee-hee, were to benefit; Rangrang the world, were to benefit. The United States despite its own difficulties, ignore the world's opposition to adhere to and to intensify the implementation of unilateral policies of hegemony, to the international community is to shift the difficulties and crises at the same time, the U.S. fish in troubled waters, maintain and consolidate its hegemony in the world.

On climate change issues, the U.S. government has repeatedly refused to shoulder its due responsibility for emissions reduction, to continue to pollute the environment at the cost to protect the continued economic expansion, is to strengthen and expand its strength and long-term-as the world's only super-status.

On the issue of food in the world as well. The United States is the superpower in the world of food, and the annual grain output of the world's exports were about 1 / 4 and 1 / 3, it is still 1 / 3 of the arable land in fallow, at any time based on the need to expand grain production and exports. It can be said that the world grain market ups and downs of an actual depends primarily on the United States. Many countries in the world because of food shortages and panic-stricken, the United States adding insult to injury, the use of other countries, especially in many developing countries rely on the depth of their grain to expand their political influence to impose political control.

It is clear that food has become the United States to maintain its world hegemony of the strategic means. The United States through the supply gap created to raise grain prices and market speculation, made a fiscal crisis. Although it will a lot of fuel used in the production of cereals, reduced the grain exports, but high prices Bujianfanzeng its export earnings. Such as the 2007 reduction in the export of cases, the increase in grain exports nearly 20 percent, its largest food company from the crisis in access to high profits.

In the financial sphere, the United States by the substantial depreciation of the dollar benefits. In recent years, the U.S. dollar against other currencies, an average of more than 20 per cent devaluation, huge foreign holdings of dollar bonds substantially diminished, alone, it can be reduced in each of several hundreds of billions of dollars of the debt burden. Depreciation of the dollar is also beneficial to U.S. exports, its export growth over the past year 13% growth rate for the most over the years. Skyrocketing oil prices also profit from the United States. International oil transactions are denominated in dollars, actually control their pricing power in the hands of the U.S. capital. Game of the international oil market, "Makers" is not any other country but the United States. U.S. capital in particular, the U.S. financial speculative capital, the U.S. major oil companies with the Organization of Petroleum Exporting Countries, is skyrocketing oil prices, the biggest profit.

U.S. hegemonic policies to strengthen Yuyi from hegemony predicament is no different from Yinzhenzhike, the end can only harm the beginning of the end to others. The plight of hegemony that the United States bogged down in its reverse the trend of the times the wrong policy does not work, go very far, it can only help in time, but not in the long-term benefit. (Banyuetan China Institute of International Studies Yin Chengde)

High inflation may push up the U.S. long bond yields

HSBC Investment Report in July that the U.S. government bonds, investors risk aversion sentiment gained ground, useful performance bonds, however, high levels of inflation fear long-term bond yields to rise the euro zone - inflation accelerated expansion, ECB monetary policy More hard-line stance, high inflation may push yields higher, but bond market volatility will provide support, as a result of bonds to improve the safety of the investment portfolio important allocation of inflation to accelerate expansion in emerging markets, the increased risk of fluctuations in the stock market And the evaluation of the less attractive, emerging market bonds on the medium-term performance of pressure, while high-yield debt compared with historical standards, with attractive prices, but economic and credit losses doubts still exist, and more financial By agencies of assets and loan loss news and price of high-yield more unfavorable attractive investment-grade bond rating, credit risk and growth still exist, financial institutions may continue to reduce or assets, the uncertain economic growth prospects and credit market Still hold cautious.

U.S. stocks data to trigger panic down the Dow down 283 points

U.S. stocks fell sharply Thursday, the Dow Jones Industrial Average index rose for two consecutive trading day after Thursday fell nearly 300 points. The latest employment and housing market data so that investors panic.

Car manufacturers Ford and De Mule's earnings have been disappointing.

Morgan Keegan & Co. Executive director of Morgan Keegan & Co., "Said the first increase in the number of applications for unemployment benefits, housing market continued to slump, the U.S. economy is bad news, investors once again felt fear."

The Dow Jones industrial average was down 283.10 points to close at 11349.28 points, or 2.43 percent. Within the 30 constituent stocks in a total of 24 shares fell. Boeing fell 6.4 percent, Citigroup fell 7.3 percent.

The Standard & Poor's 500 index fell 29.65 points to 1252.54 points, or 2.31 percent. The financial section of which fell 3.8 percent, to be non-consumer products segment fell 2.3 percent, information technology segment fell by 2%.

Washington Mutual Bank (WM) led by financial stocks, the current decline of 18.9 percent. The nation's largest savings bank Tuesday on a report after the close-quarter loss of 3.33 billion U.S. dollars. The stock has dropped this week by 32 per cent.

UBS (UBS) fell 6.3 percent. The company by New York State Attorney General Andrew Cuomo's allegations, charges the company sale of securities when interest rates mislead investors.

The Standard & Poor's 10 major medical industry is the only section of the plate up, or the current 0.1 percent.

(Phoenix Financial)

Ford Motor Company second quarter loss of 8.67 billion U.S. dollars

Ford Motor Company reported second-quarter earnings release,财报显示the company's second fiscal quarter to a substantial loss. The company's second-quarter net loss of 8.67 billion U.S. dollars, or 3.88 U.S. dollars a year earlier net profit of 750 million U.S. dollars, 31 cents a share. Quarter earnings fell 13 percent to 38.6 billion U.S. dollars. Prior to this, analysts expect the company to a loss of 27 cents a share, on revenue of 34.6 billion U.S. dollars.

The company's chief financial officer in an interview after the results announcement that the company has sufficient liquidity and need for more financing. In fact, in 2006 the company made on the preparations for the business downturn, corporate liquidity is certainly adequate.

Ford said the second quarter of the cash-scale automotive business for 26.6 billion U.S. dollars, the overall liquidity of 38.2 billion U.S. dollars.

U.S. real estate market to a dismal housing construction slump

Housing construction on the 24th Wall Street stocks all fell. Cheng Pinfang government report showed that sales data gloomy. National Association of Realtors reported that the National Cheng Pinfang June sales fell 2.6 percent to 4.86 million units. The data should be less than the forecast of more than doubled year-over-year sales of 15.5 percentage points lower. The report also pointed out that currently does not sell Chengpin Fang has increased to 4.49 million sets, is the second high level of the past 24 years. Housing construction companies in the struggling real estate market. Today, all Biao down.

Lennar of Miami, the largest decrease in the company was down 18 percentage points, or 2.47 U.S. dollars to close at 11.07 U.S. dollars. Most other housing companies suffered double-digit decreases in the fall. Sangdakesi Centex Dallas company fell 2.56 to 13.06 U.S. dollars, or 16%; Beazer Atlanta company fell 69 cents to 4.97 U.S. dollars, or 12%; Bloomfield Hills fell 1.78 to 16.70 U.S. dollars, or 14% ; KB Home fell 3.04 to 16.70 U.S. dollars, or 15%; DR Horton Horton fell 1.73 to 10.80 U.S. dollars, or 14%; Hovnanian fell 68 cents to 7.13 U.S. dollars, or 8.7 U.S. dollars, Horsham or 1.80 U.S. dollars to 19.28 U.S. dollars, a decrease of 8.5%.

U.S. government to save the market forced a new journey

Since last year, the Fed's seven consecutive interest rate reduction, the direct result of the depreciation of the dollar, in this one, the loan-to-crisis has not only failed to eradicate, but inflationary pressures one after another, the "rescue" Zhangxiushanwu in the United States Government, Must also embark on "new journey to save the market."

In view of the market, the economy and inflation prospects facing the uncertainty of the dilemma, the Fed on June 25 decision to keep interest rates unchanged at 2 percent. This is the Fed since last September lowered interest rates seven consecutive times after the first change in interest rate reduction policy. July 16, the U.S. Federal Reserve Board (Federal Reserve, referred to Fed) Chairman Ben Bernanke reiterated that the U.S. economy is still facing many difficulties, that deal with these risks is still the main task. It is expected that the U.S. government will continue to hold high the policy tool, the loan-to-face in the爆出the "monster" to Xiangfu.

Recalling the credits since, the U.S. government left people with a "vigorously killer," the distinct impression. "Killer"忙活after a while, the loan-to-crisis once Jianhao, but Haojingbuchang, and the loan-to-crisis somewhere in the "trouble" and "killer" is the first time arrived. Since last year the U.S. economy is in such a difficult Xianxianghuansheng in Duobu.

The crisis erupted after the loan-to-face predicament, the U.S. government busy不已. First, the Fed lowered interest rates substantially in order to restore market confidence and prevent the economy from sliding into recession. Last year in September to the end of last year, the Fed lowered interest rates three times in a row, the federal funds rate down to 5.25 percent from 4.25 percent. Since last December, the Bush administration signed the "mortgage debt relief Law," requiring banks to waive part of mortgage loans, mortgages and announced a relief plan.

In the Fed for relief, to the end of 2007, loan-to-crisis has a certain signs of easing, but Haojingbuchang. Early this year is the dark clouds over the Citigroup, Merrill Lynch and UBS, respectively Yukui 9.83 billion U.S. dollars, 9.8 billion U.S. dollars and 11.4 billion U.S. dollars, the bank's loan-to-Jukui to the crisis and into a quagmire.

The Bush administration and the Fed has increased the loan-to-crisis "Dasha", and fiscal and monetary means of the two major two-pronged approach, the Bush administration and Congress quickly passed a total of 168 billion U.S. dollars to stimulate economic programme. For some buyers were unable to housing loan and the confiscation of the situation, the Bush administration is working with major lending institutions, aimed at reducing the loan burden on home buyers. U.S. Federal Reserve is a rare meeting between the two 75 basis point rate cut, and nine days of the regular meeting再降50 basis points.

With the U.S. government's fiscal and monetary policies to gradually show results, the first half of the U.S. economy into recession worries slowly in retreat by. The first quarter, U.S. economic growth annual rate of 1%, the growth rate higher than the fourth quarter of last year's 0.6 percent.

In mid-March, the loan-to-the "third wave" outbreak, the fifth largest U.S. investment bank Bear Stearns to two U.S. dollars a share, the low-cost "Jianmai." To the Fed-led rescue operation is the main force more quickly. Bear Stearns incident occurred one week before and after the time, the Fed three "unconventional" to save the market, on the one hand to the banking system to inject capital, on the one hand to help those most critical of the financial institutions out of difficulties. March 14, the Fed once again announced a rare tripartite financing plan for the recognition of mobility "significant deterioration" of Bear Stearns to provide emergency financing to 30 billion U.S. dollars. Monetary authorities on individual financial institutions to rescue the situation, this century has not yet had a precedent. March 16, the Fed announced that in order to increase market liquidity, the discount rate from 3.5 percent down to 3.25 percent.

U.S. economy in the second quarter of this year had improved signs, which allow investors to the U.S. economy with optimistic estimates, but such optimism quickly and breathing to stop. Recently, the loan-to-crisis is the U.S. government "urgently Huang Huang," June Lehman Brothers shares avalanches, the total assets of more than 32 billion U.S. dollars of IndyMac Mortgage Bank was taken over the premises and the United States and Fannie Mae recently in crisis, the two The company's shares last week near the "waist cut," Merrill Lynch of four consecutive quarterly loss, a loss of 2 times the expected level, the crisis is frequent, urgent sound alarm.

Faced with coke head of the U.S. economy, the U.S. government the "killer" Some赤膊battle, the U.S. Treasury and the Federal Reserve launched the emergency of the two mortgage giants Fannie Mae and premises of the United States and the rescue plans. The U.S. Senate on July 11 approved a total 300 billion U.S. dollars of the rescue plan to help hundreds of thousands unable to pay for on the buyers, and by strengthening the mortgage company's real estate market suffered ease the regulatory impact. On the 13th, the United States has introduced a number of child care Fannie and premises of the U.S. measures, including the two institutions to provide direct loans and financial support, the United States permits the SEC for the two companies "naked short selling" to the limit, Measures will be in the July 21 entry into force, and continued for 30 days.

Perhaps this is based on or before the cumulative "rescue" effect, the new release of the "World Economic Outlook latest forecast," the latest version of the second half of the U.S. economy weakened the movement of pessimism. The report said, the United States in 2008 and 2009 economic growth rate was 1.3 percent and 0.8 percent, compared with the April expected to increase 0.8 percent respectively, and 0.2 percent.

As comic timely and effective measures, the surface of the U.S. economy into recession began cooling the heated discussions. Economists believe the loan-to-crisis is likely to only make the U.S. short-term economic contraction or recession, "deep recession" the possibility is not big.

In dealing with the loan-to-crisis, the so-called Cairns visible hand, the U.S. government was the dazzling play of the global integration of the change, the U.S. Government's "killer" role, we sent blessings. In the current economic development in some of the problems, we should also with an open mind to thinking.

U.S. oil prices rebounded Monday low-income

With the rebound in oil prices, U.S. stocks close lower Monday. As the two pharmaceutical companies delayed earnings reports, investors became more cautious.

Crude oil futures rose 2.16 dollars to close at 131.04 U.S. dollars a barrel, or 1.7 percent.

Oaktree Capital Management chief investment officer Robert - Pafulike (Robert Pavlik), "said many investors to doubt the overall market. Last week, financial stocks rose 11.4 percent, while energy stocks fell just 11.4 percent. This shows the market In the transfer of funds, rather than a new capital market. "

Bank of America-than-expected earnings reports, to provide the financial stocks gained momentum. Roche also bid 43.7 billion U.S. dollars Genetech acquisition of the remaining shares.

The Dow Jones industrial average was down 29.23 points to close at 11467.34 points, or 0.35 percent. The Dow closed at a time when the rise. Within the 30 constituent stocks in a total of 21 shares fell.

MSD (MRK) fell 6.2 percent, Schering-Plough (SGP) dropped by 11.5 percent. The companies will release earnings reports from the time before the opening pushed back to after the close, the Norwegian researchers found that the distribution of common cholesterol drug treatment for heart disease and no significant effect.

Apple rose 0.7 percent, the company will be released after the close of the third-quarter earnings report. American Express and Texas Instruments also will be closed after the performance.

Bank of America (BAC) rose 3.9 percent, the company's second-quarter profit fell 41 percent, a result better than Wall Street expectations.

Fannie Mae (FNM) rose 5.1 percent, the premises of the United States (FRE) fell 4.7 percent. There are 19 financial services stocks purely short-selling acts have been restricted.

Investors in two large regional banks, Wachovia (WB) and Washington Mutual Bank (WM) on Tuesday reported earnings before also takes a cautious approach, this two stocks were up 1.6 percent and down 7.4 percent.

Pafulike, "said Washington Mutual and Wachovia are not in the list of government restrictions on short selling, a bit strange and I think that the United States Securities and Exchange Commission has made it clear that what the stock market is not important, otherwise why do not protect the whole SGT? »"

The Standard & Poor's 500 index fell 0.68 points to close at 1260.00 points, or 0.05 percent. The Standard & Poor's 10 major plates in the financial sector fell by 1.4 percent and the non-consumer products segment fell to 0.9 percent.

Energy shares rose 3.9 percent, plate of raw materials rose 1.3 percent.

Due to tropical storm moving to the Gulf of Mexico, crude oil futures in the first five trading days up. New York Mercantile Exchange, August crude futures contract rose 2.16 dollars to close at 131.04 U.S. dollars a barrel.

The Nasdaq composite index fell 3.25 points to 2279.53 points, or 0.14 percent.

Trading was relatively light Monday, the New York Stock Exchange volume was 4.36 billion shares traded on the Nasdaq to 1.859 billion shares. New York Stock Exchange to 20 than 11 leading shares fell on the Nasdaq stock market rose to 16 than 12 leading the Nasdaq.

M & A, the Swiss pharmaceutical company Roche Monday bid 44 billion U.S. dollars acquisition it did not have the Genentech (DNA) the remaining 44 percent stake. Genentech rose 14.7 percent.

Yahoo (YHOO) fell 3.5 percent. The company agreed to allow shareholders Icahn hold different views into its board of directors, Icahn recommended by the nine candidates will also have access to two Yahoo board.

June Conference Board leading economic indicators index fell 0.1 percent, which is an economist, said that the U.S. domestic economy has not improved signs.

Asian stock markets rising, Hong Kong's Hang Seng index has been the fourth consecutive trading days up.

European stock markets, the pan-European Dow Jones Stoxx 600 index rose 0.9 percent to 283.07 points.

Major stock indexes mixed last Friday, but the week was up, Wells Fargo, JP Morgan and Citigroup's results were better than expected.

Paulson that the U.S. economy a few months before the real recovery

U.S. Treasury Secretary Paulson on the 20th that the U.S. economy needs a few months to shake off the current slowdown in the growth of state. He stressed that, despite the mortgage crisis could trigger more problems, but the U.S. banking system is still working well.

Economic weakness will continue

Paulson in a U.S. television interview, said that the state of U.S. economic growth may be slowing down last several months, rising energy prices will slow down the extension of this period, while economic recovery is the key to stability in the housing market.

He also noted that despite IndyMac Bank to take over the incident, the U.S. banking system is still operating well, the banking industry the problems can be controlled. California, IndyMac Bank a few days ago due to financial difficulties was the federal government took over, the loan-to-become a crisis erupted over the past year's biggest bank closed down the incident.

Paulson also said that the U.S. Congress to approve his assistance "Fannie Mae" and "premises of the United States and" expressed optimism about the motion. The two largest U.S. mortgage finance institutions - "Fannie Mae" and "premises of the United States" recently sank into financial difficulties. The U.S. Treasury Department and the Federal Reserve said that the two institutions will help to avoid further impact the U.S. economy.

U.S. President George W. Bush last week also said that house prices fell, the surge in oil prices and other issues so that the American people are facing "difficult times", but he is convinced that the U.S. economy will be able to overcome the current challenges. Bush said the United States is in a difficult moment, but the economy is still growing, the increase in exports, productivity remained strong, so he on the U.S. economy's long-term performance full of confidence. Bush said that he understood outside the United States worry that the banking system, but that the U.S. banking system based on stability, but the Government has taken measures to help stabilize the housing market and the financial markets and enhance investors in Fannie and premises of the United States and confidence. For the current financial plight of a U.S. financial markets and trigger a turbulent one Fannie and premises of the United States, Bush said that the Government's emergency relief plan, but not excessive relief.

Or will avoid recession

National Association for Business Economics (NABE) has released an analyst quarterly survey showed that the U.S. economy may have avoided recession, but because commodity prices will erode corporate profits up, over time, the U.S. economy will be lower than the trend rate of expansion Standard.

In the June 19-July 10 to a survey conducted showed that analysts view the prospects of the economy in April, has not so pessimistic, but price pressures still weighed on economic growth.

U.S. contractors Association (AGC) Ken Simonson, chief analyst said: "and the first quarter compared to the second quarter, more companies reported operating income growth, but also rising raw material costs, profits fell." Analysis of the respondents Division, 75% of the companies called in the second quarter of the expenditure on raw materials increased and is expected prices will rise further. But there are still 44 percent of the respondents expect the second quarter, the inflation-adjusted gross domestic product (GDP) growth rate will exceed one percent, 45 percent are expected to be less than 1%, 10% thought that would Contraction.

Source: China Securities News

U.S. "two-room" in the end the depth of the crisis »

We think that a year ago when the outbreak of the U.S. secondary mortgage crisis has gradually get relief, the two major U.S. mortgage finance institutions - the Federal National Mortgage Association (Fannie Mae) and the United States Federal residential mortgage loans (the And the United States) but the outbreak of the debt crisis. The results not only decline in U.S. stocks, European stocks also went down violence, including the A-share stock market in Asia, also not spared. Into the global market and a new round of unrest, or even call this a "crisis of the loan-to-the fourth wave."

Bernanke: U.S. economy has significant downside risk

When the two major mortgage institutions in trouble after the U.S. Federal Reserve Chairman Ben Bernanke to the U.S. economic outlook pessimistic forecast, thoroughly break the loan-to-people crisis has gradually subsided forecast.

"Economic growth prospects for significant downside risk" and "facing the prospect of rising inflation increased risk", which is on the 15th Federal Reserve Chairman Ben Bernanke to the U.S. Senate Banking Committee the U.S. economy at the present situation of the latest judgement.

National Securities analyst Chen Wei said that the premises of the United States and Fannie Mae own or guarantee of 5.2 trillion U.S. dollars of mortgage loans, the U.S. mortgage market size nearly half of its fair value measure has been falling into the technical state of bankruptcy, the credit crisis that has been The proliferation of sub-loans from the overall rating to a higher loan. The loan-to-crisis has come to focus on the risk of exposure, can also be said of the loan-to-resolve the crisis in the most crucial moment. If not resolved, as many as 300 U.S. banks have closed down the danger, and even the famous endangered Lehman Brothers also transferred, in the past accumulation of the loan-to-risk of the outbreak of the total, direct exacerbate the precarious plight of the U.S. property market, the United States as a whole Economic growth and the stability of global financial markets have disastrous consequences.

Therefore, the U.S. Government is unlikely to laissez-faire premises of the United States and Fannie closure of the two institutions, through various means to save. If the Fed said in a statement on the 13th, if necessary, the Fed will be two non-bank financial institutions, opening up "discount" window, that is treated as commercial banks, the discount rate by 2.25 percent to provide direct loans to Solve the problem of financing difficulties. These loans secured by the U.S. government; U.S. Treasury Secretary Paulson said that if necessary, the Ministry of Finance may purchase the shares of the two institutions; U.S. Securities and Exchange Commission (SEC) on Tuesday, Washington time issue emergency orders, the main large financial companies "Naked short selling" conduct restrictions. New emergency measures will apply to include Fannie Mae, the premises of the United States, 19 financial institutions. July 16, on the 17th day, the two companies shares rose more than 60 percent.

While many rescue programme, but because of the multi-stakeholder process to solve the game, it is estimated that a strong policy introduced to short-term, such as the injection of the Ministry of Finance on the need congressional approval, but also to some famous people this will damage the interests of American taxpayers to Opposing views.

Paulson: confident that Congress will approve the rescue plan next week

July 16, U.S. Treasury Secretary Henry Paulson on his attempt to rescue Fannie and premises of the United States their support and said he was confident that Congress will approve the plan next week.

Paulson said: "I will soon be on this project through to be optimistic."

Paulson on July 13 asked Congress to approve a three-part composition of the contents of the plan, the Ministry of Finance to allow Fannie and improve the premises of the U.S. line of credit, if necessary, the two companies to buy the stock and allow the Fed to play Monitor their capital requirements of the "advisory role" to enable these two markets resume the concessionaire's confidence. Fannie and premises owned or security of the United States and more than half of U.S. mortgages.

Overall, although the crisis reflected by the grim situation, but taking into account the U.S. government has recently taken a series of measures to stimulate economic growth, the International Monetary Fund believes that the crisis is unlikely to overall deterioration. Some analysts have pointed out that if the U.S. government followed the proper measure, the U.S. economy through a difficult period this year, next year will be the turn for the better, while the U.S. financial markets will also slow recovery.

The world economy: the United States was kidnapped or tied up to accompany the initiative »

Observers on the cards
Troubled world economic stability and development in the financial, energy and food, and so are the three major crises and the United States can not stem from the Department. The United States has swollen to allow countries in the world for its financial accounts pay for Black, frequently carry诸侯dollars to make, both because of the lack of a world built on institutionalized and sustained on the basis of communication and coordination mechanism, lies with the U.S. hegemony Under the initiative to abandon the logic of the economic policy of independence.

Cap-your ⊙


"The two" crisis of the loan-to-the United States will be even more serious crisis dragged into the second half, a bad account of the United States on the one hand claiming to restore stability in financial markets as a top priority, on the other hand continue to ask other countries to buy more room Loan-to-bonds, to pay for the irresponsible economic policy. It seems that the world economy really thorough abducted by the United States. In the so-called one with all prospering or declining as one of the logic of economic globalization under the arrangement, various countries (mainly foreign exchange reserves of more economies) still have to dance with the United States, the United States at risk will be shifted to other countries once again successfully assessed the economic cost .

Not only that, the troubled world economic stability and development of the three major crises - the financial, energy and food, in fact, with the United States can not stem from the Department. The unprecedented economic earthquake, despite the loss to the United States credibility and is likely to waver in the world economic system in the position, but the actual loss is the largest, including China, the vast majority of developing countries. It is hard to say whether the United States intends to detonate the crisis, but by the crisis has undoubtedly contributed to the re-distribution of global wealth, while nearly a trillion dollars the U.S. Securities and China is clearly not the winner.

The United States has let other countries for its financial accounts pay for Black, is to eat all of the prospective payment system's dependence on U.S. dollars. As we all know, because the use of excessive force, the United States alone fortune in the world financial order after years, have had to be a small part of the economy to give his country the right to speak, and with the rise of the euro, China, Russia and India and other emerging economies, the strength of jumped up and because of Health and the discourse of the demands of the international financial situation seems to be breeding a new round of reshuffle. However, due to short-term dollar crisis and the outbreak of lack of time constraints of the system and mechanism, so no country dared to discard easily dollars, the Federal Reserve continues to serve as the world's central banks. Or even, the dollar can be no gold behind the support of the United States to issue bonds do not need the support of domestic savings. Thus, in this "Mint tax privileges" within the framework of the United States can kidnap the economies of countries without having to bear the number of consequences, while other countries are the United States must bear the cost of economic fluctuations. To some extent, the loan-to-high oil prices and the crisis with the existing U.S. dollar payment system, as well as the economic policy of the U.S. arrogant and closely related.

Bush administration came to power after the war to the United States to ease the pressure on the economy, has adopted a series of tax cuts, cuts in interest rates and other measures to boost the economy in the U.S. budget and trade deficits in the long-term high at the same time, as well as the loan-to - Crisis buried hint. In such circumstances, the United States on the one hand a large number of external debt, the risk of their own development will be transferred to Japan, China and other creditor countries on the other hand, wantonly domestic credit expansion, the local community will be tremendous risk of various types of secondary mortgage loan package for the CDO sold to the banks of other countries, will advance the real estate bubble and the financial risk onto the release. The crisis erupted after the loan-to-time, the Fed in order to prevent economic recession, and save the U.S. financial system, to take a very loose monetary policy, injected a lot of liquidity. This intentional in order to the depreciation of the dollar is cyclical risks of external radiation, in the global context of the loan-to-cost-sharing. The recent oil also rose to the dollar as the central payment system risk of an expression. From dollar-denominated oil prices, depreciation of the dollar caused by rising oil prices naturally. In other oil-consuming countries suffering by the high oil prices, the United States can be produced through oil-for-dollar. Although oil-exporting countries and earned a big one, but these "oil dollars" to the same flows into U.S. financial markets for maintaining and increasing the value, and in a sense for the U.S. trade deficit and financial pay. On the other hand, the service industry in the U.S. economy in the proportion of large, and the energy consumption of a considerable part of the manufacturing sector has shifted to other countries, high oil prices again, it will not constitute a substantive impact on the U.S. economy.

Kidnapping of national economies of the United States next move might be: in the United States call for countries to take strong dollar situation, "decisive" in appreciation for the results of the world inflation eased, but again denied his country in disguise. Its path arrangements are: a continued depreciation of the dollar makes emerging economies difficult to control high inflation, coupled with the loan-to-the spread of the crisis, the emerging economies of the asset bubble burst more and more opportunities, it was forced to take a hard landing, resulting in Significantly shrinking demand, money out of commodity markets, the dollar strengthened homeopathy, the return of funds the United States, the United States in strengthening the stability of financial institutions at the same time, emerging economies has led to a substantial decline in foreign exchange reserves, stock market prices substantially diminished, the stock market. As the world's highest oil and gold reserves in the United States, may choose to sell at a high level of oil and gold, return dollars to continue clearing the world economy.

It should be acknowledged that in the beginning of the establishment of the Bretton Woods system, the U.S. dollar and gold is linked to the United States to shoulder the maintenance of stability in the world economy the role of a responsible big country, but when the system collapsed, delinked from the dollar and gold, the world economy at the beginning of imbalance , The States should be working to rebuild the international financial order, and balance training can affect the dollar International Monetary the best time. But the major European economic power and economic growth in Japan have missed this opportunity. By the 1980s, when Japan's economy of scale to achieve the two-thirds of the United States, the United States began to say "no" when Japan is extremely inflated asset prices indulge in the surface of prosperity, and eventually the United States a piece of paper "Square Agreement "easily laid bare the asset bubble, has started to enter the lost decade, the total dollar loss of the balance of opportunities. Since then, the European Mondale in the theory of optimum currency areas under the guidance of the currency to accelerate the integration process and the turn of the century has been widely introduced high hopes for the euro. But Gehuai thinking of the European continent in fact played a role in dragging down the euro and the pound and the United States has refused to Zhaoan by launching the war in Kosovo against the euro confidence in the euro and performance far short of expectations. Despite the strength of the euro currency in the share of global foreign exchange reserves from the 1999 birth of just 1.81 per cent to the current nearly 30 percent. However, the "strong euro" is not actually reflect the euro zone economic fundamentals, but intends to depreciation of the dollar by-products. Which include Japan, China and India, the economic power do not fully prepared to accept the euro.

It can be said that the United States today, has swollen to allow countries in the world for their own financial accounts pay for Black, has frequently carried诸侯dollars to make, both because of the lack of a world built on institutionalized and sustained on the basis of communication and coordination mechanism, More independent economic policy is to abandon the countries in a sense tied to accompany the initiative.

(The author of the management of the East Shanghai International Studies University, deputy director of Research Center)

Hong Kong stocks did not follow the U.S. nearly two months the first time recorded a net inflow of funds

Hong Kong market has been volatile in the near future, due to the linked exchange rate for Hong Kong's financial and economic policies need to follow the direction of the United States, the United States is not yet fully optimistic about the situation, although the credit crisis has been the worst moment of the past, but the poor performance of enterprises, according to the impact of Lingering credit turmoil negative impact on the economy, the stock market has fully entered a bear market. In addition, the United States as a global financial capital market centre, its instability will continue to bring destruction on global stock markets, Hong Kong equities as a fully liberalized market, the impact will continue to the end after the interim results.

Hong Kong stock market last week did not completely follow the trend of the United States, because the market has been looking forward to the Mainland in this week's CPI will rise over a quarter of decline. Wang stressed the market began looking forward to the direction likely to be some adjustments to support the market's confidence, offset by a majority of U.S. influence.

Hong Kong investment community now feel that the Mainland before the Olympic Games will be introduced to stabilize the economy or the stock market and the measures that can be said that Hong Kong stocks can support one of the few positive factors. However, in the financial market crisis and inflation of the double attack, the global economy was "recession" and "inflation" between the struggle, I believe, the stock market to full recovery, may also depend on economic recovery after the first quarter of next year can be Conclusion. General U.S. economic recession it takes about 3-5 quarters, so that next year, the United States, the problem will still be affected by.

At present, when international oil prices will come down, and food when the imbalance between the supply and demand improved, is still unknown number of global inflation is now difficult to predict when it began to slow down. Europe and the United States economic downturn on the impact of emerging markets will continue to surface. However, if the global economic slowdown intensified, would increase the risk of deflation, the central bank will have to curb inflation and raising interest rates, but may cut interest rates make a U-turn.

Asia-Pacific region as a whole has yet to be poor market sentiment, capital flows slight improvement, the authors refer to some recent data, the Asia-Pacific stock funds last week, more than 1 billion U.S. dollars recorded a net inflow of funds, of which half is the inflow of funds related to the Mainland and Hong Kong And stock, which since mid-May, nearly two months the first time the Hong Kong stock market recorded a net inflow of funds.

But short-term, the U.S. housing market continued instability, coupled with oil prices at record highs once again Biao, Hong Kong stocks early this week has not escape the fate of fluctuations. In addition, listed companies have latest medium-term forecasting ability to remain bright, or again disappointed the market, institutional investors will also be about investment decisions. (Wen-day satisfaction)

U.S. Federal Reserve interest rate increase this year may be difficult

Wednesday the Fed released the minutes of the meeting, the Fed last month decided to keep rates unchanged when he hinted that, in view of the market, the economy and inflation prospects facing the uncertainty of interest rate policy may continue to remain unchanged, interest rate increase is still Hopeless.

According to the U.S. Federal Open Market Committee (FOMC) 6月24日至25, the minutes revealed that the basic view that the members of the Committee since the last FOMC meeting, although the risks to economic growth has declined, but inflation risks are still rising Strengthening. This shows that despite economic growth is facing significant downside risk, but officials hinted that they were still on inflation worries even in economic growth. In addition, the meeting minutes, Fed officials have made the first half of this year's more moderate, and a slight slowdown in the second half of the expected.

Based on the expected inflation and inflation worries, while interest rate increase may be the Fed's next interest rate adjustment, but most members felt that, given the economic activities and the prospects for price pressures are still unknown and therefore the future timing and implementation of policies and measures Intensity can hardly grasp. This shows that the support of the minutes of the market for at least the end of the year the Fed will keep policy unchanged expectations. JP Morgan Chase had previously forecast, the Federal Reserve will keep interest rates at the current level of the end of the year, while in the first quarter of next year will raise interest rates.

In addition Fed Chairman Ben Bernanke on Wednesday to answer a question by Senator Ron Paul also said that U.S. inflation too high, and reiterated the Fed's goal is to achieve price stability. Previously, the U.S. Labor Department announced that June consumer price index (CPI) rose by 1.1 percent, the second highest since the 1982 increase, the highest increase since 2005. The core CPI rose by 0.3 percent. Both are higher than Wall Street had forecast. So Bernanke said that to maintain price stability is very important. He pointed out that energy and commodity prices soared by the Fed caused by factors beyond the control of.

And Ben Bernanke also reiterated that the United States economy is facing many difficulties, the economic downside risk and implied that the Fed is still the main trouble. He in on the 16th to the House of Representatives Financial Services Committee in prepared testimony that the financial markets to help restore more normal function of the Federal Reserve will continue to be the top priority. In recent weeks, including Lehman Brothers and the United States before the two mortgage agencies Fannie Mae, the premises of the U.S. stock tumbled, making investors in the U.S. financial markets are worried about the future. Affected by this, the dollar also can not escape the fate of the crash, on the 15th of the euro exchange rate fell below 1.60 mark, as yesterday - 20:24, the euro-dollar exchange rate was 1.5862, the dollar exchange rate of 105.76 yen.

The dollar recently fell, Bernanke claimed that only in exceptional circumstances shots intervene in the foreign exchange market, he can expect dollar in the medium term reflects a more robust U.S. economy. However, he also said that if the market disorder, have reason to intervene in foreign exchange markets to take interim action. Bernanke at the House of Representatives Financial Services Committee to testify on that, if effective decision-makers in the United States and strong economic growth, then will be reflected in the medium term on the strength of the U.S. dollar. He said that a strong dollar is the basic way through a strong economy to support.