Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (02/08/2010)
* WASHINGTON (2/9/10)--Federal Reserve Board Chairman Ben Bernanke is expected to lay out an exit strategy to tighten credit this week. The plan will be implemented when the Fed decides that the economy has sufficiently recovered. According to The Wall Street Journal, the Fed likely won’t raise interest rates for several months, but officials have been discussing for months what to do when the economy strengthens (Feb. 8). When the economy has recovered, the Fed plans to raise the interest rate paid on excess reserves--currently at 0.25%. The rate aims to entice banks to tie up money they would otherwise lend, which would in turn limit credit. If the Fed moves too quickly, it could trigger an economic downturn. Otherwise, if the Fed waits too long, it could trigger inflation ... * WASHINGTON (2/9/10)--Though the Obama administration has predicted a $1.6 trillion budget deficit this year, Treasury Secretary Timothy Geithner said the U.S. will not lose its Aaa debt rating (Bloomberg.com Feb. 8). Investors worldwide turn to the U.S. when they are concerned about global stability, which reflects basic confidence in the U.S. and its ability to withstand the global recession, Geithner said. Last week, Moody’s Investors Service said the U.S. government’s bond rating will be under pressure unless budget deficits are reduced. The nation plans to tackle the deficit once the labor market improves, Geithner added. Tax cuts and small business assistance are among the proposed measures to jumpstart the economy. Geithner has said a cut in spending could hurt the economy ... * WASHINGTON (2/9/10)--Rep. John Murtha (D-Pa.), 77, died Monday after being hospitalized for several weeks with a gall bladder infection (Politico Feb. 8). He was the longest-serving member of the Pennsylvania delegation and was chair of the House Appropriations Subcommittee on Defense. In 1974, he was the first Vietnam War combat veteran elected to Congress. One of Murtha’s most noteworthy efforts included bringing jobs to western Pennsylvania, which was hit by the loss of steel and coal jobs during the 1970s and 1980s ...


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
18 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
19 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
19 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
20 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
21 hours ago