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☆ US debt explosion may force the Fed to halt a key tightening campaign so the financial system doesn't become unstable
▼ + stars: | 2023-08-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

That's as the debt binge may pressure bank reserves, economists at the St. Louis Fed wrote. The Treasury has issued $1 trillion in T-bills since June, and another $600 billion is expected by year's end. But a prior quantitative tightening campaign saw a drop in bank reserves, forcing the Fed to do an about-face in 2019 and buy T-bills. "Although there are currently ample reserves, there is some lower level of reserves that can cause stress in financial markets," the St. Louis Fed economists wrote in a paper. While the St. Louis Fed's note estimated that $2 trillion in banking reserves could be the optimal level, the data are signaling higher levels.

Persons: Louis Fed, redemptions, Louis Fed's Organizations: Federal Reserve, St, Treasury, Service, Treasury Department, Fed Locations: Wall, Silicon

The U.S. Treasury started rebuilding its account through T-bills after the government's debt ceiling was suspended last month. Since early June, the Treasury General Account at the Fed has increased by about $460 billion. "The risk of reserve scarcity in the near-term has receded as more cash has left the RRP facility," said Gennadiy Goldberg, Head of US Rates Strategy at TD Securities USA. "However, money market funds shifted their allocation out of the RRP facility into outright purchases of T-bills and private repo markets," they said. Reporting by Davide Barbuscia; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Gennadiy Goldberg, Davide Barbuscia, Dan Burns, Andrea Ricci Organizations: YORK, Treasury, U.S . Treasury, Fed, Federal, Securities USA, Citi, repo, ON, Thomson Locations: U.S

☆ Markets brace for deluge of Treasury bill supply after US debt deal
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

The Treasury General Account has fallen sharply since January when Treasury hit its limit on borrowing. Cash balance targets indicate it will need to rebuild its account quickly now that the borrowing cap has been lifted. "Money market funds are extremely short ... so the trillion-dollar Treasury bills (issuance) would be welcome with open arms," said money market fund expert Peter Crane, president of Crane Data. Part of that could be due to the fact that money funds, heavily exposed to short-term debt this year, have started to extend the their maturities recently. "The Federal Reserve RRP has been holding trillions of the money fund assets and so that money can easily be redeployed into Treasury bills.

Persons: Steven Zeng, Zeng, Glenmede, Peter Crane, RRP, Bank's Zeng, Davide Barbuscia, Karen Brettel, Alden Bentley, Matthew Lewis Organizations: YORK, Treasury, Deutsche Bank, Treasuries, Crane, Federal, Thomson Locations: New York

ORLANDO, Florida, April 28 (Reuters) - With the U.S. debt ceiling crisis set to reach boiling point between June and August, it already promises to be a long hot summer for financial markets. - and inflation is high, while history shows the U.S. Congress certainly has the ability to push debt ceiling negotiations to the brink. "Markets are fundamentally intolerant of tightening liquidity conditions, and you could see this confluence of tightening liquidity where the debt ceiling and YCC come together," said Alex Lennard, investment director at Ruffer LLP. Default fears could suck more money out of bills and into safer parts of the money market universe like the Fed's RRP, exacerbating broader market liquidity conditions. Related columns:- 'Peak Fed' aggravates U.S. debt ceiling strains- Inequality and 'deposit glut' sowed bank instabilityBy Jamie McGeever; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: How are money market funds preparing for a potential debt ceiling crisis?
▼ + stars: | 2023-04-06 | by ( John Mccrank | ) www.reuters.com time to read: +5 min

HOW BIG ARE MONEY MARKET FUNDS? Assets under management in U.S. money market funds, which include Treasury-only funds, prime funds, and government funds, totaled a record $5.2 trillion as of March 29, Investment Company Institute data showed. WHY IS THE DEBT CEILING A CONCERN FOR MONEY MARKET FUNDS? Fitch Ratings warned in February that the potential for investor redemptions and volatility in Treasury-only money market funds – as opposed to prime and government money market funds, which have other sources of funding – would rise if investors believed the government were to default. Runs on money market funds have been rare.

☆ Jefferies upgrades Philip Morris, says shares can rise nearly 20% on smokeless alternatives
▼ + stars: | 2023-01-19 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time to buy Philip Morris International as the Marlboro maker shifts to smokeless alternatives, according to Jefferies. Philip Morris said it expects its efforts to become the sole owner of Swedish Match will support its "ambition to deliver a smoke-free future." On the former, it is the global leader, with estimated RRP share of 23%, compared to 21% share in combustibles," Bennett wrote. Philip Morris shares are down nearly 2% in 2023, after closing last year up more than 12%. Meanwhile, the analyst's $118 price target, up from $86, suggests shares can jump another 18% from Wednesday's closing price.

☆ This biotech stock is up 10% in the last month — and analysts expect it to rise a further 118%
▼ + stars: | 2023-01-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Wall Street is bullish on the California-headquartered company, which makes the enzymes for Pfizer's Covid-19 oral antiviral treatment ; all eight equity analysts covering the stock give it a buy rating. Their median price target points to a 118% potential upside over the 12 months, according to FactSet. "We believe that PRGN's R & D event will validate the key value propositions that underscore PRGN-2012," said Cantor Fitzgerald's analysts in a note to clients on Jan. 12. Other companies on the list include the London-listed stock of Oxford Nanopore Technologies and Genus , which analysts expect to rise by more than 40% over the next 12 months. Clinical diagnostics company Bio-Rad Lab and Sweden-headquartered IVF specialist Vitrolife are the other stocks expected to go up by analysts.

☆ 'Immoral' for Hungary to hold up EU financing deal for Ukraine -Lithuania
▼ + stars: | 2022-12-05 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Dec 5 (Reuters) - It is "immoral" for Hungary to hold up a European Union deal on 2023 financing for Ukraine to extract approval for Budapest's recovery plan and billions from the EU budget, Lithuanian Finance Minister Gintare Skaiste told Reuters on Monday. Hungary has been blocking an EU plan to provide 18 billion euros next year in financial help to war-torn Ukraine through the EU budget, which would make disbursements regular and predictable, allowing the Kyiv administration to plan ahead. EU officials say that to remove its veto, one of the things Budapest wants is EU approval for its plan (RRP) to spend 5.8 billion euros from the EU post-pandemic recovery fund. Another thing Budapest may want, EU diplomats and officials say, is for EU finance ministers to freeze a smaller amount of EU funds for Hungary than the 7.5 billion recommended by the Commission last week. She said that if Hungary continued to bloc financing for Ukraine through the EU budget, other EU governments could agree to provide the money in some other way, like they did this year.

☆ Peru airport says firetruck on arranged drill before fatal collision
▼ + stars: | 2022-11-20 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

[1/2] A view shows a LATAM airline plane following a collision between a LATAM Airlines jet and a vehicle on the runway of Peru's Jorge Chavez International Airport, in Lima, Peru November 18, 2022. REUTERS/Sebastian CastanedaBUENOS AIRES, Nov 20 (Reuters) - The operator of Peru's capital airport said on Sunday that a firetruck involved in a dramatic and fatal collision with a LATAM Airlines (LTM.SN) passenger jet had been doing a pre-arranged emergency drill. On Sunday, Lima Airport Partners, which operates the airport, said in a statement on Twitter that the firetruck had entered the runway as part of an emergency response drill coordinated between the operator and the air traffic authority. "On Nov. 18, during the morning and until the beginning of the exercise, the firefighting team made all the necessary arrangements to execute the maneuver," the airport operator said. There is authorization to carry out an exercise, but it is outside the areas that currently have transit operations," he told radio station RRP on Saturday.

☆ Analysis: Foreign banks amass reserves at the Fed, bracing for funding stress
▼ + stars: | 2022-10-17 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

So when the Fed embarked on QT, the expectation was that bank reserves held at the Fed would decline. But the decline in bank reserves has been more rapid than what some had anticipated. As of Oct. 5, bank reserves at the Fed fell under $3 trillion to $2.972 trillion, down roughly $1.3 trillion from a peak of $4.3 trillion in December 2021. As domestic bank reserves diminish, those held by FBOs at the Fed have gotten more scrutiny. "If there are structural reasons that make foreign banks more eager to hold reserves while large domestic banks' reserves declined, then there may be a risk of another inadvertent case of gridlock," said Lou Crandall, chief economist, at money market research firm Wrightson.

☆ Apel de exprimare a interesului privind intenția de participare la serviciile de suport la formarea/consolidarea grupurilor de femei pentru accesarea granturilor din cadrul Proiectului de Reziliență R
▼ + stars: | 2021-05-04 | by ( Alte Articole | ) www.civic.md time to read: +3 min

Apel de exprimare a interesului privind intenția de participare la serviciile de suport la formarea/consolidarea grupurilor de femei pentru accesarea granturilor din cadrul Proiectului de Reziliență Rurală (IFAD VII) folosind metoda fixă de selectare a bugetului (Fixed Budget Selection Method)În total, proiectul va finanța 8 grupuri de femei, iar în 2021 este planificat a fi finanțate 4 grupuri. Pentru a stimula crearea grupurilor de producători formate de femei, UCIP IFAD lansează prezentul apel privind intenția de participare la serviciile de suport la formarea/consolidarea grupului pentru accesarea granturilor destinate diversificării afacerilor (procesare/colectare/stocare, etc. agroturism etc) și/sau alte facilități care vor aduce o valoare adăugată, în cadrul grupurilor de femei. Se estimează că circa 8 grupuri de femei vor beneficia de suport investițional cu element de grant în cadrul PRR. Cererea de exprimare a interesului privind asistarea la formarea/consolidarea grupului pentru accesarea granturilor destinate grupurilor de femei, completată conform Anexei se va depune la biroul UCIP IFAD,MD-2004, or.

Persons: Ștefan cel Mare Locations: Chișinău

☆ Request for expressions of interest: Climate Resilience Consultant for implementation of ASAP ecological restoration activities within RRP project
▼ + stars: | 2021-04-09 | by ( Alte Articole | ) www.civic.md time to read: 1 min

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