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- "Fiscal cliff" is already hurting U.S. economy
 Because Democrats and Republicans can't agree on how to head off the "fiscal cliff" of tax hikes and spending cuts, U.S. businesses increasingly find it impossible to plan for growth, invest or hire, according to The Economist. "They don’t know what tax rates will be next year," the magazine notes. "They don't know whether their customers will suddenly start shopping around for cheaper groceries." The Economist
(10/6)     
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- FDIC rolls out its final stress test plans for banks
The Federal Deposit Insurance Corp. announced Tuesday that U.S. banks with assets between $10 billion and $50 billion will have to undergo annual stress tests. The FDIC will give the banks one year to prepare. The Federal Reserve and the Office of the Comptroller of the Currency announced similar efforts. "Stress testing is a key tool to ensure that financial companies have enough capital to weather a severe economic downturn without posing a risk to their communities, other financial institutions, or to the general economy," said Fed Governor Daniel Tarullo. The Hill/On The Money blog
(10/9)
- Muni losses expected to rise because of Libor manipulation
States and municipalities are projected to lose at least $6 billion because of manipulation of the London Interbank Offered Rate, said Peter Shapiro, managing director of Swap Financial Group. Those entities bought about $500 billion in interest-rate swaps before the financial meltdown. Bloomberg
(10/9)
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| Real Estate Marketplace | | |
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- Outlet centers aim for high-end tenants
More outlet centers are targeting high-end brands as tenants. For owners, this wooing process has gotten easier as retailers witness the profits generated in outlet centers, says Steven Tanger, CEO of Tanger Factory Outlet Centers. REIT.com
(10/9)
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| Policy Watch | | |
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- IOSCO recommends global rules for money market funds
Money market funds would face global regulation under rules proposed by the International Organisation of Securities Commissions, as part of the Group of 20's focus on shadow banking. IOSCO said the standards would ensure industry integrity, although "implementation of some recommendations may need to be phased in, in order to avoid disruptive impacts on the [money market fund] industry and the functioning of the financial system at large". Business Standard (India)
(10/9), Reuters
(10/9), Bloomberg Businessweek
(10/9)
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