Daily Data Flow
Might Bernanke’s replacement be… Bernanke?
Larry Summers, rumored to be President Obama’s first choice for next Federal Reserve chair, publicly withdrew his name from consideration on Sunday.
Poor Data Eases Tapering Concerns, Boosts Stocks
Disappointing economic data released today led investors to believe that the Federal Reserve, in its meeting next week, would not be as aggressive in tapering its stimulus. As a result, stocks rose today.
Syria Fears Weaken Gold
Both concerns over possible action to be taken against Syria and next week’s Federal Reserve meeting combined to push gold to a five-week low.
Euro Beats Dollar ahead of Fed Meeting
Ahead of next week’s meeting of the U.S. Federal Reserve, investors grew concerned about the status of the Fed’s stimulus program, as well as a possible announcement of Chairman Ben Bernanke’s successor. This led both the euro and yen to gain ground on the dollar.
Syria, Stimulus Sink Stocks
Concern over Syria and the tapering of the Federal Reserve’s stimulus snapped a seven-session success streak for the S&P 500.
Regulation and Regulators Necessary for Financial System Future, Says AIG CEO
American International Group (AIG) CEO Robert Benmosche, beneficiary of a massive bailout by the U.S. federal government in 2008, said today, “Had we not acted, I believe the financial system as we know it today would not be here today.”