For the first time in a couple of years, the Christmas plans of Congress and their staff (except for the Appropriations Committee) are safe, as the Senate wrapped up its business last week, including the passing of the Murray-Ryan budget agreement by a 64 to 36 vote. Then on the heels of better than expected employment numbers and a revised analysis stating that there was actually 4.1 percent growth in the third quarter, the Federal Reserve finally announced that it would taper its quantitative easing by $10 billion dollars so that it would now only be pumping $75 billion per month into the economy. Contrary to rumors that the taper would be detrimental to the economy, following the announcement, the dollar rose to a two week high against the euro, and the Dow jumped more than 290 points.However, all was not good news for the Fed last week, as Chairman apparent Janet Yellen’s confirmation was delayed until after New Years, and more importantly, they, along with the four other agencies issuing the Volcker Rule last week, had to put out another guidance document to try to stem compliance confusion about the rule. What is clear is that the rule is providing real headaches to banks trying to figure out… Read full this story
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