Tuesday, January 8, 2008

photo by powderruns

"I am concerned that developments on the inflation front will make the Fed’s policy decisions more difficult in 2008. Recent data suggest that inflation is becoming more broad-based. Recent increases do not appear to be solely related to the rise in energy prices. Consequently I see more worrisome signs of underlying price pressures…"

-Philadelphia Fed President Charles Plosser in a speech today

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In the news:

The National Association of Realtors' Pending Home Sales Index, fell 2.6% percent in November, after two months of improvement from a record low hit in August. Economists surveyed by Briefing.com had forecast a 0.8% decline.

James Cayne to step down as Bear Stearns CEO. Yesterday, its shares were at $76.25, below their 52-week high a year ago of $172.61.

Moody's Investors Service downgraded the ratings of 46 tranches from eight Alt-A deals issued by Bear Stearns (BSC) in 2007.

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