Federal Reserve Board made a important announcement about the specific capital requirements for all banks with large size that are effective from 1st October.&nbsp;The decision is based on the stress test carried out during the year. The test is a risk-sensitive and future-oriented evaluation of their capital requirements. Determining Large Bank Capital RequirementsThe capital requirements of big banks are determined partially by the results of board's stress test.&nbsp;Stress tests are used to assess the bank's ability to stand up to adverse economic conditions.&nbsp;The most important elements that make up the bank's overall capital requirements are: 1.&nbsp;Minimum Capital Requirement Every firm must meet an annual capital minimum that is 4.5 percent.&nbsp;This provides a base standard of adequate capital for the major banks. 2.&nbsp;Stress Capital Buffer Requirement The results of the stress test, the capital buffer for stress has been set to an amount of 2.5 percent.&nbsp;The buffer is designed to help banks to prepare and weather downturns in the economy. 3.&nbsp;Capital Surcharge for Global Systemically Important Banks (G-SIBs) Global banks that are considered to be systemically important (G-SIBs) might be subject to a capital-related surcharge in addition.&nbsp;The surcharge is reviewed every year during the first quarter. It considers the threat to the system that every G-SIB. Consequences of Failing to Meet Capital Requirements If the capital of a bank falls less than the maximum requirement announced by the Federal Reserve Board, the bank is automatically restricted.&nbsp;The restrictions affect the distribution of capital and bonus payment.&nbsp;The compliance with individual requirements for capital is of paramount vital importance for the security in the financial system. Corrected Stress Test Results for Bank of America Corporation and The Bank of New York Mellon Corporation A separate change was made in a separate development, in a separate development, the Federal Reserve Board released corrected results of the stress test for two banks: Bank of America Corporation and The Bank of New York Mellon Corporation.&nbsp;Corrections were needed due to inaccurate data inputs of the bank. It is worth noting that the adjustments didn't alter either bank's buffer requirements.&nbsp;The requirement for the stress capital buffer is unaltered in both institutions, which indicates the resilience of both banks and their capacity to face economic pressures. Comprehensive Review Ensures Data Accuracy As a result of the inaccurate entries In response to incorrect data submissions Federal Reserve Board conducted a comprehensive review of bank's data.&nbsp;For this examination it was also the Board looked into the data of other banks which were put through the test.&nbsp;It was fortunate that the examination found none of the submitted data was flawed from these banks, which affirmed the credibility of the process used to test stress. The Federal Reserve's announcement on the requirements for individual capital of big banks is an important measure to ensure strength and stability of the banking system.&nbsp;These rules, developed from stress tests and meticulous assessment, assure that banks are adequately prepared for the rigors of economic uncertainty.&nbsp;Additionally, the efficiency and transparency of the stress tests process are essential in maintaining trust and faith within the banking industry in general.&nbsp;

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Analyzing the Federal Reserve Board's Latest Announcement: Individual Capital Requirements for Large Banks. Discover the Rationale Behind this Decision and Its Potential Impact on the Stability and Performance of Financial Institutions.

Federal Reserve Board's Announcement on Capital

Federal Reserve Board Announces Individual Capital Requirements for Large Banks

An extensive preview of forthcoming events taking place in European as well as global markets from Brigid Riley. <h2>Federal Reserve Decision in the Spotlight</h2> Everyone's eyes are focused on this Federal Reserve today as it is the leader among central banks when it announces the decision on interest rates during the week. The majority of market participants expect an increase of 25 basis points by the Federal Open Market Committee (FOMC) on Wednesday. But the main focus will be the upcoming press conference where investors will be watching closely for the FOMC's Chairman Jerome Powell's comments on the likelihood of a second interest rate increase in the near future. Image of Latest US Federal Reserve rate cuts sources from Reuters<img src="https://cdn.forexoverflow.io/images/1690350277429-2ez7kgm8bx1oufa-us-federal-reserve-is-one-step-ahead-on-rate-cuts-1.png"> &nbsp; <h2>Implications for Global Markets</h2> The Federal Reserve's message will significantly impact the mood of markets in anticipation of the policy announcements coming from the European Central Bank (ECB) on Thursday and from the Bank of Japan (BOJ) on Friday. The ECB appears poised to give another modest hike, and the BOJ is predicted to continue its ultra-low policy setting. <h2>Company Earnings Reports in the United States</h2> Within the reports on company earnings to be released on Wednesday morning in the United States, Meta Platforms (META.O) is the most prominent. This list includes AT&amp;T (T.N), Thermo Fisher Scientific (TMO.N), U.S. railroad operator Union Pacific Corp (UNP.N), eBay (EBAY.O), Boeing (BA.N) along with Coca-Cola (KO.N). Interestingly the two companies, Microsoft as well as Alphabet, reported strong earnings following Tuesday's U.S. market close on Tuesday. <h2>European Companies Reporting Earnings</h2> In Europe, there are several businesses expected to announce their results. French-based retailer Carrefour and the worldwide food and beverage firm Danone (DANO.PA) include two of the list. Furthermore, GSK (GSK.L) and Stellantis (STLAM.MI) will publish their annual earnings reports. <h2>Economic Stimulus Measures in China</h2> Asian markets are watching closely for any details regarding new stimulus plans for the economy from China in the wake of the Politburo's announcement to increase assistance to the weak economy. Chinese market prices were down on Wednesday, following a dramatic increase the day prior. Hong Hong Kong's Hang Seng Index (.HSI) decreased 0.8 percent, while the tech and property subindexes followed. The blue chip China's CSI300 (.CSI300) index fell 0.3 percent, whereas its CSI 300 Real Estate index increased 0.2 percent. <h2>Australian CPI Data and Reserve Bank of Australia</h2> Australian Consumer Price Index (CPI) figures published on Wednesday showed the inflation rate was less than anticipated during the month of June. The result affected the Australian dollar. However, it allows Australia's Reserve Bank of Australia with a bit of breathing room prior to the next meeting of its policy committee beginning on August 1. <h2>Key Developments Influencing Markets on Wednesday</h2>﻿•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France's June Unemployment Data: A window into the ever-evolving landscape of the French job market, as we seek to unravel the employment trends and gain insights into the current economic climate.•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Zone's June M3 Annual Growth and Lending Data: A tapestry of figures that illuminates the monetary aggregates and lending activity within the Eurozone, offering a glimpse into the region's financial stability and liquidity.•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. June New Home Sales: A chapter in the American real estate saga, where we witness the dynamics of new home sales, gauging the demand and trends that shape the housing market.•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Federal Reserve Announces Interest Rate Decision: An eagerly anticipated moment, where the Federal Reserve unveils its verdict on interest rates, a decision that ripples across the global financial landscape, impacting markets and businesses alike. Market Summary In the end, the markets for financial instruments are set to witness an eventful day thanks to an interest rate determination and the earnings report of prominent firms. Investors, as well as analysts, keep an eye on the outcome of these developments, which can significantly impact market dynamics in the upcoming days. In addition, the global economy could see additional impacts based on the policies put forth by the European Central Bank and the Bank of Japan in the weeks to come. It is important to stay informed and flexible in responding to the changes in the world will be essential for all market players.

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The morning market bid as investors eagerly anticipate the Fed's decision, with the central bank's announcement expected to influence trading sentiment.

Morning Bid: Markets on Edge for Fed Decision

Morning Bid: Markets Anticipate Fed Decision and Earnings Surge

<h2>Key Highlights</h2> ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A glorious GE and 3M rise to new heights riding on the back of strong full-year profits forecasts which have set the world of business in a frenzy of excitement.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a dramatic twist of fate, RTX shares stumble and falter as they grapple with a challenging predicament--troubled Pratt &amp; Whitney jet engines, leaving investors on a rollercoaster ride of emotions.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A wonderful feeling of optimism is sweeping across the country as US consumer confidence rises to up to an astonishing two-year high in the warm months of July.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market is having a merry dance! The Dow playing fully advancing by just 0.08 per cent while the S&amp;P 500 follows in a flurry and leaps ahead by an even more outstanding 0.28 per cent; the Nasdaq is the parade leader and soars to an energetic 0.61% increase. <h2>GE and 3M on Strong Full-Year Profit Forecasts</h2> Wall Street witnessed a surge in excitement this week, and the tech-focused Nasdaq dominated the gains. The enthusiasm among investors was fueled by the prospect of artificial intelligence (AI), particularly before the earnings announcements of tech titans Alphabet (GOOGL.O) as well as Microsoft (MSFT.O) shortly after the market had closed.The two companies, Alphabet and Microsoft, have led the way in AI advancements since the introduction of ChatGPT by OpenAI and supported by Microsoft in the latter half of 2022. Investors are hopeful that these brand-new AI products will offset the decline in their cloud business, which has been a significant source of revenue for the tech titans. In the wake of this AI hype, shares in Alphabet, the company that owns Google and Microsoft, which is the creator of Windows, gained 0.6 per cent and 1.7 per cent and 1.7%, respectively. As per Steve Sosnick, the chief strategist at Interactive Brokers, the market's reaction in response to this AI trend is fueled by excitement and inertia rather than an actual motive. <h2>RTX Shares Tumble on Pratt &amp; Whitney Jet Engine Problem</h2> While many tech stocks surged due to AI positive vibes, Raytheon Technologies (RTX) was hit hard as shares fell 10.2 per cent. The decline occurred after the company announced that a number of the Pratt &amp; Whitney GTF engines that are used to power Airbus A320neo aircraft need "accelerated eliminations as well as inspections." <h2>US Consumer Confidence Reaches Two-Year High in July</h2> Despite fears of a possible recession, consumers' confidence in the US increased to the highest level in two years in July. This rise in confidence can be due to the optimism regarding the state of the economy. The optimism of consumers is counteracting fears regarding the outlook for economic growth. <h2>Index Performance</h2> The Dow witnessed a modest rise of 0.08 per cent, while it was the S&amp;P 500 and Nasdaq did better, increasing by 0.28 per cent and 0.61 per cent, respectively. <h2>Federal Reserve Meeting and Interest Rate Hike</h2> The US central bank set to announce another 25-basis-point interest rate increase, the policymakers are now facing the dilemma of what weight to give to recent economic data. The coming Federal Reserve meeting is a warning to investors that this could be one the last rate hikes that has been the main concern for tech stocks particularly. <h2>Impact on Nasdaq Composite and Dow Jones Industrial Average</h2> The tech-focused Nasdaq Composite Index (.IXIC) is in a resurgence this year, driven mainly by growth-oriented megacap companies with a high rate of interest and the expectation for the tightening Federal Reserve process closing. However, companies that aren't in the tech sector are doing well and drawing investors by their lower prices.The Dow Jones Industrial Average (.DJI) was able to gain a bit for the 13th day in a row, but the gains were limited by an 0.87 per cent decrease in Boeing (BA.N) share prices. <h2>Airlines and Materials Stocks</h2> The S&amp;P composite 1500 passenger airlines sub-index (.SPCOMAIR) saw a decline of 3.45 per cent due to the 9.7 per cent drop of Alaska Air (ALK.N). The airline's revenue growth outlook was in the middle of expectations.However, the materials sector saw a rise of 1.76 per cent as investors celebrated rising prices for metals, helped by the support of an upcoming politburo conference in China. <h2>Company Performances</h2> General Electric (GE.N) witnessed an impressive increase of 6.27 per cent following the increase in its adjusted profit forecast for the year. General Motors (GM.N) saw a drop of 3.51 per cent as it recorded an increase in pre-tax adjusted profits and margins in its primary North American market compared to the prior quarter.3M Co (MMM.N) performed excellently, increasing 5.33 per cent as the industrial conglomerate boosted its forecast for adjusted profits for the year. <h2>S&amp;P 500 Earnings Outlook</h2> According to Refinitiv information, the S&amp;P 500 earnings are expected to fall by 7.7 per cent in the second quarter. <h2>Market Summary</h2> There was a slight advantage for advancing issues over those that were declining on the NYSE with the ratio of 1.19-to-1. On the Nasdaq, the ratio was favoured by decliners, with 1.21-to-1. The S&amp;P 500 reported 38 new highs for the 52 week and no new lows. In contrast, the Nasdaq Composite recorded 101 new highs and 74 new lows. In the end, the excitement about artificial intelligence is still driving the performance of Wall Street, especially for tech-heavy indexes like the Nasdaq. Investors are eagerly awaiting earnings reports from the top tech firms. The market is cautiously optimistic about the future looking at factors such as the prospect of interest rate hikes as well as economic data. While certain sectors are facing difficulties, others are seeing promising growth, which suggests a dynamic and ever-changing market environment.

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AI technologies propels Wall Street higher, setting the stage for the upcoming earnings season with increased investor interest.

Wall Street Surges on AI Mania Ahead of Earnings

Wall Street Riding High on AI Mania for Earnings

Sterling began to show signs of recovery in relation to sterling showed signs of recovery against the U.S. dollar on Tuesday after a modest gain after a losing seven-day streak. However, it remained close to a low of two weeks because of concerns about the economy of Britain's ailing. Let's look into the forces that influence the performance of sterling and the future. <h2>Sterling's Modest Uptick Ahead of Federal Reserve Meeting</h2> The pounds were in the ascendancy of 0.16 percent in relation to the dollar, and the price was $1.28460. In addition, it recorded an 0.32 percentage increase against the euro, which was 85 pence. In the words of Stuart Cole, Chief Macro Economist of Equity Capital, this modest increase indicates that sellers of sterling have resigned their positions ahead of this week's Federal Reserve meeting on Wednesday. They're wary of the possibility of a dovish policy that may further affect the sterling's performance. <h2>BoE Rate Expectations and Inflation Concerns</h2> Sterling's market sentiment has turned negative after the latest Consumer Price Index (CPI) and the Purchasing Managers' Index (PMI) numbers. Market participants are no longer expecting the Bank of England (BoE) to raise rates as fast as was previously thought. Stuart Cole revealed that earlier this month, traders bet on a final rate of approximately 6.5 percent, but it has now dropped to 5.8% following an unexpected decrease in the rate of inflation in Britain during June. In addition to the down revision in rates is the slowdown of the economy of Britain. An earlier survey revealed the private sector in Britain experienced the slowest growth rate in one month in July. The downturn in the economy shifts traders' attention toward the UK economy's performance, which has raised worries among investors. <h2>Weight on Rising BoE Rates and Their Impact</h2> Ipek Ozkardeskaya, who is the senior analyst of Swissquote Bank, highlighted that traders have been putting more attention on the potential negative effects that rising BoE rates might cause the British economy than on their benefits holders of sterling. The BoE has increased its rate by 13 times since the end of 2021. The rate has been raised from 0.1 percent in a bid to fight inflation. <h2>Projections for the Upcoming BoE Meeting</h2> The coming BoE meeting draws near on August 3rd. The market has predicted a 60% likelihood of a 25-bps (basis points) rate hike and a 40% likelihood of a more substantial 50-bps rate hike. The uncertain outcomes of the meeting contribute to the prudence of market sentiment and are impacting the sterling's price. <h2>Unraveling Sterling's Strength: An Interest Rate Play</h2> Stuart Cole of Equity Capital believes that the recent movements in markets have exposed the real reason for the sterling's strength in the past. The appreciation in sterling was due to an interest rate strategy instead of any structure-related or other factors. This has had an impact on markets' sentiments, resulting in the adoption of a cautious attitude to the sterling. In the end, Sterling's recent rise following a seven-day loss streak shows traders' cautious optimism in the lead-up to next week's Federal Reserve meeting. There are still uncertainties about the BoE's expectations for rate hikes, and the economic slowdown of Britain is still weighing on the performance of Sterling. The outcomes of the forthcoming BoE meeting could significantly impact the pound's direction, making this an important event for investors and traders to follow attentively.

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he British pound (GBP) rebounds following a prolonged decline, with market focus shifting towards the upcoming Bank of England (BoE) meeting.

Sterling's Revival: Eyes on BoE Meeting

Sterling Rebounds After Seven-Day Slump: BoE Meeting in Focus

<h2>Wall Street Gears Up for Crucial Test of Big Tech Stocks Amidst Fed Meeting</h2> The earnings report due of Microsoft and Alphabet could prove to be an indicator of the extraordinary rise of Big Tech shares this year.&nbsp;While Federal Reserve officials commence their two-day policy conference, Wall Street is closely following the report and anticipating the impact they will have on the markets. <h2>Chinese Stocks Recover, Bolstering Global Markets</h2> In the wake of a misguided announcement from the ruling Politburo that praised the "tortuous" growth of the economy in China Monday, weak Chinese stocks saw a delayed however much-needed bounce.&nbsp;Hong the Hong Kong's Hang Seng index (HSI) saw a snapback of 4 which was partially fueled by a significant 12% rise in the struggling housing industry (HSMPI).&nbsp;The wider blue chip CSI 300 Index (CSI300) was also up, ending the losing streak of six days by gaining 3 due to the purchase of the support of state-owned banks which supported the Chinese yuan. <h2>European Markets Subdued Amid Tightening Credit Conditions</h2> Contrary to the ebullient market sentiment however, the mood of the market in Europe was a bit more restrained.&nbsp;Recent surveys of large banks, conducted by the European Central Bank revealed a decrease in the demand of business loans in the 2nd quarter.&nbsp;Credit conditions were tighter, which resulted in the lowest level of demand for loans over the course of 20 years in the survey's history.&nbsp;Furthermore, German business confidence displayed declines this month in addition to the general skepticism. <h2>Diverging Global Demand Pulse</h2> The divergent reports can cause confusion regarding the pulse of global demand in the days leading up to our Fed meeting.&nbsp;The report shows declining U.S. business sentiment in July. However, it indicates overall increases in activity and activity, in contrast to the euro zone where there is a slowdown.<img src="https://cdn.forexoverflow.io/images/1690288854119-hza7ct06iz4nh38-global-business-activity-1.png">Sources form Reuters <h2>Euro/Dollar Exchange Rate Impacted by Reports</h2> In the wake of these reports that the exchange rate between dollars and euros decreased, as did an enduring uncertainty regarding the pace of demand across the globe in the lead-up to next week's Federal Reserve meeting.&nbsp;Although there were reports of decreasing U.S. business sentiment in July, there was general growth in the economy, as opposed the euro zone that was experiencing a decline. <h2>Oil Prices and Treasury Yields Experience Volatility</h2> The price of crude oil jumped into three-month records because of a major U.S. refinery outage and expectations of a stimulus package from China.&nbsp;But a tepid auction resulted in a 10- basis point increase in the 2-year Treasury yields, resulting in an uncertain financial environment.&nbsp;In the aftermath, oil prices as well as Treasury yields have retraced some their gains. Year-on-year oil price drops were apparent at greater than 21 percentage.&nbsp;The gauges of volatility, VIX (VIX) were also down from their previous two week highs. <h2>Nasdaq 100 Index Rebalances with No Major Market Impact</h2> Rebalancing the Nasdaq 100 index didn't lead to any noticeable market reactions.&nbsp;Although weightings of some big caps were pared down to reduce "over-concentration," it didn't cause significant disturbances in the market. <h2>Investors Anticipate Mega Caps' Earnings Reports</h2> The earnings season is now underway Investors are anxiously waiting for the post-hours earnings reports of technology majors Microsoft (MSFT.O) as well as Alphabet (GOOGL.O).&nbsp;Markets are focusing on these reports, specifically due to the massive rises in the market for AI-related stocks as well as the record-breaking valuations this year. <h2>Fed Decision Looms Large</h2> The market's movements leading on Wednesday's Fed decision could be limited in the meantime as investors wait in anticipation of the result.&nbsp;The futures market is currently scheduled for another quarter-point hike in the rate, which would set the price between 5.25-5.50 percent.&nbsp;The market is indicating that this could be the last rate hike in this period and the likelihood of a second hike later on in the year falling to less than 50 percent.&nbsp;But, expectations of easing for the next 12 months is gradually being reined into.<img src="https://cdn.forexoverflow.io/images/1690288883085-rx1luuqzl2261ah-the-fedd-2023-u-trun-1.png">Sources from Reuters <h2>﻿Events to Watch on Tuesday</h2> Alongside the above-mentioned market events The investors must be aware of the following developments on the eve of Tuesday:<ul><li>U.S. Corporate Earnings: Microsoft, Alphabet, Texas Instruments, NextEra Energy, Visa, Invesco, GE, GM, Dow, Danaher, Corning, Kimberly-Clark, Biogen, Verizon, Moody's, EQT, 3M, Universal Health, Chubb, Dover, Nucor, Paccar, Sherwin-Williams, Archer-Daniels-Midland, etc.</li><li>U.S. July Consumer Confidence, Richmond Fed July Business Survey, Philadelphia Fed July Service Sector, May House Prices.</li><li>The Federal Reserve's Federal Open Market Committee starts the two-day meeting, with the scheduled decision set on Wednesday.</li><li>International Monetary Fund updates World Economic Outlook.</li><li>U.S. Treasury auctions 5-year notes.</li></ul>

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Explore the morning market bid with the focus on Big Tech as investors await the Federal Reserve's meeting and its implications.

Morning Bid Analysis: Federal Reserve and Tech

Morning Market Update: Federal Reserve and Big Tech

A closely-monitored purchasing managers survey found the fact that U.S. business activity slowed to a five-month lowest in July, principally due to a slower growth rate within the service industry. But, the survey did better than other surveys carried out in Europe. Additionally, the decline in U.S. input prices and slow hiring suggest improvements in the Federal Reserve's efforts to fight the rising cost of living. Flash U.S. Composite PMI index, created by S&amp;P Global, tracking both services and manufacturing, decreased by 52 points in the month of July, down from June's 53.2. While July was the sixth consecutive month of expansion, services' performance declined. It's worth mentioning that readings over 50 suggest an expansion. <h2>Dollar's Resilience and Economic Divergence</h2> The index of the dollar climbed 0.148 percent to 101.230. The euro dropped 0.35 percent to $1.1084. The sterling was trading at $1.2816 with a drop of 0.30 percent. Investors had been watching the central bank meeting dates this week and anticipating rate hikes for both Europe as well as the United States. The euro experienced a dip due to PMI figures indicating that the eurozone's business activity slowed greater than expected in July. In the same way, the pound saw a decline when British business data was released, but with a smaller impact. <h2>Bank of Japan's Potential Market Impact</h2> The Japanese yen grew by 0.40 percent against the greenback and settled at 141.23 for a dollar. Investors were watching closely for the Bank of Japan (BOJ) meeting and speculated that this could have been the central banking institution with the highest probability likely to announce a market-moving unexpected event. An eventual change in its yield curve policy was possible. <h2>Upcoming Central Bank Meetings and Rate Hike Expectations</h2> This week was busy for central bank sessions, including the Federal Reserve concluding its meeting on Wednesday. It was followed by the European Central Bank (ECB) the next day, followed by The Bank of Japan on Friday. Market participants had been anticipating rate increases from both the ECB and the Fed by a total of 25. They were focusing on signals these central banks are likely to communicate regarding their September meeting, and the possibility of softer inflation indicators may prompt the Fed to suggest the possibility of a temporary pause. <h2>Cryptocurrency and Bitcoin's Performance</h2> In the cryptocurrency market, the bitcoin price saw the worst drop, a 2.56 percent drop and reached $29,116.02, and Ethereum decreased by 2.51 percent, settling at $1,847.04.As the market was set to have an active week, traders kept a focus on the central bank's announcements and the earnings of large businesses. Divergence in the economy between the U.S. and its major competitors continued to show the power of the dollar as it has weathered the higher rates with a higher degree of success than its peers.

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U.S. economy showcases its resilience and strength. Dive into the factors that contribute to its steadfastness and ability to withstand challenges. Gain valuable insights into the sectors driving growth and how policymakers respond to maintain economic stability. Be prepared to leverage the U.S. economy's resilience for your investment strategies amidst the changing economic landscape.

U.S. Economic Resilience: Weathering Slower Business Activity

U.S. Economy's Strength Shines Despite Slower Business Activity

The Federal Reserve has taken a groundbreaking step in revolutionizing the world of instant payments with the official launch of its much-anticipated FedNow® Service. This state-of-the-art system allows banks and credit unions of all sizes to seamlessly transfer money for their customers, 24/7, 365 days a year.<img src="https://cdn.forexoverflow.io/images/1690134142784-ypadf5qernijv78-dreamshaperv7inavibrantandlivelyillustrationtheconcep0.jpg"> Federal Reserve Chair Jerome H. Powell expressed the primary purpose behind the creation of the FedNow Service, stating, "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient." With this innovative tool at their disposal, individuals and businesses stand to benefit immensely. For instance, employees can now receive their paychecks instantly, and companies can access funds the moment an invoice is paid. The initial rollout includes 35 early-adopting banks and credit unions, along with the U.S. Department of the Treasury's Bureau of the Fiscal Service, all equipped with instant payments capabilities through the FedNow Service. Additionally, 16 service providers are prepared to facilitate payment processing for these financial institutions. The long-term advantages of instant payments are abundant for consumers and businesses alike. Instant access to funds proves invaluable in various scenarios, and just-in-time payments help manage cash flows in bank accounts more efficiently. For instance, individuals can receive their paychecks and utilize them on the same day, while small businesses can streamline their cash flows without enduring processing delays. Over time, customers of participating banks and credit unions will be able to send instant payments securely and swiftly using their financial institution's mobile app, website, and other interfaces. It is crucial to note that the FedNow Service functions as an interbank payment system, coexisting with other well-established Federal Reserve payment services, such as Fedwire® and FedACH®. The Federal Reserve is fully committed to collaborating with the more than 9,000 banks and credit unions across the country to ensure widespread availability of this revolutionary service for their customers. <h2>Subheadings:</h2> <ol><li>Seamless Instant Payments: FedNow® Service Unveiled</li><li>Federal Reserve Chair's Vision for the Future</li><li>Early Adopters Embrace FedNow® Service</li><li>The Promising Prospects of Instant Payments</li><li>Efficiency and Convenience for Individuals and Businesses</li><li>The Road Ahead: Expanding Access Nationwide</li></ol> <h2>Seamless Instant Payments: FedNow® Service Unveiled</h2> The Federal Reserve has ushered in a new era of instant payments with the highly-anticipated launch of the FedNow® Service. Designed to enable banks and credit unions of all sizes to effortlessly transfer funds for their customers, the system is available 24/7, 365 days a year. <img src="https://cdn.forexoverflow.io/images/1690134249594-ft67pupmulpa4xn-dreamshaperv7animagedepictingaseamlessandinstantmoney0-1.jpg"> <h2>Federal Reserve Chair's Vision for the Future</h2> Federal Reserve Chair Jerome H. Powell elucidated the primary objective behind the FedNow Service's creation. He expressed that the Federal Reserve developed this system to enhance the speed and convenience of everyday payments over the years to come. The profound impact of this new tool will empower individuals to receive paychecks instantly and grant businesses immediate access to their funds upon invoice payment. <h2>Early Adopters Embrace FedNow® Service</h2> The initial rollout of the FedNow Service has garnered enthusiastic participation from 35 forward-thinking banks and credit unions, alongside the U.S. Department of the Treasury's Bureau of the Fiscal Service. All of them are now equipped with the capability to offer instant payments through this cutting-edge service. Additionally, 16 service providers are ready to facilitate payment processing for these financial institutions. <h2>The Promising Prospects of Instant Payments</h2> <img src="https://cdn.forexoverflow.io/images/1690134273454-vyzmyvdkfpcvzzz-cardmapr-nl-xh2jfgt4abc-unsplash.jpg"> Instant payments hold tremendous promise for both consumers and businesses. The ability to access funds instantly proves to be invaluable in various situations, and just-in-time payments contribute to more efficient cash flow management within bank accounts. Notably, individuals can receive their paychecks and put them to use on the same day, while small businesses can optimize their cash flows by minimizing processing delays. Over time, the FedNow Service will grant customers of participating banks and credit unions the ability to send instant payments securely and promptly through their financial institution's mobile app, website, and other interfaces. <h2>Efficiency and Convenience for Individuals and Businesses</h2> The FedNow Service operates as an interbank payment system, running alongside other well-established Federal Reserve payment services like Fedwire® and FedACH®. The Federal Reserve is dedicated to fostering collaboration with the more than 9,000 banks and credit unions across the country, ensuring widespread access to this groundbreaking service for their esteemed customers. <img src="https://cdn.forexoverflow.io/images/1690134291210-4qnnz1jgwgptrbc-david-dvoracek-qipe0upc0u-unsplash.jpg"> <h2>The Road Ahead: Expanding Access Nationwide</h2> As the FedNow Service gains momentum, it aims to become an integral part of the nation's financial landscape. The Federal Reserve's commitment to providing swift and secure payment solutions remains unwavering. With each passing day, the FedNow Service brings us closer to a future where instant payments are not only commonplace but also a driving force behind economic efficiency and customer satisfaction.

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Experience lightning-fast payments with the FedNow® Service.

Introducing FedNow®: A Breakthrough in Payments

Federal Reserve Introduces FedNow® Service: A Game-Changer in Instant Payments

Optimistic Outlook as Wall Street Continues to Rise Amid Inflation Data In recent days, global stock markets have experienced a surge in gains, while the value of the dollar remains close to a 15-month low. This wave of investor optimism was sparked by favorable U.S. inflation data, leading many to believe that the U.S. Federal Reserve is approaching the conclusion of its rate-hiking cycle. On Wednesday, data revealed that U.S. consumer prices had grown at the slowest pace in over two years. Following this, Thursday's report indicated the smallest increase in U.S. producer inflation in nearly three years. Additionally, the government reported on Friday that U.S. import prices had dropped by 0.2% last month, accompanied by a significant rise in U.S. consumer sentiment to its highest level in nearly two years. MSCI World Equity Index Surges to New Highs As investors anticipate a more moderate inflation outlook, the MSCI World Equity index (.MIWD00000PUS) has reached its peak for this year. On Friday, the index experienced a 0.1% increase, accumulating gains throughout the week and putting it on track for its most substantial weekly rise since November 2022 and its highest levels since early 2022. Wall Street's Fifth Consecutive Rise Fueled by Strong Earnings Wall Street continues its upward trajectory, with Friday marking the fifth consecutive day of gains. The second-quarter earnings season commenced on a positive note as some of the country's top financial institutions, including JPMorgan Chase (JPM.N) and insurer UnitedHealth Group (UNH.N), delivered robust performance reports.The Dow Jones Industrial Average (.DJI) rose by 0.45% to reach 34,549.15, while the S&amp;P 500 (.SPX) gained 0.10%, closing at 4,514.5. The Nasdaq Composite (.IXIC) also experienced growth, increasing by 0.12% to 14,155.78. European Stock Indexes Show Minimal Change In contrast, European stock indexes exhibited minimal change, with the STOXX (.STOXX) experiencing a slight decrease of 0.11%, and London's FTSE 100 dipping by 0.08% (.FTSE). Germany's DAX declined by 0.2%, retracing some of its recent gains (.GDAXI). Expert Advises Cautious Approach Amidst Concerns Michele Morganti, senior equity strategist at Generali Investments in Rome, advises caution given the current market conditions. He emphasizes that price-to-earnings ratios are "exuberant" compared to real rates and economic growth, especially in the United States. Morganti also highlights persistent sticky core inflation, tightening credit conditions, and macro indicators pointing downwards as factors contributing to the need for short-term caution in the equity market. U.S. Bond Yields Experience Modest Recovery After a period of sharp declines earlier in the week, U.S. government bond yields have slightly bounced back on Friday. The yield on 10-year Treasury notes increased by 5.7 basis points to 3.817%. The two-year U.S. Treasury yield, which typically aligns with interest rate expectations, rose by 14 basis points to 4.751%. Euro Zone Government Bond Yields Remain Steady Euro zone government bond yields displayed minimal fluctuations on Friday, holding onto their gains following a robust two-day rally triggered by subdued U.S. inflation figures. Money market traders still anticipate a 25 basis point rate hike by the Fed on July 26, although they have lowered the likelihood of another rate hike later this year. Norman Villamin, chief group strategist at UBP, suggests that another Fed rate hike is probable in July, but the September meeting remains uncertain. He acknowledges that we are likely approaching the end of the rate hike cycle. However, Villamin points out that above-target inflation is expected to persist in the long term, making it challenging to achieve a return to the 2% inflation target. Weaker Dollar Persists The value of the dollar continues to hover near a 15-month low, marking its most significant weekly decline since November due to softening U.S. inflation data. Meanwhile, the euro remains steady at $1.1232, reaching its highest level in over 16 months. Oil Markets Supported by U.S. Demand and Supply Disruption In the oil markets, the global benchmark Brent crude maintains a price around $80 per barrel on Friday. Bullish sentiment regarding U.S. demand has been bolstered by supply disruptions in Libya and Nigeria. Brent crude closed at $79.87, experiencing a decline of 1.83% on the day, while U.S. crude fell by 1.91% to $75.42 per barrel. Gold Prices Experience a Small Decline Following five consecutive sessions of gains, gold prices dipped slightly on Friday. Growing expectations of a pause in U.S. rate hikes have positioned bullion for its most substantial weekly gain since April. Spot gold declined to $1,960.24 per ounce. Summary With the release of favorable inflation data and positive earnings reports, global stock markets have seen significant gains. The MSCI World Equity index reached new highs, while Wall Street extended its winning streak. However, caution is advised by experts due to exuberant price-to-earnings ratios, persistent core inflation, and macro indicators signaling a potential slowdown. The dollar continues to weaken, and oil markets benefit from disrupted supply and optimistic U.S. demand. Gold prices experienced a slight decline but remain influenced by expectations regarding U.S. rate hikes. These recent developments are shaping the global financial landscape and have captured the attention of investors worldwide.

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Catch up on the market buzz as Wall Street rallies on the back of cooler inflation and positive earnings, driving the market gains.

Market Update: Wall Street Surges Higher on Cooler Inflation and Positive Earnings

Wall Street Extends Climb: Cooler Inflation and Positive Earnings Drive Market Gains

According to a Reuters report on July 11th, the US dollar experienced a decline following indications from Federal Reserve officials that the central bank is nearing the conclusion of its tightening cycle. However, the dollar traded within a narrow range as market participants awaited a crucial US inflation report. Several officials from the Federal Reserve stated on Monday that the central bank will likely need to further increase interest rates to reduce persistently high inflation. Nevertheless, they also suggested that the end of the current monetary policy tightening cycle is approaching. These comments caused the greenback to drop to a two-month low of 101.88 against a basket of currencies during early Asia trade. Traders scaled back their expectations regarding the extent of future US interest rate hikes. Since the Federal Reserve initiated its tightening cycle last year, expectations regarding US interest rates have significantly influenced the dollar's performance. On the other hand, the British pound reached a new 15-month high of $1.2869, while the euro experienced a slight increase of 0.03% to $1.1004. Carol Kong, a currency strategist at Commonwealth Bank of Australia, stated, "The FOMC speak was the main focus of yesterday, and officials who spoke reiterated the recent message that a couple more rate hikes are likely in coming months, so not really a surprise there." Market attention has now shifted to the US inflation data to be released on Wednesday, as it will provide further clarity on the Federal Reserve's progress in combating persistently high consumer prices. A survey conducted by the New York Federal Reserve revealed a decline in near-term inflation expectations among Americans. Last month, they expressed expectations of the weakest near-term inflation gains in over two years. Kong added, "If we do get a strong CPI report (tomorrow), that may help market pricing for a second rate hike from the FOMC (after July) and drive the dollar a little bit higher. But I don't think any upside will be material given the fact that we are near the top of the FOMC tightening cycle." The Japanese yen strengthened to a nearly one-month high of 141.15 per dollar on Tuesday and was last traded at 141.43 per dollar. This rise was supported by a decline in US Treasury yields. The dollar/yen pair is particularly sensitive to US yields, as Japanese interest rates remain close to zero. In other currency movements, the Australian dollar increased by 0.16% to $0.6687, while the New Zealand dollar rose by 0.06% to $0.6216. However, the gains of these two Antipodean currencies against the dollar were limited due to concerns about China's struggling economic recovery. Both currencies are often seen as liquid proxies for the Chinese yuan. In the offshore market, the yuan experienced a marginal increase, reaching 7.2254 per dollar. Data released on Monday showed that China's producer prices declined at the fastest pace in over seven years in June, while consumer prices were on the verge of deflation. Macquarie strategists noted, "China's year-over-year CPI and PPI data for June, which came in below expectations and points to China's ongoing struggle with deflation in the absence of strong aggregate demand. For traders to get positive on China, it seems that nothing short of a forceful stimulus program will be needed."

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Stay informed as the Fed's rate hike cycle concludes and the US inflation takes center stage. Discover the impact on the dollar.

Fed Hike Cycle Nears End: Dollar Slips, US Inflation Focus

Inflation in the Spotlight: Dollar's Slip as Market Watches US Economic Indicators

European stocks experienced a decline following the release of the Federal Reserve's hawkish minutes from their last policy meeting. Early corporate earnings reports also influenced investor sentiment. At 8:07 a.m. in London, the Stoxx 600 was down 0.9%, with all sectors showing a decline. However, utilities outperformed other sectors. Among individual stocks, Hunting Plc saw a significant surge of 14% after reporting that its trading performance exceeded management expectations. The company's revenue and operating profit surpassed the targets set at the beginning of the year. On the other hand, Currys Plc tumbled 8.3% as its full-year revenue met the average analyst estimate. Chr. Hansen Holding A/S remained relatively unchanged after narrowing its organic revenue forecast for the entire year. After a strong rally of nearly 9% in the first half of the year, European equities started July with declines due to concerns about faltering economic growth impacting corporate earnings, alongside persistent inflation. The released minutes from the Fed's meeting on Wednesday indicated a pause in interest rate increases in June, with expectations of a future hike later this month. <img src="https://cdn.forexoverflow.io/images/1688631288722-fmgmewwyai8raqv-bond-yield-relative-to-stock-have-become-attractive-1.png"> Image source from Bloomberg: Additionally, stocks face increased competition from bond markets, which offer higher returns with fewer risks. However, some positive sentiment was supported by data showing a rebound in German factory orders in May, suggesting that the manufacturing slump in Europe's largest economy may be easing as it emerges from a recession. The focus now shifts to the second-quarter earnings season. Joachim Klement, Head of Strategy, Accounting, and Sustainability at Liberum Capital, expects to see more profit downgrades but believes that they won't lead to a major setback in European markets. Investor sentiment is improving, and many stocks have reached oversold levels, leading to the anticipation of a short-term bounce in the coming weeks before the earnings season begins in earnest. In terms of sectors, European oil stocks could see activity on Thursday following Exxon's announcement that lower natural gas prices and refining margins will impact second-quarter earnings by approximately $4 billion compared to the previous three months.

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Dive into the market reaction following the Fed's hawkish stance and the subsequent tumble of European stocks. Gain insights into the implications, factors at play, and potential long-term effects on the stock market.

Fed's Hawkish Stance Sends Shockwaves: European Stocks Tumble in Response

Rate Worries Ripple Across Europe: Stocks Plummet on Hawkish Fed Minutes

•	*Experts believe the recent surge in inflation increases the likelihood of a rate hike by the Federal Reserve.*

•	*Some critics argue that this move by the Fed is not the right direction to take, as it further raises the odds of a rate hike.*

•	*Before the Federal Open Market Committee (FOMC) meeting, reports on employment and consumer prices are expected to be released.*

Further disappointing inflation news could potentially persuade Federal Reserve policymakers to raise interest rates once again. This would provide support for those who argue that more actions are necessary to restore price stability.

On Friday, figures from the Commerce Department revealed that the personal consumption expenditures price index, which is the Federal Reserve's preferred measure of inflation, increased by a faster-than-expected 0.4% in April.

Cleveland Fed President Loretta Mester expressed her belief in a CNBC interview on Friday that based on the inflation data, some tightening of monetary policy will likely be required. She mentioned that all possibilities are on the table for June.

Compared to the previous month, the measure has risen by 4.4% from a year ago, slightly higher than the 4.2% increase seen earlier. When excluding food and energy, the core PCE index, which is another inflation measure, rose by 0.4% compared to the previous month and 4.7% from April 2022.

Diane Swonk, chief economist at KPMG LLP, criticized the direction the Federal Reserve is taking, stating that a hike in July is now a possibility depending on resolving debt ceiling issues.

In an effort to control inflation, officials have raised rates by 5 percentage points over the past 14 months, surpassing their 2% target. Following a quarter-point increase earlier this month, the benchmark rate now stands within a target range of 5% to 5.25%. Fed Chair Jerome Powell mentioned that policymakers have the flexibility to observe the data and the evolving economic outlook.

Before the Federal Open Market Committee's next meeting on June 13-14, policymakers will receive additional information regarding employment and consumer prices. However, there may be hesitancy to raise rates as long as there is uncertainty surrounding the ongoing debt ceiling negotiations in Congress.

Nevertheless, investors have increased their bets on a rate hike in the upcoming month, with the likelihood rising to over 50% from 18% just a week ago. This shift reflects recent hawkish speeches from Fed officials and indications of economic strength. According to the report released on Friday, consumer spending, adjusted for prices, increased by 0.5%, marking the strongest growth since the beginning of the year. Treasury yields saw a surge following the report.

Kathy Bostjancic, chief economist at Nationwide Life Insurance Co., commented that the combination of rising inflation and robust consumer spending increases the chances of another rate hike in mid-June.

However, some Fed officials, such as Atlanta Fed's Raphael Bostic and Philadelphia's Patrick Harker, have emphasized that the impact of credit issues stemming from banking failures has yet to be felt. They also noted that monetary policy operates with a lag, meaning the full consequences of higher rates may not be seen in official data yet.

Derek Tang, an economist at LH Meyer/Monetary Policy Analytics, stated that it will take more to sway policymakers from pausing in June, but the possibility of another hike thereafter has increased. Tang's firm revised their peak rate forecast from 5.1% to 5.6% on Friday. He added that the stronger the data flow, the more likely it is for the next hike to occur in July rather than September.

"Persistence has its limits, and patience will wear thin if the economy continues to boom and bank stress does not worsen," Tang remarked.

Minutes from the May 2-3 meeting indicated that policymakers were uncertain about the extent of additional tightening needed, weighing the slower progress on inflation against the resilient labor market and the potential credit crunch resulting from recent banking turmoil.

Goldman Sachs economists, in a note on Friday, stated their expectation for the Fed to maintain steady rates in June. However, they acknowledged that the stronger-than-anticipated consumer spending and inflation data, along with the varied views among FOMC participants regarding the appropriate policy path, make the decision a close call.

In a statement on Friday, the International Monetary Fund (IMF) suggested that the Fed should raise interest rates by a quarter point to bring inflation back to 2%. The IMF also recommended that policymakers emphasize the need for rates to remain high for an extended period to align financial conditions with the intended policy trajectory, while highlighting that policy decisions will depend on incoming data.

Ethan Harris, head of global economics research at Bank of America Corp, noted that the Fed is clearly dependent on data in its decision-making process. In this uncertain environment, he added, every central bank, including the Fed, will be flexible in navigating the path forward.


•	*Experts believe the recent surge in inflation increases the likelihood of a rate hike by the Federal Reserve.*

•	*Some critics argue that this move by the Fed is not the right direction to take, a...

Inflation Flames Ignite: Fed Contemplates June/July Rate Hike to Tame the Heat!

Traders have already factored in an additional increase of a quarter-point in interest rates by the Federal Reserve in the next two policy meetings. There is a greater than 50% chance that this hike could occur as early as next month.

This change in expectations coincided with the rise in US yields. The two-year rate, which is sensitive to policy changes, increased by 15.7 basis points to reach 4.53%, the highest level since early March. During that time, US bank failures caused market turmoil and led to increased buying of government debt as a safe haven.

Yields at the short end of the curve have been rising for 10 consecutive trading sessions. The recent increase is driven by growing optimism about a potential debt-ceiling agreement and resilient economic data, which could pave the way for further tightening by the Federal Reserve.

The rate on swap contracts linked to the July meeting climbed to 5.37% on Thursday, more than 25 basis points above the current effective fed funds rate. However, it later settled at 5.34% in late New York trading.

Given that the Federal Reserve typically adjusts rates in multiples of 25 basis points, the market sees the possibility of a rate hike occurring either in July or at the Federal Open Market Committee's next meeting in June. The June contract indicates around 14 basis points priced in, suggesting a better than even chance of a hike taking place at that meeting.

Just a few weeks ago, after the central bank's tenth consecutive rate hike, the market was confident that there would be no further increases this year. In fact, there were expectations of up to three rate cuts by the end of the year due to concerns about regional bank failures and indications from some officials suggesting an impending recession.

However, these views have been overshadowed by concerns about persistently high global inflation and tight labor market conditions that have been prevalent earlier this year.

The fear of contagion in the banking system has diminished, and the turmoil surrounding the debt ceiling has not yet triggered significant demand for safe assets, which would push down expected rates.

"The market has been eager to anticipate a pause and even cuts, not necessarily as the most likely outcome, but more due to the risk of an unexpected event that would force the Fed to reverse its course sharply later this year," said Dominic Konstam, head of macro strategy at Mizuho Securities. "So any signs of stability naturally reduce the probability of such a risk materializing."

Federal Reserve officials have recently emphasized their intention to balance the forces of inflation and a strong job market with signs that the ten rate increases over the past 14 months, totaling 5 percentage points, are starting to create financial stress that justifies a pause in June.

Konstam believes that the Fed is unlikely to adopt rate cuts or completely abandon the possibility of further hikes. However, he suggests that currently they are leaning more towards a wait-and-see approach and a pause in June, rather than aggressively moving forward.

Contracts for future periods still indicate the need for rate cuts within the next year, but the anticipated extent of easing has decreased significantly. The swap rate for the December meeting is currently around 4.98%, up from a low of 4.20% earlier this month.

Another indicator suggesting a diminishing expectation of rate cuts in the near term is the narrowing inversion of the yield curve. The yield on the two-year Treasury note is now approximately 0.7 percentage points higher than the 10-year yield, compared to around 0.4 percentage points earlier this month.

The possibility of a renewed demand for Treasuries as a safe haven is also decreasing as Washington seeks to reach an agreement on raising the debt ceiling before the upcoming US holiday on Monday.

House Speaker McCarthy stated that progress had been made in debt-ceiling talks, with negotiators working past midnight on Wednesday. However, there are still unresolved issues, and efforts are being made to find a solution around the clock.

"The market assumes that there will be a debt limit deal without significant spending cuts," said Priya Misra, global head of rates strategy at TD Securities.

However, Misra added that a debt ceiling deal would likely come with spending cuts, which could negatively impact economic growth, in addition to the effects of rate hikes and tightening lending standards by banks. She suggests that the Federal Reserve may raise rates once more, but that would only increase the amount that the Fed would need to cut next year.


Traders have already factored in an additional increase of a quarter-point in interest rates by the Federal Reserve in the next two policy meetings. There is a greater than 50% chance that this hike c...

Fed Traders Set the Stage for an Interest-Rate Hike - What You Need to Know

The Treasury's Bureau of Fiscal Management revealed plans to auction $119 billion worth of 3-month and 6-month bills on Tuesday, with the settlement of the sales scheduled for June 1st, two days after the auction. This particular date has been highlighted by Treasury Secretary Janet Yellen as a potential deadline for the government to face a shortage of funds to cover its obligations. However, the condition for this scenario is the absence of a deal between the White House and congressional Republicans to raise the $31.4 billion debt ceiling.

Typically, the bureau would not announce an upcoming sale "until it is certain that it has room under the debt ceiling for the new securities," according to research firm Wrightson ICAP.

Gennadiy Goldberg, a senior rates strategist at TD Securities in New York, noted that the fact that the Treasury proceeded with the announcement suggests that they have the necessary cash to settle the security. He views this as a positive sign, as the Treasury has previously stated that it would not announce auctions if it did not have the means to settle them. However, Goldberg cautions that this positivity is limited, as it is highly likely that the Treasury will run out of cash in the first two weeks of June.

Despite Yellen's earlier comments indicating a possible X-date as early as June 1st, most Wall Street firms estimate that the Treasury will exhaust its borrowing capacity between June 6th and June 9th. Currently, the government's cash balance stands at $68.34 billion as of Monday, showing a slight increase from $60.66 billion on Friday but a decrease from $87.43 billion a week earlier.

Of significance, June 1st marks the maturity date for approximately $117 billion worth of T-bills. The uncertainty surrounding the X-date has led to high volatility in the market, with the yield on that issue soaring to a record high above 7% on Wednesday. However, it declined on Thursday following the Treasury's auction announcement for bills settling on June 1st, alongside signs of progress in the debt ceiling negotiations. The yield currently stands at 5.89%.

Considering the urgency of the situation, talks between the Biden administration and Republicans in the US House of Representatives have reportedly made progress. A potential deal is taking shape, with the two sides differing by only $70 billion on a total figure that would exceed $1 trillion, according to a source cited by Reuters.


The Treasury's Bureau of Fiscal Management revealed plans to auction $119 billion worth of 3-month and 6-month bills on Tuesday, with the settlement of the sales scheduled for June 1st, two days after...

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