Bank News

[at MarketWatch] - There has been too much alarmist discussion of recent economic indicators and the outlook is not as pessimistic as some have suggested, said Dennis Lockhart, the president of the Atlanta Federal Reserve Bank on Friday.

[at Reuters] - Overhauling the U.S. financial system after the worst crisis since the 1930s will not be easy, but it is critical, Federal Reserve Bank of Chicago President Charles Evans said on Friday.

[at Reuters] - Foreign central banks were net buyers of U.S. debt in the latest week, Federal Reserve data showed on Thursday. The Fed said its holdings of Treasury and agency debt kept for overseas central banks rose by $28.59 billion in the week ended Sept. 1, to stand at a total of $3.225 trillion.

[at CNBC] - Following big gains for stocks on the first day of the month some are already banking on a strong end to the year for the market. But one analyst expects that one-day gains will just lead to more of the same.

[at MarketWatch] - The Treasury said Thursday it s going to start a pilot program in 2011 aimed at encouraging low- and middle-income households without bank accounts or with limited services to avoid check cashing services when getting their refunds.

[at The Wall Street Journal] - BofA and Caterpillar Boost Dow Stocks rallied, with Bank of America, Caterpillar and J.P. Morgan Chase leading broad gains in a strong start to September after manufacturing data topped expectations.

[at Reuters] - Federal Reserve Bank of Chicago President Charles Evans addressed the rising tide of foreclosures in his closing address to a Fed conference on housing issues on Wednesday, but did not mention monetary policy or the economic outlook.

[at MarketWatch] - Political uncertainty about taxes and the costs of hiring workers is holding back the U.S. economy, a Federal Reserve official said Wednesday. What is restraining the economy is not a shortage of current liquidity; rather, it is uncertainty, high household debt burdens and a lack of confidence in future income growth, said Richard Fisher, president of the Dallas Federal Reserve Bank, in speech in Houston.

[at MarketWatch] - Bank of America Merrill Lynch economists lowered their forecasts for U.S. economic growth, saying gross domestic product will rise 2.6% in 2010, compared to a previous forecast for a 2.7% rate.

[at CNBC] - Stocks surged the first trading day of September after a report showed U.S. manufacturing showed surprising strength, and after signs emerged of a strengthening global economy. Bank of America and Caterpiller rose.

[at Reuters] - The U.S. Federal Reserve was buying Treasuries maturing February 2012 through January 2013 on Wednesday, the New York Federal Reserve Bank said on its website.

[at Financial Times] - Richard Fuld, the former chief executive of Lehman Brothers LEH, will later on Wednesday blame the Federal Reserve for worsening the financial crisis by allowing his investment bank to fail in 2008.

[at Reuters] - The U.S. economy is continuing to show modest growth, the Asahi newspaper quoted Kansas City Federal Reserve Bank President Thomas Hoenig as saying.

[Reuters] - The outlook for the U.S. economy would have to deteriorate appreciably to spur fresh support from the Federal Reserve, according to minutes of the central bank s last policy meeting released on Tuesday.

[CNNMoney.com] - The Federal Reserve is the last line of defense against a weakening economy, but there has been sharp disagreement among members over what action the central bank should take.

[at Reuters] - The Federal Reserve would need to consider further support for the economy if the outlook weakened appreciably, according to minutes of the central bank s August 10 policy-setting meeting.

[AP] - Stocks are giving up modest gains after minutes from a Federal Reserve meeting showed central bank officials are still concerned about the economy.

[at MarketWatch] - U.S. stocks resumed Tuesday gains after briefly trimming their rise after the release of minutes from the Federal Reserve s last policy-setting meeting. Several central bank members argued for additional steps should the economy weaken further.

Worries about the U.S. economic recovery overshadow billion-dollar corporate deals and Bank of Japan s new monetary-easing policies.

Investors shrugged off a positive government report on consumer spending and a raft of mergers and acquisitions news to trade stocks lower, although volume during this last week of August was light.Bank of America and Intel fell, while H&P rose.