Economy

United States:

Source: International Business Times
There are signs of a decline in the bond market, and that spells bad news for the wider economy. The markets are a good predictor of the state of the overall economy, historically around six months ahead of what's to come. The decline, coupled with low oil prices, has analysts worried, but that doesn't necessarily mean it's all doom and gloom.
Central banking authorities should not be afraid to return to normalized behavior in 2016, the Bank for International Settlements said Sunday in its quarterly report. As new jobs are created in the U.S. and the market becomes more shock absorbent, the BIS analysis urged a return to normalcy.
Puerto Rico's effort to deal with its mounting debt crisis by raising revenue has run up against a considerable foe: Wal-Mart Stores Inc. The retailer's Puerto Rican affiliate sued the U.S. commonwealth Friday over legislation that would more than triple the tax bill for large American corporate subsidiaries on the island that import goods from their mainland parent companies.
For most Americans, tax season doesn't start until after the New Year. For Congress, lobbyists and associated interest groups, now is their time. The House and Senate currently are working on a tax break extension package, aiming to pass the renewals on more than 50 issues by year's end.
Six years after the Federal Reserve began bank stress tests amid the Great Recession, it is revamping the annual practice after internal reviews found the exams were faulty, the Wall Street Journal reported.
 


Europe:

Source: International Business Times
There are signs of a decline in the bond market, and that spells bad news for the wider economy. The markets are a good predictor of the state of the overall economy, historically around six months ahead of what's to come. The decline, coupled with low oil prices, has analysts worried, but that doesn't necessarily mean it's all doom and gloom.
Central banking authorities should not be afraid to return to normalized behavior in 2016, the Bank for International Settlements said Sunday in its quarterly report. As new jobs are created in the U.S. and the market becomes more shock absorbent, the BIS analysis urged a return to normalcy.
Greek lawmakers approved a 2016 budget early on Sunday including more than 5 billion euros ($5.44 billion) in spending cuts and some 2 billion in higher taxes meant to satisfy international lenders. The leftist-led government of Prime Minister Alexis Tsipras is under pressure to deliver tangible benefits to an austerity-weary public after having signed to a third rescue package from euro zone governments worth up to 86 billion euros. The budget makes 5.7 billion euros in spending cuts, including 1.8 billion from pensions and 500 million from defense.
The central governing body of the European monetary union reportedly is on edge as it grapples with British Prime Minister David Cameron's call to reimagine the European Union as a "multicurrency union," the Financial Times reported.
In testimony before Congress Thursday, Federal Reserve Chair Janet Yellen expressed confidence that the economy has healed sufficiently to raise benchmark interest rates at the Fed's next rate-setting meeting later this month. "The U.S. economy has recovered substantially since the Great Recession," she said, citing a decline in headline unemployment to 5 percent today from a 2010 peak of 10 percent.  Raising near-zero interest rates was "a live option," Yellen added.
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