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first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Federal Reserve Vice Chairman Stanley Fischer sent the message that plans for an interest rate increase this year are still on, during the Kansas City Federal Reserve’s annual retreat in Jackson Hole, Wyo.Fed Chair Janet Yellen did not attend this year’s retreat.During a panel on inflation dynamics, Fischer said, “There is good reason to believe that inflation will move higher as the forces holding down inflation dissipate further.” Observers told Bloomberg they believe his comments leave the possibility of a rate increase this month open – when the Federal Open Market Committee meets in Washington on Sept. 16-17.NAFCU Chief Economist and Director of Research Curt Long said, “It seems clear that the Fed is eyeing 2015 for liftoff, but whether that is September or December remains unclear. To that end, the August employment report will be watched closely, but market behavior between now and mid-September is probably more important.” continue reading »last_img read more

first_imghermes is planning to clear out part of its retail portfolio and move into new sectors, which could include residential and continental Europe for the first time.The pension fund’s biggest disposal will be the Grosvenor Centre in Northampton, which is understood to be under offer to Legal & General for more than £80m. Hermes is shedding the centre because it feels that it is overweight in the Midlands. The deal will mark one of the largest shopping centre transactions in the past 12 months.Hermes is also to sell the Lion and Lamb Yard shopping centre in Surrey to Portman Investments for £12.3m and a portfolio of seven town-centre retail units to Dawnay Day for £13.5m.Richard Harrold, head of property, said that he hopes to complete the disposals in the next three months. A decision, he said, on whether to invest in the residential sector is likely to be made before the end of the financial year.However, Harrold said that a view on Europe would not be taken until the full effects of the euro had been assessed.Hermes is to maintain a neutral balance on its £1.5bn property portfolio.Of the recent sales, the Grosvenor Centre in Northampton comprises 39,019 sq m (420,000 sq ft) of retail and office space. The sale is expected to represent a 6.7% net initial yield.The Farnham centre comprises 6,596 sq m (71,000 sq ft) of retail space and the deal will represent a 7.7% net initial yield. The sale of the portfolio of seven town-centre units will represent a 9.1% net initial yield.Legal & General is also to move its property weighting from an overweight to a neutral position. But a spokesman said it is targeting business park and industrial holdings.Jones Lang Wootton acted for Hermes in Farnham and Northampton; CB Hillier Parker acted for Hermes on the retail portfolio. Cluttons Daniel Smith acted for Portman Investments while Lewis & Partners acted for Dawnay Day.last_img read more

first_imgWhile forecasts had projected that government surpluses would total $5.6 trillion over the next decade, the 2001 recession, spending on the wars in Iraq and Afghanistan and the president’s first-term tax cuts all combined to wipe out those surpluses. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! ECONOMY: Analysts expect figure for entire year to be even better. Spending hits record. By Martin Crutsinger THE ASSOCIATED PRESS WASHINGTON – The federal deficit is running sharply lower than last year even though spending in August set an all-time high, the government reported Thursday. The Treasury Department said that the deficit through the first 11 months of this budget year totaled $274.4 billion, down 9.8 percent from the same period a year ago. Analysts believe the deficit for all of 2007 will be even lower because they are forecasting a sizable surplus in the final month, reflecting in part timing issues that caused about $44billion in Social Security and Medicare payments that normally would have been made in September to be shifted into August. The Congressional Budget Office is forecasting that when this budget year wraps up on Sept. 30, the deficit will total $158 billion, down by 36.2 percent from last year’s $248.2 billion deficit. The government’s books have been helped this year by record flows of tax receipts, which have continued even though economic growth has been reduced by a serious slump in housing. A deficit of $158 billion would be the best showing since the budget was actually in balance for four years. The last surplus was in 2001, President Bush’s first year in office. last_img read more