Jobless claims report
The unemployment claims report compiled weekly will release the number of individuals who filed for unemployment insurance for the first time for the week ending July 11. Initial jobless claims in the July 4 week fell a very steep 52,000 to 565,000 -- the lowest level since the beginning of the year.
Paulson speaks on Capitol Hill
Former Treasury Secretary Henry Paulson will today testify on Capitol Hill to discuss his alleged role in persuading Bank of America's Kenneth Lewis in the Merrill Lynch deal. Bank of America CEO maintains federal officials pressured him to keep the Merrill deal alive and acknowledged that his job would be at risk if he did not do so. Paulson on Wednesday defended his actions saying that his actions spared the U.S. financial market from total collapse. Many more Americans would be without their homes, their jobs, their businesses, their savings and their way of life, he said in written testimony prepared for a hearing Thursday.
Fed Balance sheet report to be released
Fed's balance sheet is to be released today, the report indicates factors that supply reserves into the banking system and those that absorb reserve funds. Markets focus on weekly changes for factors supplying reserves with the key measure being Reserve Bank credit. Changes in Reserve Bank credit give a broad picture of reserve injections.