Consumer credit falls by $3.23 billion in May
The Federal Reserve today released the consumer credit report for May indicating a slight decline of $3.23 billion indicating a decline for the fourth consecutive month. The May consumer credit outstanding fell at a 1.5 percent annual rate to $2.5196 trillion from $2.5229 trillion in April.
IMF sets cap on US spending bill
The White House has strongly opposed the bill passed by the International Monetary Fund restricting the administration's ability to respond any future financial crisis though the IMF. The provisions are not law and could be changed or stripped.
Swiss Government may seize UBS data
The Swiss government said it would seize UBS data and prevent the U.S. Justice Department from pursuing a U.S. court order seeking the identities of 52,000 American account holders they suspect of evading taxes. According to the court filing, UBS will use its legal authority to ensure that the bank cannot be pressured to transmit the information illegally.