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Mohamed A. El-Erian: "Last week served as an important reminder that the more things seem to change, the more they stay the same. The first reminder came from the U.S. Federal Reserve when it removed the word 'patient' from its forward guidance and opened the door for an interest-rate hike this summer. But it also accompanied this significant change with further 'linguistic gymnastics' to counter any negative market reaction."Read more...
Barry Ritholtz: We've reached the Sweet 16 of March Madness. "As is my wont, I seek out lessons in what I see, hunting for parallels in sports, politics, et al. to the world of investing and trading. In college basketball, the similarities are overwhelming: The parade of upsets has already given rise to many lessons that might go overlooked, but for your scribe’s eagle-eyed observations."
Mar 23, 2015
European Markets at Close Report - March 23, 2015: European stocks take breather from record highs.| MarketWatch
European stocks take breather from record highs
FRB Notification - March 23, 2015: Speech by Vice Chairman Fischer on monetary policy lessons and the way ahead
Vice Chairman Stanley Fischer
At the Economic Club of New York, New York, New York
March 23, 2015
Monetary Policy Lessons and the Way Ahead
For over six years, the federal funds rate has, effectively, been zero. However it is widely expected that the rate will lift off before the end of this year, as the normalization of monetary policy gets underway.
The approach of liftoff reflects the significant progress we have made toward our objectives of maximum employment and price stability. The extraordinary monetary policy accommodation that the Federal Reserve has undertaken in response to the crisis has contributed importantly to the economic recovery, though the recovery has taken longer than we expected. The unemployment rate, at 5.5 percent in February, is nearing estimates of its natural rate, and we expect that inflation will gradually rise toward the Fed's target of 2 percent. Beginning the normalization of policy will be a significant step toward the restoration of the economy's normal dynamics, allowing monetary policy to respond to shocks without recourse to unconventional tools.
I would like to take this occasion to look back on some lessons learned during our time at the effective lower bound on the interest rate, and also to look forward.1
Monetary Policy since the Crisis
FTC Press Release - March 23, 2015: FTC Seeks Technologists for New Research, Investigations Office.
Issue Number: IRS Tax Tip 2015-44
Seven Tax Tips about Reporting Foreign Income
Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? If you answered ‘yes’ to either of those questions here are seven tax tips you should know about foreign income:
1. Report Worldwide Income. By law, U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts, and foreign bank and securities accounts.
2. File Required Tax Forms. You may need to file Schedule B, Interest and Ordinary Dividends, with your U.S. tax return. You may also need to file Form 8938, Statement of Specified Foreign Financial Assets. In some cases, you may need to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts. See IRS.gov for more information.
3. Review the Foreign Earned Income Exclusion. If you live and work abroad, you may be able to claim the foreign earned income exclusion. If you qualify, you won’t pay tax on up to $99,200 of your wages and other foreign earned income in 2014. See Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion, for more details.
4. Don’t Overlook Credits and Deductions. You may be able to take atax credit or a deduction for income taxes you paid to a foreign country. These benefits can reduce your taxes if both countries tax the same income.
5. Use IRS Free File. Almost everyone can prepare and e-file their U.S. federal tax returns for free by using IRS Free File. If you make $60,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Some Free File software products and fillable forms also support foreign addresses for those who live abroad. Free File is available only through the IRS.gov website.
6. Tax Filing Extension is Available. If you live outside the U.S. and can’t file your tax return by, you may qualify for an automatic two-month extension of time to file. That will give you until , to file your U.S. tax return. This extension also applies to those serving in the military outside the U.S. You will need to attach a statement to your return explaining why you qualify for the extension.
7. Get IRS Tax Help. Check the international services Web page for the types of help the IRS provides. For all free IRS tax tools and products, visit IRS.gov at any time.
For more on this topic refer to Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad. You can get all IRS tax products on IRS.gov/forms anytime.
If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of our e-news subscriptions.
Additional IRS Resources:
On May 29, 2009, the FDIC Board of Directors approved a final rule making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the "national rate" as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. The national rates and rate caps for various deposit maturities and sizes are provided below.
For more information. see Financial Institution Letter FIL-25-2009
Rates updated March 23, 2015
Non-Jumbo Deposits (< $100,000)
|Deposit Products||National Rate 1||Rate Cap 2|
|1 month CD||0.06||0.81|
|3 month CD||0.08||0.83|
|6 month CD||0.12||0.87|
|12 month CD||0.20||0.95|
|24 month CD||0.34||1.09|
|36 month CD||0.47||1.22|
|48 month CD||0.60||1.35|
|60 month CD||0.79||1.54|
Jumbo Deposits (≥ $100,000)
|Deposit Products||National Rate 1||Rate Cap 2|
|1 month CD||0.06||0.81|
|3 month CD||0.09||0.84|
|6 month CD||0.13||0.88|
|12 month CD||0.21||0.96|
|24 month CD||0.37||1.12|
|36 month CD||0.50||1.25|
|48 month CD||0.63||1.38|
|60 month CD||0.80||1.55|
The FDIC began posting the National Rate and Rate Cap on May 18, 2009. Data is not available prior to May 18, 2009. This historical data can be accessed atPrevious Rates
1 National rates are calculated based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Data used to calculate the national rates are gathered by RateWatch. Savings and interest checking account rates are based on the $2,500 product tier while money market and certificate of deposit are based on the $10,000 and $100,000 product tiers for non-jumbo and jumbo accounts, respectively. Account types and maturities published in these tables are those most commonly offered by the banks and branches for which we have data - no fewer than 49,000 locations and as many as 81,000 locations reported. The deposit rates of credit unions are not included in the calculation.
2 The rate cap is determined by adding 75 basis points to the national rate. To determine conformance with the regulation, compare rates offered by the institution, based on size and maturity of the deposit, to the rate caps. For accounts less than $100,000 use the applicable rate cap under the non-jumbo column, and for accounts $100,000 and over, use the rate caps under the jumbo column. Interpolation should be used for deposits with maturities not listed above.
South-South Agricultural Trade on the Rise
Global agricultural trade patterns have changed dramatically over the past several decades, particularly with the emergence of developing country exporters such as Brazil and Argentina. However, in just the past decade, one of the most apparent trends has been the growth in agricultural trade between developing countries (as defined by the World Trade Organization) or so-called “South-South trade.”
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The following Global Agricultural Information Network (GAIN) reports were released on Friday, March 20, 2015.
Peru: Oilseeds and Products Annual
Peru is the largest fishmeal exporter in the world. The country’s fishmeal production in marketing year (MY) 2015/16 (January-December 2016) is forecast to reach 950,000 metric tons (MT), 11 percent higher than the MY 2014/2015. Soybean meal imports in MY 2015/16 are estimated at 1.13 MMT, up 2.8 percent compared to the previous year. Peru’s imports of U.S. soybean meal are forecast at 50,000 MT. Soybean oil imports in MY 2015/16 are expected to reach 380,000 MT, up 7 percent compared to MY 2014/15.
South Africa: Grain and Feed Annual
South Africa’s net trade in corn is expected to decrease from 2.0 million tons to 100,000 tons in the 2014/15 MY, due to a mid-summer drought that hit the main corn producing areas. Corn exports are expected to bounce back in the 2015/16 MY, to 1.5 million ton, due to increased area planted. Wheat imports for the 2015/16 MY are expected to increase by six percent to 1.9 million tons, driven by an increase in wheat consumption coupled by a decrease in local production. Rice imports are expected to increase by 10 percent to 1.3 million tons on increased demand.
U.S. Stock Market Future Indications - March 23, 2015: U.S. stocks: Futures pare early losses, home sales in view.| MarketWatch
The Real Estate Auctions (IRS) for U.S. Department of the Treasury has recently been updated, and is now available.
NYT First Political Draft Now - March 23, 2015: Making it Official, Cruz Kicks Off Race to Replace Obama.
By Maggie Haberman
Goodmorning from Washington. Congress will be tending to some budget business before a break, and Hillary Rodham Clinton’s private emails about attacks in Benghazi, Libya are unearthed. President Obama begins the week hosting a science fair at the White House, and the race to succeed him begins in earnest with a big speech from a certain Texas senator.
WP Today's Headlines - March 23, 2015: Top Stories | Politics | Opinions | Federal Government | National | World | Business | Technology | Lifestyle |
Chinese stocks bolstered by regulator’s remarks