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Mar 23, 2015

Bloomberg View | Share The View March 23, 2015: The Madness of Investing

Bloomberg View
Share The View

MAR 23,

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."

European Markets at Close Report - March 23, 2015: European stocks take breather from record highs.| MarketWatch

European stocks take breather from record highs



LONDON (MarketWatch) — European stocks fell Monday, with some major benchmarks pausing after ringing up record highs last week.
The Stoxx Europe 600 SXXP, -0.78%  lost 0.9% at 400.35, with only the energy groupSXEP, -0.66%  advancing.

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

Bits | The Business of Technology - March 23, 2015: Private Tech Stocks Attracting Billions From Big Money Managers.

Monday, March 23, 2015
For the latest updates, go to »
Morning Report

Private Tech Stocks Attracting Billions From Big Money Managers |The retirement accounts of millions of Americans have long contained shares of stalwart companies like General Electric, Ford and Coca-Cola. Today, they are likely to include riskier private stocks from Silicon Valley start-ups like Uber, Airbnb and Pinterest, David Gelles and Conor Dougherty report.
Big money managers including Fidelity Investments, 

FTC Consumer Updates - March 23, 2015: Rent-to-Own: Consider your alternatives.

Federal Trade Commission Consumer Information
by Colleen Tressler
Consumer Education Specialist, FTC

Need a sofa, washer/dryer, TV, or new tires? Don’t have the cash or credit to buy them outright? You may be considering rent-to-own: simply make weekly or monthly payments for a while and you own the goods. But before you sign on the dotted line, here are some things to consider.
Read more >

FTC Press Release - March 23, 2015: FTC Seeks Technologists for New Research, Investigations Office.

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Federal Trade Commission Bureau of Consumer Protection Director Jessica Rich announced in ablog post published today the formation of the Office of Technology Research and Investigation (OTRI), a successor to the Bureau’s Mobile Technology Unit (MTU) that will expand the agency’s technology expertise in an age of rapid technological innovation.   
In his Tech@FTC blog post, Chief Technologist Ashkan Soltani described several new positions the agency is creating as part of the formation of the OTRI, including a two-year Technology Policy Fellowship program, a research coordinator, and a technical internship program.

IRS Tax Tip 2015-44: Seven Tax Tips about Reporting Foreign Income - march 23, 2015.

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IRS Tax TipsMarch 23, 2015
March 23, 2015

Issue Number:    IRS Tax Tip 2015-44

Inside This Issue

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 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 website.
6. Tax Filing Extension is Available.  If you live outside the U.S. and can’t file your tax return by April 15, you may qualify for an automatic two-month extension of time to file. That will give you until June 16, 2015, 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 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 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:

FDIC Weekly National Rates and Rate Caps Update - March 23, 2015.


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 ProductsNational Rate 1Rate Cap 2
Interest Checking0.040.79
Money Market0.080.83
1 month CD0.060.81
3 month CD0.080.83
6 month CD0.120.87
12 month CD0.200.95
24 month CD0.341.09
36 month CD0.471.22
48 month CD0.601.35
60 month CD0.791.54

Jumbo Deposits (≥ $100,000)

Deposit ProductsNational Rate 1Rate Cap 2
Interest Checking0.040.79
Money Market0.120.87
1 month CD0.060.81
3 month CD0.090.84
6 month CD0.130.88
12 month CD0.210.96
24 month CD0.371.12
36 month CD0.501.25
48 month CD0.631.38
60 month CD0.801.55
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.

USDA Foreign Agricultural Services - March 23, 2015: South-South Agricultural Trade on the Rise.

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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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USDA Foreign Agricultural Services: GAIN Reports from Friday, March 20, 2015.

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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

Futures pare early  losses, home sales in view





NEW YORK (MarketWatch) — U.S. stock futures pointed to a sluggish open on Monday after solid gains last week, with investors watching for comments from Federal Reserve members and waiting for the latest health check on the housing sector.
Futures for the Dow Jones Industrial Average YMM5, +0.01%  fell 4 points to 18,029, while those for the S&P 500 ESM5, +0.01%  dipped a point to 2,097. Futures for the Nasdaq-100 NQM5, +0.01%  were off by a point to 4,446.

U.S. Department of the Treasury Real Estate Options (IRS) Update - March 23, 2015.

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The Real Estate Auctions (IRS) for U.S. Department of the Treasury has recently been updated, and is now available.

DealBook Today's Top Headlines - March 23, 2015: Hedge Fund in the Clintons' Orbit | The Unicorns in Your 401(k) | Holding Executives Accountable.

MONDAY, MARCH 23, 2015
HEDGE FUND IN THE CLINTONS' ORBIT Being part of the Clinton family, as the husband of Chelsea Clinton, has provided Marc Mezvinskya fair share of high-powered glamour. It has also given the hedge fund manager access to investors with ties to the Clintons,

NYT First Political Draft Now - March 23, 2015: Making it Official, Cruz Kicks Off Race to Replace Obama.

Making it Official, Cruz Kicks Off Race to Replace Obama

Senator Ted Cruz and his family at a rehearsal on Sunday for his announcement at Liberty University in Lynchburg, Va. Andrew Harnik/Associated Press
MARCH 23, 2015
By Maggie Haberman
Good Monday morning 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 |

The Washington Post
Today's Headlines
The morning's most important stories, selected by Post editors and staff  •  Mon., Mar. 23, 2015

It’s official: Cruz announces 2016 candidacy
LYNCHBURG, Va. — Hours ahead of an expected Mondaymorning announcement at Liberty University, Ted Cruz told supporters just after midnight that he was launching a White House bid. “I'm running for president, and I hope to earn your support!” he tweeted.

Mineweb News - March 23, 2015: Copper Bump.

Mineweb   23 March 2015

Copper bump
Falling dollar, mine issues push copper up.

Asian Markets at Close Report on March 23, 2015: Chinese stocks bolstered by regulator’s remarks.

Chinese stocks bolstered by regulator’s remarks


HONG KONG (MarketWatch) — Chinese stocks finished higher on Monday, with Shanghai shares extending a nine-session winning streak, finding support from bullish comments from China’s top securities regulator.

NYT Today's Headlines on March 23, 2015: - March 2015: Top News | Editors' Pickks | Today's Video | World | U.S | Politics | Business | Technology | Sports | Arts.

The New York Times

Today's Headlines

Monday, March 23, 2015

Top News
Saudi Justice, Harsh but Able to Spare the Sword


A confessed murderer's life was spared because of little-known checks in a judicial system regularly condemned by human rights groups for violating due process, lacking transparency and applying punishments like beheading.

The Telegraph City Briefing - March 23, 2015:

The Telegraph


Good morning all. Here's our early look at today's news from the City.
Thousands of staff were put out of a job just before Christmas when the delivery company collapsed, and a critical report from MPs this morning says City Link's woes were hidden for the financial benefit of its private equity owners.
The Business, Innovation and Skills committee and Scottish Affairs Committee said the company's actions amounted to "a deliberate deception by omission".More here

A new job for the aptly-named Jill McDonald, who will leave her role as chief executive of the fast food company's UK operations to join Halfords in May.
Halfords has been on the look-out for a new boss since Matt Davies was hired by Tesco to head its UK operations. More here