Mutually-owned banks and thrifts have just been made eligible for US Treasury capital injections. That form of ownership consists of depositors being the owners of the institution. At this point it appears the Girl Scouts and the Professional Bowlers Association are the only two groups in which the US government does not have a steak. Given Obama’s unfortunate bowling experiences, looks like PBA is out of luck…
A concern for the market, presently being trumpeted by CNBC, is the underwhelming response for the first two TALF auctions. The second of those auctions closes at 3 pm and has not been particularly well received, CNBC reports.
Keep an eye on equities after the auction closes. If it is seen as a disappointment, losses could accelerate. He trade lower by 2.3% at present.
EUR/USD is finding support in the 1.3240s where the BIS was a buyer first thing this morning in New York.
