[RED DEMOCRATICA] CFR.org Daily News Brief, February 19, 2010

 

February 19, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - Fed Raises Bank Discount Rate - Iran Denies Nuclear Ambitions - China Criticizes U.S.-Dalai Lama Visit - Niger's President Ousted in Coup Top of the Agenda: Fed Raises Bank Discount Rate The Federal Reserve raised the interest rate (WSJ) it charges banks for emergency loans, sending foreign stocks lower and increasing the value of the dollar. The central bank raised the discount rate by a quarter percentage point to 0.75 percent in an effort to wean banks off government credit. The Fed said it would not further tighten credit for at least several months. But the federal-funds futures market, which trades on the future level of that rate, predicts the Fed will more likely increase its main policy tool, the fed-funds rate, more than once this year. The Fed said the move is intended to encourage banks to return to private markets for funding and rely on the Fed only as a backstop. Banks' borrowing from the Fed's discount window has fallen to more historically normal levels (NYT), but small and medium-size businesses still struggle to obtain loans, a major concern for the Obama administration and Congress. Analysis: An Investor's Business Daily editorial says the Fed's move may be premature, given the continued weak economy and the fact that U.S. bank lending is falling at its fastest rate in history. On MarketWatch, Mark Hulburt says the drop in futures trading following the Fed's announcement suggests the economy is on stronger footing than many thought. A Wall Street Journal editorial says the Fed's discount move makes sense and is potentially overdue. MIDDLE EAST: Iran Nuclear Program The United Nations' nuclear inspectors declared for the first time (NYT) that they had extensive evidence of Iran's efforts to develop a nuclear warhead. Iran's supreme leader, Ayatollah Ali Khamenei, said the Islamic republic is not seeking (CNN), and doesn't believe in pursuing, nuclear bombs. Israel: Tensions between Israel and its European allies mounted (al-Jazeera) over the use of European passports in the murder of senior Hamas commander Mahmoud al-Mabhouh in a Dubai hotel room. PACIFIC RIM: China Criticizes U.S.-Dalai Lama Visit Chinese Foreign Ministry spokesman Ma Zhaoxu criticized the Obama administration's decision (Xinhua) to meet with the Dalai Lama and urged the United States to stop interfering in China's internal affairs. North Korea: North Korea declared four naval firing zones (BBC) near its disputed sea border with South Korea, amid efforts to restart nuclear talks. SOUTH AND CENTRAL ASIA: Pakistan-U.S. Cooperation A new level of cooperation (WashPost) between the United States and Pakistan led to the recent capture of senior Afghan Taliban leaders, officials say. Afghanistan: Six NATO soldiers were killed (al-Jazeera) on the sixth day of the joint military offensive in Marja, bringing the allied forces' death toll since the offensive began to eleven. AFRICA: Niger Coup Niger's military ousted President Mamadou Tandja (ThisDay) Thursday, suspended the constitution, and appointed a squadron chief as their leader. Zimbabwe: Zimbabwean President Robert Mugabe is moving ahead with plans to force foreign companies (WSJ) to sell majority stakes to locals, threatening his fragile political partnership with the country's prime minister. AMERICAS: Canada on Global Bank Tax The Canadian government will declare its opposition (WSJ) to a global bank tax, which could block efforts to adopt the tax world-wide. EUROPE: Greek Debt Officer Replaced Greece replaced the head of its debt management agency (FT) amid ongoing speculation that the country will launch a new syndicated bond. Russia: Russia signed a deal (DeutscheWelle) to build a military base in rebel Georgian territory Abkhazia, prompting criticism from NATO, which has demanded Russia reverse the decision.

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