Gary Siegel

Contracts were partly to blame for the housing bubble, and lawyers will have to be involved in cleaning the mess, Federal Reserve Board governor Sarah Bloom Raskin told law professionals in Maryland Tuesday.

Revised government economic data show the recession was deeper than initially thought and the recovery has been weaker than estimated, Federal Reserve Board chairman Ben S. Bernanke told the Joint Economic Committee Tuesday.

The Treasury Department Tuesday auctioned $30 billion of four-week bills at a zero high yield, a price of par.

Contracts were partly to blame for the housing bubble, and lawyers will have to be involved in cleaning the mess, Federal Reserve Board Governor Sarah Bloom Raskin told law professionals in Maryland Tuesday.

Revised government economic data show the recession was deeper than thought and the recovery has been weaker than estimated, Federal Reserve Board Chairman Ben S. Bernanke told the Joint Economic Committee Tuesday.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.020% high rate, unchanged from 0.020% the previous week, and the six-months incurred a 0.060% high rate, up from 0.035%.

The overall economy grew for the twenty-eighth straight time, while the manufacturing sector expanded for the twenty-sixth time, the Institute for Supply Management reported Monday.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.020% high rate, unchanged from 0.020% the prior week, and the six-months incurred a 0.060% high rate, up from 0.035% the week before.

The Treasury Department said Monday it will sell $30 billion of four-week discount bills Tuesday.

About 3,947,100 online job postings appeared on leading Internet job boards in September, down 43,500 from August, the Conference Board reported Wednesday.

Saying he is “very supportive” of Operation Twist last week, Federal Reserve Bank of Boston president Eric Rosengren noted that the move took 18 basis points off 30-year Treasury yields and 22 basis points from 30-year mortgage rates the first day it was announced, and more since.

The Treasury Department auctioned $35 billion of five-year notes, with a 1% coupon, a 1.015% high yield, a price of 99.927052.

About 3,947,100 online job postings appeared on leading Internet job boards in September, a decrease of 43,500 from August, The Conference Board reported Wednesday.

Saying he is “very supportive” of the Fed’s “Twist” last week, Federal Reserve Bank of Boston President Eric Rosengren noted the move took 18 basis points off 30-year Treasury yields and 22 basis points from 30 -year mortgage rates the first day.

The consumer confidence index inched up to 45.4 in September from an upwardly revised 45.2 last month, the Conference Board reported Tuesday.

The benefits of "Operation Twist" did not outweigh the perceived costs, said Federal Reserve Bank of Dallas president Richard Fisher, so he voted against it at the last Federal Open Market Committee meeting.

"Operation Twist" will have a modest impact on the economy, according to Federal Reserve Bank of Atlanta president Dennis Lockhart.

The municipal market is witnessing the unwinding of the Fed’s Operation Twist as yields for tax-exempts and Treasuries are backing up in the day’s sell-off.

The benefits of “operation twist” did not outweigh the perceived costs, according to Federal Reserve Bank of Dallas President and CEO Richard W. Fisher, therefore he voted against it at the last Federal Open Market Committee meeting.

The Treasury Department today auctioned $35 billion of two-year notes with a 1/8% coupon at a 0.249% yield, a price of 99.752770.