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27 Nov 2013
Flash: Democrats employ political shake-ups for the dollar - BAML
FXstreet.com (London) - Ralph Axel, strategist at Bank of America Merrill Lynch notes risks to the their outlook for the US.
Key Quotes:
“A historic and surprising change to Senate filibuster rules was enacted on 21 November 2013 which increases the potential for upside risks to our base-case outlook for better growth, higher interest rates and higher USD in 2014”.
“Democrats employed the so-called "nuclear" option to eliminate the use of filibusters to block presidential nominations for executive and judicial offices”.
“We believe this will almost surely lead to a new director of the Federal Housing Finance Agency, the government regulator which runs Fannie Mae and Freddie Mac, the quasi-government agencies that account for 78% of mortgage-backed security issuance”.
“While the President has been focused on housing reforms to stimulate lending for home purchases and refinancing, he has mostly been frustrated by roadblocks in Congress and at the FHFA, an independent government agency currently operated by Acting Director Ed DeMarco”.
Key Quotes:
“A historic and surprising change to Senate filibuster rules was enacted on 21 November 2013 which increases the potential for upside risks to our base-case outlook for better growth, higher interest rates and higher USD in 2014”.
“Democrats employed the so-called "nuclear" option to eliminate the use of filibusters to block presidential nominations for executive and judicial offices”.
“We believe this will almost surely lead to a new director of the Federal Housing Finance Agency, the government regulator which runs Fannie Mae and Freddie Mac, the quasi-government agencies that account for 78% of mortgage-backed security issuance”.
“While the President has been focused on housing reforms to stimulate lending for home purchases and refinancing, he has mostly been frustrated by roadblocks in Congress and at the FHFA, an independent government agency currently operated by Acting Director Ed DeMarco”.