Peter Tchir on the ECB's printers, LIBOR-litigation and Germany's tipping point!
Welcome to Capital Account. The US Federal Reserve announced a decision on interest rates today: Extremely low rates until late 2014. Also, the ECB council meets tomorrow to discuss possible bond purchases, and how to navigate the financial turmoil gripping Europe. We'll talk to Peter Tchir, founder of TF Market Advisors, about what to expect from the central banks.
Also, Europe's manufacturing sector is in bad shape. Eurozone factory production in July fell at the steepest decline in more than three years, according to Markit Economics' Purchasing Managers Index. German manufacturers suffered the heaviest downturn in new export orders out of all Eurozone countries. Could this mean trouble in Europe's economic powerhouse? We will talk to Peter Tchir about how this fits into the crisis calculus.
And when US Olympians win a gold medal, they will have to cough up almost $9,000 in taxes to the IRS! Chances are their competitors are not in the same boat, says Americans for Tax Reform. Lauren and Demetri give you their take in today's "Loose Change!"