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Bank Stocks Make a Comeback [WSJ]
Since the end of June, five of the six largest U.S. banks have outperformed the S&P 500’s 13% gain…. JPMorgan Chase & Co. shares are up about 9% so far in the third quarter…. The rally could reverse if the Fed proves unsuccessful at lowering inflation, said Steven Chubak, analyst at Wolfe Research. “Most people don’t believe we’re out of the woods quite yet,” he said. “We are in this sort of purgatory state.”

In High-Stakes Inflation Game, Wall Street Bets the Fed Is Bluffing [WSJ]
For many investors, the rebound reflects a belief that inflation has peaked, and expectation that the Fed will shift from raising rates to lowering them sometime next year.
A parade of Fed officials has tried to push back. “There’s a disconnect between me and the markets,” Minneapolis Fed President Neel Kashkari said last week…. [The markets are] “sort of undoing a lot of the hard work the Fed has been doing this year to slow the economy,” [UBS Global Wealth Management head of Americas asset allocation Jason] Draho said.

Rising Interest Rates Put the Squeeze on Fintech Lenders [WSJ]
As borrowing costs for the companies rise, bad loans are going up too. With red-hot inflation pushing up prices for food and rent, more customers are starting to fall behind on payments…. Investors have been selling out of asset-backed bonds issued by the finance companies, and some banks and credit unions have stopped buying the loans they make. That has pushed funding costs even higher.

Citadel Set to Make Bank on Meme Stock Resurgence [II]
In recent weeks, shares in companies like GameStop, AMC Entertainment, and Bed Bath & Beyond have jumped on retail buying. At the end of June, some of the biggest owners of those stocks were hedge funds Citadel Advisors, Coatue Management, Mason Capital and Millennium Management…. Retail investors have blamed Citadel Securities, which bought retail order flow from RobinHood, for the trading halts of the meme stocks last January.

Bridgewater Cuts Back European Short Wagers to Below $1 Billion [Bloomberg]
The world’s biggest hedge fund has cut its disclosed short positions to $845 million from as much as $10.5 billion in June, according to data compiled by Bloomberg from regulatory filings. The firm is still shorting three companies in Europe, down from 28 at one stage…. Bridgewater’s flagship Pure Alpha II fund was up 21.5% through July….

People aren’t cutting back on tips even as inflation surges [CNBC]
Diners tipped an average of 19.6% at full-service restaurants and 16.9% at quick-service eateries during the second quarter, which was roughly in line with a year ago, according to sales data from software provider Toast…. The average tip amount rose by nearly 10% compared with the year-ago period − slightly more than how much restaurant menu prices have climbed over the last year….

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Opening Bell: 07.03.12

Barclays CEO Resigns (WSJ) Robert Diamond Robert Diamond resigned Tuesday amid intense political and investor pressure from the British bank's involvement in rigging an important interest-rate benchmark—and another senior executive appeared close to following him out the door. The scandal is tearing through Barclays's top ranks. Two people close to the bank said Tuesday that Jerry del Missier, the chief operating officer, is likely to step down from his role. Monday, the bank said Chairman Marcus Agius would resign. Mr. Agius will remain chairman while Barclays searches for his replacement—and for a new chief executive, the bank said. Mr. Diamond will leave the bank immediately...Mr. Diamond's departure comes one day before the CEO will face tough questions from the U.K.'s Treasury Select Committee about the rate-fixing efforts at Barclays. Key will be whether Mr. Diamond or his top managers expressly ordered traders to submit lower rates to make the bank's funding position look stronger during the financial crisis. Mr. Diamond had a conversation with top Bank of England official Paul Tucker about Libor rates in 2008, according to the report by regulators and people familiar with the matter. Osborne Hails Diamond Departure With Pledge To Fix Banks (Bloomberg) “It’s the right decision for Barclays, it’s the right decision for the country; we need Barclays to be focused on lending,” Osborne told BBC Radio 4’s “Today” program. “I hope it’s the first step towards a new culture of responsibility in British banking.” Barclays Chief Threatens To Hit Back (FT) Bob Diamond isthreatening to reveal potentially embarrassing details about Barclays’ dealings with regulators if he comes under fire at a parliamentary hearing on Wednesday over the Libor rate-setting scandal, according to people close to the bank’s chief executive. “If he is attacked, he will fight back,” said one person familiar with preparations for the Treasury select committee hearing. Athens Seeks Improved Bailout Deal (WSJ) Greece will push for a better bailout agreement when it resumes long-stalled talks with international lenders this week, despite warnings from a European central banker Monday that the country must press ahead with its reform program and not dally further in meeting its commitments. Morgan Stanley Got S&P To Inflate Ratings, Investors Say (Bloomberg) Morgan Stanley successfully pushed Standard & Poor’s and Moody’s Investors Service Inc. to give unwarranted investment-grade ratings in 2006 to $23 billion worth of notes backed by subprime mortgages, investors claimed in a lawsuit, citing documents unsealed in federal court...The lawsuit focuses on notes issued by Cheyne Finance Plc, a so-called structured-investment vehicle that collapsed in 2007. CEO Of Poker Site Full Tilt Is Arrested (WSJ) The chief executive of Full Tilt Poker, the beleaguered one-time Web poker giant, was arrested Monday on a plane that had just landed at John F. Kennedy International Airport as the government unveiled new criminal charges against him related to an alleged Ponzi scheme. Ray Bitar, 40 years old, is the most significant person yet to turn himself into the Justice Department's 15-month-long effort to prosecute the three one-time leading online poker companies in the U.S. He pleaded not guilty in a hearing in Manhattan federal court Monday, and will be able to be out on bail after posting a $2.5 million bond, a judge ruled. Ex-JPMorgan Trader Feldstein Biggest Winner Betting Against Bank (Bloomberg) Andrew Feldstein, who bet against JPMorgan Chase before helping the bank unwind more than $20 billion of trades, has emerged as one of the biggest winners among hedge-fund managers profiting from a flawed strategy. The $4.3 billion flagship fund of Feldstein’s BlueMountain Capital Management LLC returned 9.5 percent this year through June 22, according to a person familiar with the data. That’s up from the 5.4 percent return before JPMorgan announced a $2 billion loss by one of its traders known as the London Whale. BlueMountain, which was on the other side of those wagers, stands to make as much as $300 million, said market participants familiar with the trades. Facebook wants to cash in on 'like' button (NYP) On the hunt for new revenue streams, Facebook is pitching TV chiefs on a new online video ad model that would monetize its popular “like” button, The Post has learned. Under the plan being discussed by the social network giant and some cable TV executives, Facebook would give the networks the ability to ascertain the popularity of certain video content on its platform while taking a cut of the added ad revenue created by the increased exposure, sources said. The idea has been met with mixed reviews. “It’s hard to pin down the measure of a like,” said one senior TV executive, who added that any deal would likely have a cap to limit a company’s exposure to paying for an astronomical increase in likes. Bob Diamond Withdraws From Romney Event (FT) He's a little tied up now. Who Will Take Over For Diamond? (FT) Antony Jenkins, who runs Barclays’ retail banking operations, is seen as the most likely internal replacement for Mr Diamond as chief executive, with investment banking boss Rich Ricci also seen as a candidate. Jerry del Missier, Mr Diamond’s longtime associate who recently moved from co-head of investment banking to be chief operating officer, is not in the running for the top job. Some say he will also leave the bank. Chinese 'cannibal' attack caught on camera as drunk bus driver leaps on woman and chews on her face (NYDN) The recent terrifying spate of 'cannibal attacks' seems to have spread to China, as a drunk bus driver was caught on camera gnawing at a woman's face in a horrific random attack. The unfortunate woman will apparently require plastic surgery to repair the damage done by her crazed attacker. According to local news reports, the driver, named Dong, had been drinking heavily during lunch with his friends before the outburst on Tuesday.

Elon Musk Smoking

Opening Bell: 6.3.22

If you don’t want to go back to the office at Tesla: good news; the uselessness of bank net income (and new deposits); ex-Bridgewater CEO doesn’t sound so much like Trump now; and more!

Opening Bell: 08.29.12

Occupy Sets Wall Street Tie-Up As Protesters Face Burnout (Bloomberg) Occupy Wall Street, the global movement against inequality that ignited in Manhattan last year, will mark its first anniversary by trying to block traffic in the financial district and encircle the New York Stock Exchange. Planning for the Sept. 17 protest, dubbed S17, follows months of internal debate and flagging interest, according to interviews with organizers. The morning action may include attempts to make citizens’ arrests of bankers, and some activists intend to bring handcuffs, they said. “We are here to bring you to justice,” said Sean McKeown, a 32-year-old chemist and New York University graduate who’s helping organize the demonstration. “We’re offering you the chance to repent for your sins.” HSBC Marks Plaza For Eviction Of Hong Kong Occupy Protest (Bloomberg) HSBC is marking out the area in its Hong Kong ground floor plaza that has been occupied by protesters for more than 10 months ahead of their eviction by court-authorized officers. Hong Kong’s High Court has issued a writ of possession empowering a bailiff to re-possess the site, according to an internal HSBC memo obtained by Bloomberg News. Gareth Hewett, a HSBC spokesman, confirmed the content of the memo. “The process by which the bank takes back the plaza has reached a new stage and is now in the hands of the bailiff, whose job is to execute the writ,” according to the memo. The Occupy Central protest in Hong Kong, one of the longest-running demonstrations sparked by the Occupy Wall Street movement, numbered about 50 at the peak. They were ordered by the court to evacuate by 9 p.m. on Aug. 27. Stamford salts aim salvo at hedgie’s hq (NYP) Ray Dalio, founder of $130 billion asset manager Bridgewater Associates, is not making friends in his company’s new hometown of Stamford, Conn. Residents and officials of the coastal city are up in arms after early development of a piece of an 80-acre plot of land — now Bridgewater’s proposed waterfront home — resulted in the surprise demolition of part of a historic 14-acre boat yard. The demolition was specifically prohibited by Stamford officials...“To me, this is the latest outrage by Governor Malloy — giving a water view to a hedge-fund operator and taking away a boat yard that serviced well over 1,000 boats and boaters each year,” said Randy Dinter, a boat owner and member of the group Save Our Boatyard, founded by Maureen Boylan after the boat yard demolition. As Europe's Banks Stall, Companies Look Afar (WSJ) The increased search for alternative sources of funding is yet another indication that Europe's debt crisis is far from over. That could intensify in the fall, when the European Commission, European Central Bank and International Monetary Fund assess whether Greece has done enough to cut its debts. At the same time, some economists expect Spain to seek a rescue package to cut its own debt. Argentines Plan to Shoot Gulls to Save the Whales (NYT) What began as bizarre bird behavior has turned into something out of a horror film for threatened whales in Argentina, where seagulls have learned that pecking at the whales' backs can get them a regular seafood dinner. Seagull attacks on southern right whales have become so common now that authorities are planning to shoot the gulls in hopes of reducing their population...Seagulls around the city of Puerto Madryn discovered about a decade ago that by pecking at the whales as they come up for air, they can create open wounds. Then, each time the whales surface, it's dinner time: Gulls swoop down and dig in, cutting away skin and blubber with their beaks and claws. Marcelo Bertellotti's answer: Shoot the gulls that display this behavior with air rifles and hunting guns, and recover each downed bird before they are eaten along with the ammunition, causing still more damage to marine life. His "100-day Whale-Gull Action Plan" was approved by the government of Chubut, and provincial officials came out Tuesday in defense of it. Ackman: $900M Penney markdown (NYP) Activist investor Bill Ackman has been beating the drums for a sale of mall owner General Growth Properties in recent days, but it’s his stake in JCPenney that’s really causing him grief. The hedge-fund manager confessed to investors that his 18 percent stake in Penney had lowered returns by about $900 million this year. In the latest quarterly investor letter of his $10.5 billion Pershing Square firm, he said Penney “has cost us more than nine percentage points of gross return this year.” The hedge fund lost 6.4 percent in the quarter, after the retailer’s shares slid from their high of $43 in February. Asia's Tide Of Cash Hems Policy Makers (WSJ) Foreign investors are pumping money into several Asian economies, pushing up currencies, stocks and property prices, but threatening to complicate efforts by the region's policy makers to soften an economic slowdown. Investment flows to Southeast Asia and South Korea have swelled in recent months, and overseas money has even crept back into India, as global markets calmed and risky assets became popular again. Analysts expect such markets to get a further boost if central banks in the U.S. and Europe step in with additional measures to bolster their economies. Burglary Suspect Blamed for Thousands of Chicken Deaths (WBOC) Authorities say a Delmar man is facing burglary and related charges following allegations that he got drunk and turned off the power to three poultry houses, which led to the deaths of nearly 70,000 chickens. The Wicomico County Sheriff's Office reports that shortly after 9 a.m., Saturday, Aug. 25, a deputy responded to a reported incident at a poultry farm on the 32000 block of East Line Road in Delmar, Md. The deputy met with the property owner who stated that the electric power had been turned off to his three chicken houses on his property during the night. According to the property owner, this deprived the flock of food, water and cooling fans. As a result, nearly the entire flock was found deceased. Police said that when the property owner entered the control shed that controlled the power, he located an unknown man passed out on the floor of the shed, clad only in a T-shirt and boxer shorts. The man was also lying in a pool of his own urine and had a strong odor of alcohol coming from him, investigators said.

Opening Bell: 08.15.12

Standard Chartered Faces Fed Probes After N.Y. Deal (Bloomberg) Regulators including the U.S. Treasury, Federal Reserve, Justice Department and Manhattan District Attorney declined attempts at a global settlement, said two people familiar with the matter. A coordinated effort was already in progress before New York’s unilateral deal, announced yesterday by financial regulator Benjamin Lawsky, one of the people said. The agreement doesn’t take into account all of the bank’s alleged violations, including those involving nations such as Sudan, said one of the people, who added that September is the earliest a universal deal may be reached. Paulson Steps Up Gold Bet To 44% Of Firm’s Equity Assets (Bloomberg) John Paulson raised his stake in an exchange-traded fund tracking the price of gold while selling other stocks during the second quarter, leaving his $21 billion hedge fund with more than 44 percent of its U.S. traded equities tied to bullion. Paulson & Co. purchased an additional 4.53 million shares of the SPDR Gold Trust, the firm’s largest position, and bought more shares of NovaGold Resources Inc, according to a Form 13F filed yesterday with the U.S. Securities and Exchange Commission. Goldman Sachs, SkyBridge Among Mitt Romney's Hedge Fund Bundlers (AR) FYI. Brevan Howard Raising Money In U.S. For Currency Hedge Fund (Bloomberg) London-based Brevan Howard filed an Aug. 9 private- placement notice with the U.S. Securities and Exchange Commission to raise an unspecified amount of assets for its Macro FX fund. The $1 billion currency fund is managed by Luke Ding, a former Merrill Lynch & Co. foreign exchange trader who joined Brevan Howard in 2007. Greece Staves Off Default (WSJ) Greece successfully staved off a default on debts owed to the European Central Bank, as more information dribbled out on the parlous state of its economy and banking system. The Greek economy shrank 6.2% year-on-year in the second quarter, European Union statistics agency Eurostat estimated on Tuesday, and senior bankers said more than 20% of loans to the domestic economy are now officially nonperforming. They warned that the problem may overwhelm the sector and derail the country's bailout program. He Whipped, She Snapped (NYP) Frankie Santiago embraced a role as live-in fetish slave to dominating Manhattan investment-banker beau Edward Sonderling, playing out a bondage fantasy similar to college student Anastasia Steele and older Christian Grey in the erotic novel “Fifty Shades of Grey.” But it all took a twisted turn when Santiago, 27, found out Sonderling, 53, had been training his whips on her replacement. The submissive Santiago exploded in a fit of rage, law-enforcement sources said, allegedy shattering Sonderling’s car windshield and bombarding him with dozens of text threats. “If I ever see you with her I will not hold back. I have nothing to lose,” Santiago railed in one text. “I hope she has a disease you catch.” Santiago — who is known in the bondage-domination S&M community as Althea Lyn — was arrested Monday after what sources said was a knock-down, drag-out fight with Sonderling at the East 57th Street apartment where she once did his daily bidding. Santiago and Sonderling — who has the body of a much younger man and is known as King Eddo — were regulars on Manhattan’s BDSM circuit, where Sonderling boasted of being a “whipping aficionado,” said a source who knows the pair. A Horace Mann and Brown graduate, Sonderling runs his own firm, Priority Investors LLC, He declined to comment on Santiago’s arrest and his extracurricular BDSM activities. “I don’t think that I have anything to say about it. Why would I?” he said. Fund Managers Unload Big Banks (WSJ) Some well-known money managers reported significantly reduced stakes in big banks, including J.P. Morgan Chase & Co. and Goldman Sachs Group Inc., as well as food companies such as Kraft Foods Inc. in the second quarter. Billionaire investor George Soros's Soros Fund Management LLC eliminated positions in J.P. Morgan Chase and Goldman, as well as Citigroup Inc., according to a regulatory filing late Tuesday. The investment company also reported a new stake in retailer Wal-Mart Stores Inc. and a 341,000-share stake in Facebook Inc. Goldman executives win dismissal of mortgage, TARP lawsuit (Reuters) Goldman Sachs Group Inc Chief Executive Lloyd Blankfein and other bank officials won the dismissal of a shareholder lawsuit accusing them of tolerating poor mortgage practices and quitting a federal bailout program early to boost executive pay. U.S. District Judge William Pauley in Manhattan said the shareholders failed to show there were "red flags" to put bank directors on notice of "broken controls" in Goldman's mortgage servicing business, including that workers at its Litton unit may have been "robo-signing" documents. Pauley also cited a similar lack of red flags to suggest directors knew Goldman was packaging troubled loans in residential mortgage-backed securities, including loans the bank sold "short" in a bet they would lose value. The judge also said the plaintiffs did not show that directors acted in bad faith in letting Goldman repay $10 billion taken from the Troubled Asset Relief Program early, in June 2009, freeing the bank from restrictions on executive pay. Giuliani: Biden Lacks ‘Mental Capacity’ for VP Job (CNBC) “I've never seen a vice president that has made as many mistakes, said as many stupid things,” he said on “The Kudlow Report.” “I mean, there’s a real fear if, God forbid, he ever had to be entrusted with the presidency, whether he really has the mental capacity to handle it. I mean, this guy just isn’t bright. He’s never been bright. He isn’t bright. And people think, ‘Well, he just talks a little too much.’ Actually, he’s just not very smart.”

HelpWanted

Opening Bell: 7.5.22

The “jobful” recession; short sellers scale back; banks brace for deal dry-up; and more!

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Opening Bell: 11.16.16

"Political pressure" at the Fed; Chiasson back in business; Buffet bounce for airline stocks; “penile strangulation”; and more.

british rail

Opening Bell: 5.20.21

Sohn strike-outs; Soros and Citadel ride the train; Brown burns (crypto) banks; rappin’ with Coop; and more!

Opening Bell: 02.19.13

SAC’s Cohen May Face SEC Suit as Deposition Hurts Case (Bloomberg) U.S. investigators have subpoenaed a 2011 deposition of SAC Capital Advisors LP founder Steven Cohen, whose sworn statements on insider-trading compliance may hurt him as he tries to persuade regulators not to file a lawsuit with the potential to shut his $14 billion firm. The SEC told the hedge fund Nov. 20 that it planned to sue SAC for securities fraud and so-called control-person liability for failing to supervise employees. The same day, the agency accused an ex-SAC portfolio manager and his hedge-fund unit of insider trading for persuading Cohen, 56, to make $700 million in illegal trades. Prosecutors also indicted the manager. Cohen’s testimony, reviewed by Bloomberg News, establishes his personal control over the unit, CR Intrinsic, and records his unfamiliarity with his firm’s compliance and ethics policies on insider trading. “I’ve read the compliance manual, but I don’t remember exactly what it says,” Cohen said. Morgan Stanley Strives to Coordinate 2 Departments Often at Odds (Dealbook) Traditionally, traders and investment bankers think of themselves as the elite of Wall Street and look down on the retail business, seeing it as pedestrian...Yet since Morgan Stanley moved to acquire control of the Smith Barney brokerage business from Citigroup in 2009, the balance of power has shifted to wealth management, which now accounts for almost 52 percent of the company’s earnings, up from roughly 16 percent in 2006. Paulson Leads Funds to Bermuda Tax Dodge Aiding Billionaires (Bloomberg) A decade after the U.S. Internal Revenue Service threatened to crack down on what it said were abuses by hedge-fund backed reinsurers, more high-profile money managers are setting up shop in tax havens. Paulson, SAC Capital Advisors LP’s Steven A. Cohen and Third Point LLC’s Daniel Loeb have started Bermuda reinsurance companies since 2011, following a similar Cayman Islands venture by Greenlight Capital Inc.’s David Einhorn. Options Activity Questioned Again (WSJ) Over the past year, unusually large positions were established shortly in advance of news that moved shares of Nexen Inc., Youku Inc., Human Genome Sciences Inc., Constellation Brands Inc. and, most recently, CBS Corp. All turned profitable after the news. A spokeswoman for the SEC, which regulates stock and options trading, said the agency would neither confirm nor deny the existence of inquiries into trading tied to those companies. No charges have been filed in the Heinz case, which was linked to a Swiss trading account, but the move to freeze the assets is one of the fastest enforcement actions ever filed by the agency, according to officials. The SEC said Friday that the timing and size of the trades were highly suspicious given the account had no history of trading in Heinz securities in the last six months. Prosecutors, Shifting Strategy, Build New Wall Street Cases (Dealbook) Criticized for letting Wall Street off the hook after the financial crisis, the Justice Department is building a new model for prosecuting big banks. In a recent round of actions that shook the financial industry, the government pushed for guilty pleas, rather than just the usual fines and reforms. Prosecutors now aim to apply the approach broadly to financial fraud cases, according to officials involved in the investigations...The new strategy first materialized in recent settlements with UBS and the Royal Bank of Scotland, which were accused of manipulating interest rates to bolster profit. As part of a broader deal, the banks’ Japanese subsidiaries pleaded guilty to felony wire fraud. Russians Wade Into the Snow to Seek Treasure From the Sky (NYT) Ever since the meteor exploded somewhere over this impoverished Siberian town, Larisa V. Briyukova wondered what to do with the fist-size stone she found under a hole in the roof tiles of her woodshed. On Monday, a stranger knocked on her door, offering about $60, Ms. Briyukova said. After some haggling, they settled on a price of $230. A few hours later, another man pulled up, looked at the hole in the roof and offered $1,300. “Now I regret selling it,” said Ms. Briyukova, a 43-year-old homemaker. “But then, who knows? The police might have come and taken it away anyway.” On Friday, terror rained from the skies, blowing out windows and scaring people over an enormous swath of Siberia. But by Monday, for many people what fell from the sky had turned to pure gold, and it touched off a rush to retrieve the fragments, many buried in deep February snows. Many of those out prospecting looked a lot like Sasha Zarezina, 8, who happily plunged into a snowbank here in this village of a thousand, laughing, kicking and throwing up plumes of powdery snow. Then she stopped, bent over and started to dig. “I found one!” she yelled. A warm breath and a rub on her pants later, a small black pebble, oval like a river rock, charred and smooth, was freed of ice. While trade in material from meteorites is largely illegal, there is a flourishing global market, with fragments widely available for sale on the Internet, usually at modest prices. At least one from the recent meteor was available on eBay on Monday for $32, and there is a Web site called Star-bits.com devoted to the trade — much to the displeasure of scientists and the countries where the objects were found. UK's Lloyds fined $6.7 million for mis-sold insurance (Reuters) Britain's financial regulator on Tuesday fined Lloyds Banking Group 4.3 million pounds ($6.7 million) for failing to handle complaints relating to insurance sold on loans and mortgages properly. The Financial Services Authority (FSA) said failings in the bank's systems and controls resulted in up to 140,000 customers experiencing delays in receiving compensation for being mis-sold payment protection insurance (PPI). Horsemeat Scandal Draws in Nestlé (FT) Switzerland-based Nestle on Monday removed pasta meals from shelves in Italy and Spain and suspended deliveries of all processed products containing meat from German supplier, H.J. Schypke, after tests revealed traces of horse DNA above 1 per cent. Nestle said it had informed the authorities. Is Berlusconi Getting a Poll Bounce From Tax Evaders? (CNBC) The media mogul, who has been convicted of tax fraud, has promised to introduce a tax amnesty for evaders if elected and to abolish the real estate tax. Swelling U.S. Labor Force Keeps Fed at Ease (Bloomberg) In the short run, the larger labor force will have an unfortunate side effect: It will slow the fall in unemployment. Mellman sees the jobless rate dropping to 7.5 percent by year- end from 7.9 percent now. It fell 0.7 percentage point in 2012. In the longer run, a bigger supply of labor is good news because it swells the pool of Americans available and willing to work, enhancing the economy’s potential to grow, according to Julie Hotchkiss, a policy adviser at the Federal Reserve Bank of Atlanta. It also has a silver lining for investors. The gradual fall in unemployment will allow policy makers to keep monetary policy looser for longer without having to worry about igniting a wage- driven rise in inflation. Couple Getting Affectionate Drive Through Home (WO) "She told the investigating trooper that her and the boyfriend were getting a little amorous and the trooper suspects that's probably why she lost control of the vehicle," said Florida Highway Patrol spokeswoman Kim Montes. Walker lost control of the vehicle and slammed into an unoccupied home. The vehicle went all the way through the house. The impact was so dramatic, the pressure blew a window in another part of the house out. Florida Highway Patrol troopers said Walker was injured when debris fell inside the vehicle. She was taken to Halifax Medical Center to be checked out. Her boyfriend, Charles Phillips, was not hurt.