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U.S. Day Ahead: Obama on the economy

Wednesday, June 13, 2012 - 03:33

June 13 - U.S. president Barack Obama gives an important speech on the economy in Cleveland on Thursday. The CPI data is out first thing in the morning.

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Did -- Morgan chase CEO Jamie Dimon spent a good part of the day on the hill testifying before the senate banking committee. Instead that he could not a fat how hedging strategy in a London office morphed into a multibillion dollar trading lots but he still took swipes at regulatory reforms. That he says fail to make sent -- here with me is rigors baking correspondent -- Horwitz who have been following this story. So -- impression of the meeting west today we had hecklers in the audience how did Jamie performed. Jamie diamond performed much better then people were expecting. And I think there are two reasons for that. Won the senators. Were a lot less confrontational. Than many people were expecting. They thought they were really gonna hold his feet to the -- about this tremendous loss -- seems to them tremendous loss. And out when he gave one answer certain questions you -- impressive. The second is that -- diamonds himself. Was a lot less arrogant and a lot less smug than he sometimes has a tendency to be. I mean the classic example is a win. He publicly told. Fed Chairman Ben Bernanke that he disagreed with him today he was on his best behavior. And he spoke clearly and actually. JPMorgan stocks were up today -- Again I think it was the market. Gave a sigh of relief. They don't think that there's gonna be quite the regulatory push back there might be although there's still going to be something. And I think up also. -- I think diamond did convince them that he really does this with a one off incident perhaps and one part of the bank. But he has a fairly good sense of what the riskiest about the controls to. I extent. -- president Barack Obama gives an important speech on the economy in Cleveland on Thursday. Obama will try to recover from a bad week in his campaign and bring you arguments against Romney in new policy initiatives are expected. But he is likely to lay out a vision for increase funding for infrastructure projects money for state governments to hire teachers and emergency responders. As well as tax break for small business owners who boost higher. The largest US airline US Airways is holding a meeting with shareholders to discuss its outlook. The companies hoping to file paperwork which US antitrust regulators as early as July for a proposed merger. With AMR corporation. The bankrupt parent of American Airlines the third largest airline in the United States. We know who'll be watching this CPI data that officials. Next we'll show how much consumers pay for goods and services in May. And will also give a good feel of the inflation situation. The next -- OMC meeting starts next week and the voting members will base their decisions regarding a possible stimulus on recent economic. What about soccer players in the world are roaming stadiums in Poland and Ukraine preparing for their next games. You're -- 2012 soccer championship. English is getting ready for Sweden on Friday and the favorites in their groups Russians are training for a big showdown with degrees. And for more be sure to follow us on Twitter at Reuters Insider. Also check out our TV channel at Reuters dot com slash CB. But they mom this is --

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U.S. Day Ahead: Obama on the economy

Wednesday, June 13, 2012 - 03:33