Easy Street is Marketplace’s morning roundup of the most interesting news stories and commentary about Wall Street, Washington and the world beyond.
Glencore: The commodities giant is planning an IPO as the commodities boom rolls on. Is this the top? The company is planning to use that money for mergers.
Too Big to Break Up: Paul Volcker says banks are too big, but almost impossible to break up.
Related: Federal Reserve of New York president William Dudley on banking reform: “The interconnectedness of the financial system also allows shocks to be spread quickly.”
Related: Financial “myths” and the financial crisis: Boston Fed president complains that financiers assign “zero” probability of disaster when it deserves “some” probability.
JP Morgan: A lawsuit accuses the bank of profiting on investments while its clients lost money. JP Morgan denies it.
Treasurys: PIMCO previously reduced its holdings of Treasurys to zero. Now it’s at -3% of the total portfolio. PIMCO executives have said they’re worried that Treasurys will fall in value when the Federal Reserve stops buying them in bulk on June 30, and the firm is also worried about the effect of the national deficit.
The Washington Matrix
Shutdown averted: Now, in the words of Bloomberg TV’s (and Marketplace Weekly Wrapper) Lizzie O’Leary: “Who’s ready for the debt ceiling?!”
Related: Marketplace previously reported that failure to raise the debt ceiling would be catastrophic for the markets. “It would make Lehman Brothers look like a joke.”
China: Announced its first quarterly trade deficit in 7 years. Is this a turning point for the giant economy?
Today in Not Complaining About Your Job
Japanese workers that braved radiation were just day laborers. Kind of puts your struggles with the office printer into perspective.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.
make public service
Thank you for doing your part!