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Yellen Gets That Sinking Feeling Greenspan Once Knew
Alan Greenspan couldn't control long-term interest rates a decade ago, and bond investors are betting Janet Yellen's luck will be no better.
When then-Federal Reserve Chairman Greenspan raised the benchmark overnight rate from 2004 to 2006, long-term borrowing costs failed to increase, thwarting his attempts to tighten credit and curb excesses that contributed to the worst financial crisis in 80 years.
Oil price rout to curb U.S. drilling costs even with mega merger
Low oil prices that threaten producers' profits may be a boon in one way, as they force service companies to keep prices low for the drill bits, cement and piping for oil extraction, even if two of the largest providers of such products merge.
Halliburton Co, said on Monday it will buy Baker Hughes Inc, in a $35 billion deal that would create an oilfield services company to take on global oil services leader Schlumberger NV.
Some experts have raised concerns that the deal, which would merge the world's second- and third-largest service companies, will reduce competition and potentially raise the price of materials vital for drilling.
China factories stall; Japanese exports enjoy rare bounce
China's factories looked to have hit an air pocket in November as a private survey showed output falling for the first time in six months, adding to concerns about slowing economic momentum and to the case for further policy easing from Beijing.
Yet there was a rare glimpse of good news from Japan, which reported surprisingly strong growth in exports for October, a shift that should get a boost from the latest dive in the yen.
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