News&Notes: British Pound & S&P500 Futures

Bloomberg TV Highlights: RCM Comments

The British pound has its biggest 2 day rally vs. the US$ in 16 years. Further evidence that the redemption wave is ebbing.

Copper jumps 10% today biggest one day gain in 10 years.

Yesterday's big rally was preceded by a huge amount of buying in the S&P 500 futures contract. This is the footprint of the PPT and reduces the validity of the rally yesterday. We have seen these types of moves often right in front of a Fed meeting. The key will be the reaction to the Fed move after 2:00 pm today.

U.S. FDIC, Treasury working on foreclosure prevention program based on gov't guarantees of home mortgages - Reuters
Plan would provide up to $500 bln-$600 bln in gov't guarantees on up to 3 million at risk motgages. Plan would require restructured mortgages based on homeowner's ability to pay lower monthly payment for a period of time, most likely 5 years.

U.S. regulators hope to announce new Treasury Dept, FDIC anti-foreclosure program as early as Thursday, according to source - Reuters