New York Fed spends billions calming financial market.
Coming up on the nears a Saudi offers as proof of Iran's role in oil attack and urges. US response the EU accused his Boris Johnson of only pretending ending to negotiate a brexit deal and the New York Fed spends billions to calm the financial market. It's Wednesday unstained September eighteen. I'm Anthony Davis Saudi Arabia alleged today that an attack by drones and cruise missiles on the heart of the kingdom's oil industry was unquestionably sponsored by Iran naming but not directly the accusing Tehran of launching the assault Iran denies being involved in the attack claimed by Yemeni rebels and has threatened the US that it will retaliate immediately ideally if Tehran is targeted in response the Saudi news conference comes after a summer of heightened tensions between Iran and the US over Donald Trump's unilaterally unilaterally withdrawing America from Tehran's twenty fifteen nuclear deal with world powers the kingdom has so help from international investigators is and the UN both lengthening the probe and internationalising its conclusions by stopping short of saying the missiles were launched from Iran the Kingdom mm potentially avoids the response that could lead to war among the heavyweight countries of the region and international superpower the United States the news conference took place with the backdrop of broken and burned drones and pieces of one cruise missile allegedly collected from the attacks U. S. Secretary of State. Mike pompeo arrived in Saudi Arabia today pompeo cold. The weekend strikes an act of war adding. This was an Iranian attack on on Saudi Arabia meanwhile. US President Donald Trump has named a new national security adviser to replace John Bolton Robot O'Brien. Brian has a long career in foreign policy working for both main. US parties and currently heads hostage negotiations at the State Department is Mr Trump's fourth national security advisor chief Brexit negotiator to has told Boris Johnson to stop pretending he is negotiating brexit deal amid concerns that the prime minister is not trying to reach an agreement comes comes off the reports that proposals brought to Brussels by UK negotiators amounted to the old agreement with the section on the Irish backstop simply crossed out in the text speaking in the European Parliament Michael Bonnie said almost three years after the UK referendum. I don't think we should be spending time pretending to negotiate. I think we need to move forward with determination this morning. The Supreme Court's eleven judges heard arguments on the legality of the government's Prorogation James Eighty. QC said prorogation was a well established constitutional function exercised by the executive decisions about it. It was squarely within that political or high policy area the self to noon. We heard from eighteen o Neill. QC defending Scottish courts previous ruling that the prorogation irrigation was unlawful. He argued Boris. Johnson's decision to Pirogue parliament was an improper purpose to stop him peas holding the government to account don't over brexit. He said one of the advantages of the ruling from Edinburgh was it had distance from the Westminster bubble which Lens Perspective off for the second day in a row the New York Federal Reserve injected a huge sum of money into the financial system in a bid to calm stress that has emerged in the overnight lending market the Fed today poured another seventy five billion dollars dollars into the market following a fifty three billion dollar rescue by the Fed yesterday overnight lending rates suddenly spiked and the Fed is acting to bring back down to keep markets functioning smoothly before this week. The Fed hadn't launched an operation like this since two thousand eight the fact that the Fed what is needed to pump one hundred twenty eight billion dollars into the system over the past two days shows how a crack has emerged in a seldom discussed corner of Wall Street street that is central to the global financial system. It raises concern that the Fed is losing its grip on the short term rates. The Central Bank is supposed to control oh the aim is to keep borrowing rates from climbing sharply above the Fed's target rate which was set at two percent to two point two five percent in late July the overnight lending rate spikes to a high of ten percent yesterday before the New York Fed stepped in it has since tumbled back below three percent although it remains above above the Fed's target range the spike in rates brought back bad memories of two thousand eight when this market broke down now banks a hauling in massive if prophets and have repaired their balance sheets they also benefiting from regulations that have been reversed by Donald Trump protections that were in place to prevent vent another banking crisis. 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