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Bernard Hickey details the key news overnight in 90 seconds at 9am, including news US Federal Reserve Chairman Ben Bernanke is appearing before the Senate to ask to keep his job, Bloomberg reported. His reappointment hearings are proving a focal point for a mood of discontent in America, where ‘Main St’ believes it has lost out to bankers on Wall St. Bernanke is likely to be reappointed, but he faces some tough questioning.

Meanwhile, the European Central Bank has signalled more detail on its exit strategy from monetary stimulus, FT.com reported. ECB President Jean Claude Trichet says emergency loans to banks will end and economists say the ECB is now likely to raise its interest rates towards the end of next year. Can the world cope without all the stimulus? The second half of 2010 will be a key period.

Meanwhile, the Bank of America has announced plans to repay its US$45 billion bailout support, partly by raising US$18.8 billion through a sale of new shares. That is a big chunk to raise and will challenge the US stock market, Bloomberg reported.

Tags: 90 seconds at 9am, Bank of America, Ben Bernanke, Bernard Hickey, european central bank

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