Tales from the Trail

It’s Good Friday and U.S. financial markets are closed, but the government is open for business.

President Barack Obama will discuss financial conditions in a meeting this morning with Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corp head Sheila Bair, Securities and Exchange Commission chief Mary Shapiro and Comptroller of the Currency John Dugan.

Obama is expected to make some brief public remarks at the end of the meeting.  The White House session comes amid tentative signs of recovery in ailing financial and retail sectors, according to a front page story in the Washington Post.

The standoff between a U.S. warship and Somali pirates continues in the Indian Ocean. Pirates were able to recapture Maersk Alabama Captain Richard Phillips after he tried to swim to safety in an escape attempt on Friday.

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Photo Credit: REUTERS/Ho New  (U.S. Navy destroyer Bainbridge in Jan 2008 file photo. The USS Bainbridge arrived on Thursday off the Somali coast)

Back from his first international tour, President Barack Obama jumps back into his government’s efforts to help the struggling American economy.

First order of business is a roundtable discussion at the White House about low interest rates. The meeting will include members of Obama’s economic team and in an effort to draw attention to the benefits of low interest rates, Obama will also meet some homeowners who have refinanced now that rates are at historical lows.

During his meeting with his top economic advisers, Obama is expected to discuss the progress of “stress tests” of the 19 largest U.S. banks to see how they would withstand even tougher economic times.