New figures show $1.46tn (€1.09tn) treasure chest sitting idly at the US Federal Reserve, excess reserves from nervous US banks.

COMEDY and economics seem unlikely bedfellows but it’s a marriage the organisers of a new festival which kicked off yesterday hope will be a winner.

Wall Street ended today mixed, with an analyst’s upgrade of General Motors carrying the Dow Jones industrials to a fresh six-year high and within reach of its all-time best close.