The Federal Reserve will stop cutting interest rates once it is assured that the economic contraction is limited to the financial sector, PIMCO CEO Mohamed El-Arian told CNBC.
Wall Street banks are the first to be blamed for the credit crunch. Central banks come a close second, but as the Federal Reserve's image is suffering, the European Central Bank looks as solid as a rock.
U.S. stocks closed lower Wednesday after UPS projected an earnings shortfall and oil prices surged.
U.S. stocks fell to session lows Wednesday after a report showing larger-than-expected decline in crude inventories sent oil prices climbing, and corporate news from Morgan Stanley and UPS dragged on shares.
The Federal Reserve is mulling further steps to address liquidity problems in financial markets should measures taken to date fail to gain traction, a Fed official confirmed Wednesday.
Former Federal Chairman Alan Greenspan told CNBC he had little to do with the housing bubble or credit crisis despite criticism the Fed kept interest rates too low under his watch.
Former Federal Reserve Chairman Alan Greenspan has defended himself from charges that easy U.S. monetary policy created the current credit crisis by inflating a housing bubble, and instead blamed professional investors.
Worries about a deep recession--not a shallow one--drove Fed policymakers to slash interest rates again last month, according to minutes of their meeting.
The following is the text of the minutes from the Federal Open Market Committee's meeting of March 18, issued on Tuesday:
A gauge of small business optimism in the United States sunk in March to a 22-year low, as small business owners clamped down on plans to create new jobs and expand business operations, a survey released Tuesday showed.
Martin Feldstein, who heads the group that is considered the arbiter of U.S. recessions, told CNBC that he believes the U.S. has been sliding into a recession.
Major stock indexes ticked higher Friday though the market was broadly mixed. General Motors skidded, while UBS shares advanced.
For those graduating college this year, getting a job will be a little harder than last year—but will likely pay more.
If recessions are best seen through the rear-view mirror, then Friday's jobs data makes the current state of the economy pretty clear.
Stocks opened flat Friday as investors shrugged off a worse-than-expected March employment report.
US employers cut payrolls by a bigger-than-expected 80,000 in March, more evidence that the economy is in a recession.
The Federal Reserve has been wise to keep the dollar weak as the economy navigates its way through the current liquidity shortage, the former chairman of the central bank's Dallas branch said.
For the second time this week, a senior Federal Reserve official conceded the United States economy could slip into recession, but suggested the central bank should wait to see if more rate cuts are needed.
So we have yet another plan to help save homeowners in trouble, the latest in a long string of proposals. Are they enough to solve the housing market's problems? Is this a game changer? There's plenty of skeptics who think the answer is an outright no.
The U.S. economy has taken a sharp turn for the worse and is facing a tough quarter, U.S. Treasury Secretary Henry Paulson said on Thursday.