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Treasury Secretary Henry Paulson said America's housing market could turn a corner and begin recovering within months, but it will take longer to resolve all housing-related problems.
As losses mount at American banks and the pain of the credit crisis spreads from housing and finance to the broader economy, many small companies complain it is increasingly difficult to obtain loans.
The U.S. economy needs months to recover from its slowdown, but the banking system remains sound despite a home mortgage crisis that could cause more problems, Treasury Secretary Henry Paulson said.
The U.S. economy may have avoided a recession but will grow below trend for some time as firms face higher prices for a range of goods that will cut into profits, according to a panel of economists surveyed.
Federal Reserve can not wait until financial and housing markets stabilize before raising interest rates, Minneapolis Fed President Gary Stern said in an interview with Bloomberg on Friday.
The number of U.S. workers filing new claims for jobless benefits rose by a less-than-expected 18,000 last week to 366,000 on a seasonally adjusted basis, a Labor Department report showed on Thursday.
U.S. Federal Reserve policy makers fretted at their most recent meeting that growing inflation risks may require an interest rate hike, but agreed that the outlook for both prices and growth was still too uncertain, minutes of the meeting showed.
Below is the statement released by the Federal Open Market Committee after its June 24-25 meeting on interest rate policy:
Federal Reserve Chairman Ben Bernanke told a House panel Wednesday a top Fed priority is restoring financial calm even as "too high" inflation and weak growth threaten the economy.
US industrial production unexpectedly rebounded in June by 0.5 percent, its biggest jump in nearly a year, as utility and mining output soared and manufacturing reversed two months of declines, the Federal Reserve said on Wednesday.
Housing finance giants Fannie Mae and Freddie Mac have the potential to pose systemic risks to the financial system and need a stronger regulator, U.S. Treasury Secretary Henry Paulson said on Tuesday.
President Bush urged lawmakers to move quickly in putting into force legislation designed to help prop up mortgage giants Fannie Mae and Freddie Mac while declaring the nation's financial system to be "basically sound."
A weakening housing market, a strained banking system, and rising oil prices threaten the U.S. economy, and restoring financial market stability is a top priority, Fed Chairman Ben Bernanke said.
Dismal data on inflation and retail sales released on Tuesday flashed fresh signs of stagflation in the U.S. economy.
The Treasury and the Federal Reserve should not bail out Fannie Mae and Freddie Mac as this would increase the already gaping U.S. public debt, investor Jim Rogers, CEO of Rogers Holdings, told "Worldwide Exchange."
Discussion of persistent financial market turmoil is seen as likely to overshadow the Federal Reserve's semi-annual monetary policy outlook when Fed Chairman Ben Bernanke testifies before Congress on Tuesday.
This week's problems at Fannie Mae and Freddie Mac are more evidence of a painful fact for the economy: the extent to which mortgage-related debt is exacerbating the current slide, and how it will prolong what more and more analysts are calling a recession.
The number of U.S. workers filing new claims for jobless benefits dropped by a much bigger-than-expected 58,000 last week to 346,000.
Though they have finally begun using less gasoline, US consumers remain pretty much powerless to contain prices at the pump.
Fundamental pieces are in place for the lowering of oil's price, but until the dollar appreciates and speculators stop betting up the commodity it will remain at high levels, Stephen Schork, editor of The Schork Report, said on CNBC.