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.
Gasoline prices will remain above $4 a gallon for the rest of the year, while oil prices will continued to be pressured by the tight market for crude, the U.S. Energy Information Administration said on Tuesday.
U.S. wholesale inventories rose 0.8 percent in May, just slightly more than expected, but a measure of how long it would take to sell current stocks fell to a record low on strong sales of apparel and petroleum, a Commerce Department report showed on Tuesday.
U.S. interest rate policy is "nearing a crossroads" now that worst-case scenarios for growth have been skirted by the Federal Reserve's aggressive string of rate cuts, San Francisco Fed President Janet Yellen said Monday.
U.S. President George W. Bush said on Sunday the American economy was not growing as quickly as he would like and that his administration supported a strong U.S. dollar policy.
The Democratic-led Senate approved the newest member of the Federal Reserve’s System Board of Governors last Friday, making Elizabeth A. Duke the seventh woman to become a member of the board since the board was formed in 1913.
A weaker dollar cannot be blamed for soaring oil prices as policymakers around the world tussle with the twin spectres of rising inflation and slowing growth, U.S. Treasury Secretary Henry Paulson said on Thursday.
Payrolls likely dropped by 60,000 in June, while the jobless rate is expected to have fallen to 5.4 percent from 5.5 percent in May.
The downturn in the economy is a greater worry than inflation at the moment, U.S. Treasury Secretary Henry Paulson said on Thursday.