The global credit crisis creates big downside risks to an already softening economy that require bold action from the U.S. central bank, Cleveland Federal Reserve President Sandra Pianalto said on Wednesday.
Federal Reserve districts all saw decelerating economic growth in early 2008, even as prices pressed upward almost everywhere, the central bank's "Beige Book" report on economic conditions said on Wednesday.
The full text of the Beige Book released by the Federal Reserve on March 5, 2008 and based on information collected on or before February 25, 2008.
The text of a speech by Federal Reserve Chairman Ben Bernanke on Reducing Preventable Mortgage Foreclosures given on March 4, 2008 in Orlando, Florida.
The combined punch of subprime mortgage defaults and heavy debt remains the biggest risk to the health of the U.S. economy, a panel of business economists said Monday.
Plans for sweeping federal programs that would aid troubled mortgage borrowers would bring unfair relief to speculators and reward investors who made bad bets, U.S. Treasury Secretary Henry Paulson said Thursday.
The chance of an aggressive 75 basis points cut in the Federal Reserve's benchmark interest rate shot up to 62 percent on Friday, as U.S. equity futures pointed to a lower open and Treasury prices surged.
A Bay Area suburb grappling with declining revenue and ballooning employee expenses may become the first city in the state to declare bankruptcy.
The U.S. economy is in a slowdown but not headed into a recession, President Bush said Thursday after new data showed slow fourth-quarter growth and a bigger-than-expected jump in unemployment claims.
The portion of U.S. junk bonds trading at distressed levels rose to 16.9 percent in February, up from 11.1 percent in January in a sign that defaults are headed higher, Standard & Poor's said on Wednesday.
Applications for U.S. home mortgages plunged to their lowest level this year, as rising long-term interest rates curbed incentives to refinance, an industry group's data showed on Wednesday.
New orders for long-lasting US-made manufactured goods fell by 5.3 percent in January, the biggest drop in five months and more than analysts expected.
How serious is the risk of inflation? It depends on which Fed governor you ask.
The text of Federal Reserve Chairman Ben Bernanke's testimony to the House Financial Services Committee on Febuary 27, 2008.
A top Federal Reserve official said Tuesday that the danger the U.S. economy will weaken further is a bigger worry than higher inflation.
The full text of a prepared speech by Federal Reserve Vice Chairman Donald L. Kohn on The U.S. Economy and Monetary Policy given on February 26, 2008.
The collapse in U.S. home prices accelerated to a record pace in the fourth quarter of 2007, with prices plunging 8.9 percent last year, according to a national home price index released on Tuesday.
Inflation at the wholesale level jumped 1 percent in January on rising energy costs and posted the biggest 12-month gain in more than 26 years.
U.S. government bonds hold little appeal with inflation making a strong comeback, the manager of the world's largest bond fund said on Tuesday.
Dallas Federal Reserve President Richard Fisher said on Friday that it will take some time for interest-rate cuts the Federal Reserve has made since last September to kick in and boost the economy.