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Central banks banded together to make it easier for stressed banks to borrow money in a credit crunch that threatens to knock the U.S. economy into recession.
Major central banks, including the Federal Reserve and the European Central Bank, acted in unison Wednesday in unveiling plans to provide liquidity to the banking system, where funds covering a longer span of time have become scant.
The Federal Reserve's plan to ease the global credit crunch has been in the works for a while and will be more effective than cutting interest rates, a senior Fed official said.
The U.S. Federal Reserve on Wednesday announced with other major central banks measures to alleviate upward pressure in interbank markets as financial sector troubles have made it more difficult for banks to raise funds. Following are some major steps the Fed has taken to provide funding to the banking system.
The text of the Federal Reserve's statement on adding additional liquidity into money markets released Dec. 12.
The Federal Reserve cut interest rates a modest quarter point, disappointing Wall Street, which had hoped for more-aggressive action.
The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 4-1/4 percent.
Financial markets expect the Fed to trim interest rates a quarter point this afternoon, but many investors are hoping for a half-point cut.
The U.S. economy is in the danger zone and one good shock could send it into recession next year, according to Global Insights, which released its top 10 predictions for 2008 Tuesday.The Boston-based forecasting company said GDP growth in the fourth quarter of 2007 and first half of 2008 is expected to be very weak, and will make the United States extremely vulnerable.
Wall Street widely expects the Fed to cut interest rates Tuesday. Here are some of the factors policymakers will be considering
The global hiring outlook for the first quarter of 2008 remains healthy despite a slightly softer jobs forecast for the United States, a quarterly survey by Manpower Inc, one of the world's largest employment services companies, showed Tuesday.
A lot has changed since the Federal Reserve hinted two months ago that it might be finished cutting interest rates for a while.
Treasury Secretary Henry Paulson defended the Bush administration's subprime mortgage plan, telling CNBC that it is not a federal bailout.
Employers added 94,000 jobs in November, but a slowdown in recent months fueled speculation of a modest rate cut next week.
A senior White House economist said on Friday he believes the U.S. economy is still strong and not headed for recession, though it remains at risk from the slumping housing market.
U.S. consumer sentiment soured for a third month in December as a housing recession andexpensive gasoline left consumers at their gloomiest since the aftermath of Hurricane Katrina, a report showed Friday.
Economists predict a modest gain of 70,000 in payrolls. But a strong private-sector report has the market looking for a positive surprise that could give the Fed license to cut.
The United States is at an "elevated" risk of economic recession because of housing woes, faltering confidence within financial markets and high oil prices, the nonpartisan Congressional Budget Office said Wednesday.
Abby Joseph Cohen, chief investment strategist at Goldman Sachs, says the U.S. economy will rebound in mid-2008, but the next few months will be bumpy.
U.S. chief executives' view of the economy improved in the fourth quarter, although they have become far more concerned about energy prices.