The Fed slashed U.S. interest rates by three-quarters of a point, the biggest rate cut in more than 23 years, in an emergency bid to support the U.S. economy.
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U.S. Treasury Secretary Henry Paulson said on Tuesday he was confident the U.S. and global economies were resilient but welcomed an emergency rate rate cut by the U.S. Federal Reserve as a helpful move.
Agreement between the White House and Congress that the stumbling U.S. economy needs help was a big first step but it was clear Saturday there was room for sparring over crafting a rescue package.
Forget rate cuts and stimulus packages. In Wall Street's eyes, the recession is already here and the credit crunch is far from over.
Weaker U.S. growth means that more interest rate cuts are "quite possible" but inflation is also still a risk, Federal Reserve Bank of Richmond President Jeffrey Lacker said Friday.
U.S. consumers' mood brightened a bit in January, defying expectations driven by the constant drumbeat of talk about a possible recession, weak jobs market and falling stock prices.
Wall Street is sending a clear message to Washington: an economic stimulus plan and Fed rate cuts are too little, too late.
Federal Chairman Bernanke told lawmakers that extending tax cuts put in place during the Bush administration could have a positive long-term effect on the economy.
Most analysts say Fed Chairman Bernanke will move cautiously even if the Fed cuts interest rates by half a percentage point at its Jan. 29-30 meeting, as many now expect.
U.S. home building projects started in December fell by 14.2 percent to the lowest pace inmore than 16 years, but jobless claims fell unexpectedly last week.
A Federal Reserve official and a state secretary warned Thursday the slowdown in the U.S. economy was quickening, because of weak housing prices, falling stock prices and rising energy costs.
Fed Chairman Bernanke has indicated he is open to congressional and White House efforts to develop a rescue package to avert a recession.
Democratic and Republican leaders of the U.S. House agreed to develop a bipartisan economic stimulus plan to help avert a possible recession.
Federal Reserve Chairman Ben Bernanke wants Congress to act quickly to pass an economic stimulus package, Sen. Charles Schumer told CNBC.
The U.S. economy continued to grow in the final weeks of the fourth quarter but the paceof activity slackened amid subdued holiday spending and a weak housing sector.
The U.S. economy is probably in a recession or about to slide into it, former U.S. Federal Reserve Chairman Alan Greenspan said in an interview with The Wall Street Journal.
U.S. consumers are tightening their purse strings, and the squeeze may be severe enough to topple the U.S. economy into recession.
The Federal Reserve is unlikely to cut interest rates before its next scheduled meeting in late January but may consider doing so if the outlook deteriorates sharply before then, the Wall Street Journal reported on Monday.
The U.S. trade deficit in November surged to the highest level in 14 months, reflecting record imports of foreign oil. The deficit with China declined slightly while the weak dollar boosted exports to another record high.