Stock traders will be looking over their shoulders at the credit markets as a furious flight to quality into Treasuries keeps the pressure on stocks prices. For now, stock futures are higher and look set for a firmer opening.
It's been easy over the last few months to feel a bit sorry for Hank Paulson. He left Goldman Sachs, reluctantly, to lead President Bush's second-term Treasury in the belief that his skills might help solve two thorny problems: deteriorating political sentiment toward China's rising economic might, and the long-term insolvency of the U.S. entitlement programs as the Baby Boom generation heads toward retirement.
A bruising selloff in world stock markets is about to extract more pain on Wall Street, where stock index futures are pointing to a sharply lower opening.
U.S. Treasury Secretary Henry Paulson said the turmoil in global markets will exact a penalty on U.S. growth but the financial system and economy was strong enough to withstand it without provoking a recession.
The revelation that a unit of French bank BNP Paribas temporarily suspended three of its funds injected new fear into the markets, driving global stock sharply lower and casting a fresh chill across credit markets. The market fallout from BNP has reignited market speculation that the Fed will move to cut rates sooner, rather than later.
Treasury Secretary Hank Paulson told CNBC that the U.S. economy remains healthy but troubles in the housing market may take some time to play out. Paulson also said he was not concerned with a recent report suggesting China may retaliate economically if the U.S. imposes trade sanctions to force a revaluation of the yuan.
Treasury Secretary Henry Paulson said on Wednesday that the market impact of the U.S. sub-prime mortgage fallout is largely contained and that the global economy is as strong as it has been in decades.
U.S. Treasury Secretary Henry Paulson is in China this week, seeking parity on a number of economic issues. With American concern over the yawning trade and currency gaps, Congress has pressured the secretary to get results. How far will Beijing go to accomodate its key trading partner? "My hypothesis is the Chinese will do something --but not a lot," said Peter Morici, former director of economics at the U.S. International Trade Commission.
Here are a few things I'll be following this week, as the capital battles summer doldrums: Washington Watches Wall Street. Top Bush advisers I talked to over the weekend shrugged off last week's market turbulence. One noted dozens of movements of similar magnitude on a percentage basis in recent years. Another cited Ben Stein's observation that market hand-wringing is "not anything but smoke being blown." The Dow opens Monday 6 percent up for the year.
U.S. Treasury Secretary Henry Paulson Sunday acknowledged high trade tensions with China and said he would start a four-day visit by focusing on an issue with more common ground: the environment.
U.S. Treasury Secretary Henry Paulson also reiterated previous statements that he sees "subprime risk as largely contained" and that he is "very much for a strong dollar," noting that strong growth outside of the U.S. has driven the dollar lower.
Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
U.S. Treasury Secretary Henry Paulson told CNBC on Monday the United States needs to change the current corporate tax system and recommended cutting taxes in order to spur economic growth.
This is real-time coverage of Treasury Secretary Henry Paulson at the WSJ Deals & Dealmakers Conference
CNBC.com's Live Events Video Player carried all-day coverage of The Wall Street Journal Deals & Deal Makers Conference on Wednesday, June 27, 2007. Here are some of the video highlights.
U.S. Treasury Secretary Henry Paulson said it would be unwise and dangerous to single out hedge funds and private equity when revising the tax code.Speaking at the Wall Street Journal's Deals and Dealmakers Conference, which was shown live on CNBC.com, Paulson said proposals in Congress to boost the tax rate on hedge funds and private equity firms to 35% from 15% ignore the economic benefits of partnerships.
U.S. Treasury Secretary Henry Paulson said on Wednesday that China is helping to power the strongest global growth in decades, but as a major economic participant, China must address the need for economic reforms.
U.S. Treasury Secretary Henry Paulson on Thursday shrugged off a recent uptick in volatility in financial markets, and said overall conditions remain strong.
U.S. Treasury Secretary Henry Paulson, sharpening his tone on Chinese currency policy, said on Thursday that there was a mounting need for Beijing to let its yuan rise in value.
U.S. Treasury Secretary Henry Paulson said that some agreements made in recent economic talks with China will help create the basis for moving towards a market-determined currency exchange rate, but stressed the effort was a long path of small steps.