Flashes of illumination rather than fireworks are expected at the annual meeting of top central bankers and economists in Jackson Hole, Wyoming.» Read More
Federal Reserve Chairman Ben Bernanke on Wednesday urged financial institutions that specialize in community development and banking to the poor to take steps to ensure they emerge from the financial crisis stronger.
Below is the full transcript from the interview with President Obama on June 16th, 2009.
I think Ben Bernanke knows the way out of what could be an inflationary mess, with all the stimulus that is being introduced....I think he knows the way out, and we should let him take it. I'm fearful that the Chairmanship of the Federal Reserve is going to be politicized, and, while we are not worried about near-term inflation, we sure better have a guy who knows the way out when the time comes.
St. Louis Fed President James Bullard told CNBC Monday that he is cautiously optimistic that there will be economic growth in the US during the second half of the year.
President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America's troubled financial institutions, proposing the most ambitious revision since the Great Depression.
The long-running and personal feud between Mr. Dugan and Ms. Bair is now helping to shape President Obama ’s attempt to revamp financial regulation aimed at preventing the regulatory lapses that contributed to the economic crisis.
“I would assume this will go down to the wire," says one economist. “The jury is still out on whether all these programs are working or not working. There’s no mileage for the administration to declare early.”
Did the Federal Reserve’s Ben Bernanke lie about pressuring the Bank of America not to back out of the Merrill Lynch merger? BofA spacer CEO Ken Lewis made this charge to New York AG Andrew Cuomo, and basically repeated it with a bit of sugar-coating in a House hearing today on Capitol Hill.
The US Dollar Index, which averages the exchange rates between the US dollar and six major world currencies, has fallen over 10 percent since the high on March 5, 2009.
The Federal Reserve's balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant's Interest Rate Observer, told CNBC.
A Fed interest rate hike in the coming months is being viewed with caution by analysts, who say the economy is nowhere near ready for a brake on growth.
The Obama administration needs to present a detailed plan to investors to show how it will "restore fiscal sustainability," Pimco CEO Mohamed El-Erian told CNBC.
The recent surge in interest rates is threatening not only the housing market but the overall economic recovery and three-month-long stock rally, experts say .
As the president’s advisers have struggled with the economic crisis, Lawrence H. Summers is often at the center of heated debates.
Despite recent signs that the economy is improving, slow growth will continue to be the "new normal" for investors, Pimco co-CEO Bill Gross told CNBC.
Testifying before the House Budget Committee this week, Ben Bernanke said that when the time comes, the Fed will raise interest rates in order to stop inflation from building in the next recovery. He also asked for “fiscal balance” to sustain financial stability.
New U.S. jobless claims fell for a third straight week last week; productivity rose 1.6 percent. What does this herald for the stock markets? Art Cashin, UBS Financial Services director of floor operations, offered his insights to CNBC.
Fed Chairman Ben Bernanke, in his testimony to Congress yesterday, sounded the alarm bell for political leaders to put in place a plan to restore balance to the nation's fiscal books.
Kansas City Federal Reserve President Hoenig said that due to the funding needs of the Treasury "it is clear that interest rates must rise." Our dear Uncle Ben said quite clearly in testimony on Wednesday that the "Fed will not monetize the debt."
Stocks snapped a four-day winning streak Wednesday after a trio of weak economic reports tarnished the shine on recovery hopes. Wal-Mart led the few Dow gainers after an analyst's remarks.