Flashes of illumination rather than fireworks are expected at the annual meeting of top central bankers and economists in Jackson Hole, Wyoming.» Read More
Stocks fell sharply at the opening bell Monday after a trifecta of Wall Street pain: Lehman Brothers filed for bankruptcy, Merrill Lynch was bought by Bank of America and AIG asked the Fed for short-term financing.
Stocks looked set to plummet Monday after a trifecta of Wall Street pain: Lehman Brothers filed for bankruptcy, Merrill Lynch was bought by Bank of America and AIG asked the Fed for short-term financing.
Investors should prepare for the worst just in case it turns out that Ben Bernanke knows nothing yet again.
Is it possible? Might the Fed be thinking about cutting interest rates?
Attention Wall Street: Add the precipitous slowdown in consumer spending to the list of worries and reasons to think a recession is underway or imminent.
The Fed may start considering another interest rate cut at the end of this year or early 2009, which was widely considered out of the question a week ago.
Global financial leaders convened at an economic summit held at the University of Virginia to discuss the world's economic concerns. The conference tried to design a blueprint for how to solve some shared economic problems, such as the subprime mortgage crisis and rising fuel and food costs.
Despite a Fannie-Freddie takeover, a $168-billion stimulus measure, a housing rescue package and Fed rate cuts, the economy is still struggling. Now what?
Even with Friday's rebound, the market is down for the month and still well into bear territory. The reason: Investors don't see much reason to own stocks.
The surprising jump in August unemployment couldn't have come at a worse time for the already struggling housing market.
The unemployment rate zoomed to a five-year high of 6.1 percent in August, proof of the mounting damage the economy is inflicting on workers and businesses alike.
The dual mandate of the Federal Reserve is "too complicated a job for central banks to do, where the temptation to act opportunistically becomes almost irresistible," while inflation-targeting is the right objective for a central bank, former MPC member Professor Willem Buiter told CNBC Europe in a television interview.
The following is the full text of the Beige Book released by the Federal Reserve on September 3, 2008 and based on information collected on or before August 25, 2008:
Little attention has been paid to what a recession and spike in unemployment would do to an already battered housing market.
Even if the European Central Bank holds rates on Thursday the euro's supremacy on the currency markets is close to an end, analysts said on Wednesday.
The European Central Bank looks set to leave rates on hold on Thursday but the move is unlikely to contribute to a strengthening of the euro, as the signs of weakness in the euro zone economy intensify. Vote on which currency will gain the most by the end of the year.
Directors at the Federal Reserve Banks of Kansas City and Dallas sought quarter percentage-point hikes in the discount rate in late June through July to keep inflation at bay, Fed documents released on Tuesday showed.
The head of the European Central Bank should be running the Federal Reserve because he is doing a better job at protecting his economy, investor Jim Rogers, CEO of Rogers Holdings, told "Squawk Box Europe" on Friday.
Below is the minutes released by the Federal Open Market Committee after its July 24 meeting on interest rate policy:
Most Fed officials thought interest rates weren't too low at the August meeting, but they also expected their next move would be to boost rates, minutes show.