CNBC's Sara Eisen reports the Senate Banking Committee considers the nomination of Stanley Fischer for Fed Vice Chairman.» Read More
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.
With the decline in oil prices, inflationary pressures are easing for the moment. The Federal Reserve’s policy makers all acknowledge as much. But that has not halted their debate over whether to raise interest rates now to avoid higher inflation in the future.
The financial sector's comeback and a more than $6 a barrel drop in oil prices gave stocks and end of the week pick-me up. Still, major indexes finished lower for the week and oil managed just mild gain.
As U.S. Fed chiefs met in Jackson Hole, Wyoming to discuss ways of preventing another credit crisis, CNBC's Steve Liesman asked top economic minds for their insight on the government's actions.
Stocks advanced Friday after a double shot of soothing comments from Federal Reserve Chairman Ben Bernanke and the Oracle of Omaha, Warren Buffett. A $4 drop in oil prices also gave the market a boost. Financials blazed the trail amid speculation of a Lehman takeover.
Stocks advanced Friday after a double shot of soothing comments from Federal Reserve Chairman Ben Bernanke and the Oracle of Omaha, Warren Buffett. A $3 drop in oil prices also gave the market a boost.
Federal Chairman Ben Bernanke indicated the Fed should be able to keep interest rates low for some time, as the recent drop in commodity prices should reduce the threat of inflation.
Stock-index futures jumped after Warren Buffett weighed in on everything from the dollar to Fannie mae and Freddie Mac.
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Warren Buffett tells our Becky Quick that he has been adding recently to one of the two stakes Berkshire Hathaway already has in a pair of financial stocks: American Express and Wells Fargo. But, in keeping his custom of not revealing too much, he won't say which one. Even so, investors are bidding up the price of both stocks this morning. It's just one of many comments Buffett made during a series of live appearances with CNBC's Becky Quick throughout this morning's three hours of Squawk Box. Here's a summary of the highlights.
Fed Chairman Ben Bernanke is scheduled to comment on Friday about the financial crisis. How will his words influence trading?