CNBC's Rick Santelli discusses how today's jobs number is impacting the dollar/yen trade, yields, and the financial sector.» Read More
Tight central bank monetary policies and well-grounded expectations of low inflation are to thank for low inflation in recent years, not globalization, Federal Reserve Governor Frederic Mishkin said on Thursday.
New orders for costly U.S.-manufactured goods dropped at the sharpest rate in seven months during August as demand fell across nearly every major category.
High energy prices, the housing slump and worries about a recession may not have as much impact on holiday sales.
The text from a speech given by Ben Bernanke on "Education and Economic Competitiveness" in Washington D.C. on September 24, 2007.
More education for U.S. workers of all ages could help slow an anticipated moderation of productivity growth as the population ages, Federal Reserve Chairman Ben Bernanke said on Monday.
There's a lot of concern about whether a weaker dollar could cause higher U.S. inflation, but CNBC’s Steve Liesman says not so fast.
Federal Reserve Vice Chairman Donald Kohn, who has opposed setting inflation targets at the U.S. central bank, Friday said inflation goals can hold expectations steady and provide workers and businesses more certainty about the course of inflation.
There's a lot of talk on the Hill today about raising the conforming loan limit for Fannie and Freddie from its current $417,000. Treasury Secretary Henry Paulson said, "There is little question that allowing the GSEs to securitize jumbo mortgages would give a short term lift, which would be helpful to a segment of the housing market that has shown some recent improvement but is not functioning as normal."
Federal Chairman Ben Bernanke told Congress the credit crisis has created "significant market stress" and offered fresh assurances that regulators would take steps to curb fallout from the mortgage mess.
Is Ben Bernanke more aggressive than Greenspan by nature? Does inflation still worry him? In Wednesday’s Face 2 Face go inside Ben's brain with someone who knows Bernanke well.
U.S. government debt prices fell Thursday, extending earlier losses, after a surprise decline in weekly jobless claims scaled back worries about labor weakness and overall health of the economy.
Federal Reserve Chairman Ben Bernanke is back on the hot seat today and Wall Street, meanwhile is sifting through some big earnings reports. What look to be strong earnings from Goldman Sachs improved early sentiment. Goldman Sachs, as expected, handily beat earnings estimates with profits of $2.85 billion, or $6.13 per share, compared to an estimated $4.37 per share. The numbers included $1.71 billion in losses related to leverage loans, which in part was offset by a gain from the sale of wind power company Horizon Energy.
The following is the full transcript of the speech made by Federal Reserve Chairman Ben Bernanke on Sept. 20, 2007, before the U.S. House of Representatives' Committee on Financial Services, on the subject of subprime mortgage lending and mitigating foreclosures.
Two days after Federal Reserve Chairman Ben Bernanke got a vote of confidence from the markets for the Fed's half point rate cut, he and Treasury Secretary Henry Paulson head to Capital Hill for a hearing on the mortgage mess. They appear before the House Financial Services Committee starting at 10 a.m. Thursday.
The stock market's got some of its swagger back. Flush with a new infusion of confidence, investors will carry that into Wednesday. Before the opening bell on Wall Street, we'll get a look at consumer inflation data, August housing starts and another big broker's earnings. But there certainly should be some afterglow from Tuesday's Fed-fired rally cooked into the start of trading.
Chatter on the street is that Goldman Sachs can't help but beat Wall Street's estimates when it reports earnings tomorrow. For that reason, it's one of the few in the brokerage group still holding onto gains at the close. Goldman stock closed up 2.5%. Bear Stearns, also reporting tomorrow, fell 3%. Morgan Stanley was down 2% after a disappointing report this morning, and Lehman was down a half a percent. Merrill Lynch though was 1% higher.
Chief executives such as Ara Hovnanian were the among the loudest voices calling for the Federal Reserve to cut interest rates. Now, after the Fed's surprisingly sharp reduction in rates on Tuesday, CNBC asked several CEOs if they're happy.
The Fed’s rate cuts will do little if anything to help the mortgage and housing industries in the short-term--and the central bank is just at the beginning of a long, hard fight to head off a recession, experts say.
The short answer is: not today. I realize the CNBC audience doesn't need an explanation of why a Fed rate cut doesn't mean that you're suddenly saving hundreds of dollars a month on your 30-year fixed. Yes, it may slightly affect adjustable rate mortgage interest rates, and certainly some home equity lines, but the troubles in the housing market are far too vast right now to respond suddenly to a little ol' rate cut.