Federal Reserve
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Rounding up this week's market action, with Amy Wu, RBC Capital Markets; Sameer Samana, Wells Fargo Advisors; Ryan Lewenza, TD; and Peter Sorrentino, Huntington Asset Advisors.
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The U.S. Treasury said on Wednesday it will resurrect the 3-year note and conduct more frequent auctions of 10-year notes and 30-year bonds to cope with staggering borrowing needs that some say could reach $2 trillion in the current fiscal year.
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The United States needs a new fiscal policy boost to complement aggressive steps taken by the Federal Reserve to shield the economy from a global credit crisis, one of its top policy-makers said on Tuesday.
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Australia slashed interest rates Tuesday, presaging cuts expected in Europe later this week in the face of mounting evidence that the global financial crisis has already pushed much of the world into a damaging recession.
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Consumer confidence suffered its steepest monthly drop on record in October, a survey showed Friday, as the worst financial crisis in generations took its toll.
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U.S. consumers cut their monthly spending for the first time in two years during September, evidently bracing for hard times as jobs continue to disappear and credit conditions tighten.
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U.S. banks' direct borrowing from the Federal Reserve fell last week, although it remained at very high levels even as the U.S. central bank made its first foray into the commercial lending markets, Fed data showed
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Recent trends in the U.S. economy are "deeply worrisome" at a time damage from the credit crunch has outpaced the Federal Reserve's huge interest rate cuts, a top Fed policy-maker said Thursday.
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Lawmakers have called key players from the past and present to congressional hearings in an effort to find out what caused the biggest financial crisis since the 1930s and determine how the government plans to get the nation out of the mess.
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Democrats in Congress say any new economic stimulus bill would probably include road and bridge construction, help for state budgets and maybe new tax rebates.
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U.S. President Bush Wednesday signed into law a housing rescue plan passed by Congress as foreclosures rise and property values slump, including emergency backstop credits for the big mortgag elenders.
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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.
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Troubled by the Bear Stearns debacle, former Federal Reserve Chairman Alan Greenspan is advocating a new way of dealing with government bailouts of companies whose sudden collapse could wreak havoc on the country's economic and financial stability.
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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.
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The dollar rose on Monday to its highest this year against a basket of major currencies, boosted by a sharp fall in oil prices, while sterling extended its recent slide and fell to new record lows against the euro.
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The U.S. dollar rallied against a currency basket Friday, on track for its best monthly gain in nearly 16 years, boosted by a batch of data showing a far more stable growth path for the United States than the rest of the world.
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The U.S. dollar eased off a seven-month peak against the yen on Monday, halting an 11-day advance against a basket of currencies, as falling stocks and rebounding gold saw investors skim profits off a recent rally.
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When Fed officials gathered for their annual Jackson Hole conference last August, Bear Stearns shares traded at over $100, interest rates were 5.25% and oil cost $70 a barrel.
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Chicago Federal Reserve Bank President Charles Evans on Friday said he is worried that high energy prices are feeding through to core inflation, but added that resource slack from the slow economy could help mute price pressures over time.
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The U.S. dollar jumped to a six-month high against the euro Friday amid signs the U.S. economic slowdown may be bottoming while growth in the euro zone stalls.
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U.S. industrial production edged up 0.2 percent in July, boosted by the best gain in manufacturing output in 10 months, a Federal Reserve report on Friday showed.