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U.S. consumers' mood brightened a bit in January, defying expectations driven by the constant drumbeat of talk about a possible recession, weak jobs market and falling stock prices.
Wall Street is sending a clear message to Washington: an economic stimulus plan and Fed rate cuts are too little, too late.
The dollar dropped Thursday after Federal Reserve Chairman Ben Bernanke told a congressional committee that more interest rate cuts may be necessary and that the U.S. economic outlook has worsened.
Federal Chairman Bernanke told lawmakers that extending tax cuts put in place during the Bush administration could have a positive long-term effect on the economy.
Most analysts say Fed Chairman Bernanke will move cautiously even if the Fed cuts interest rates by half a percentage point at its Jan. 29-30 meeting, as many now expect.
U.S. home building projects started in December fell by 14.2 percent to the lowest pace inmore than 16 years, but jobless claims fell unexpectedly last week.
A Federal Reserve official and a state secretary warned Thursday the slowdown in the U.S. economy was quickening, because of weak housing prices, falling stock prices and rising energy costs.
Fed Chairman Bernanke has indicated he is open to congressional and White House efforts to develop a rescue package to avert a recession.
The Austrian capital is the city where the old EU meets the new EU. Teeming with international organizations, it's also the city that was the first to foray into Eastern European banking and the destination for tasty pastry.
China's recently introduced price controls are aimed at stabilizing inflationary expectations and will not distort the market economy, planning officials said on Thursday.
Employment in Australia recorded another solid rise in December while the jobless rate fell by more than expected, underlining a domestic case for a rise in interest rates, even as a troubled global outlook argued against one.
Democratic and Republican leaders of the U.S. House agreed to develop a bipartisan economic stimulus plan to help avert a possible recession.
The euro plunged against the U.S. dollar after a European Central Bank official told Bloomberg News the central bank may revise down its euro zone growth forecasts for 2008.
U.S. consumer prices rose a modest 0.3 percent in December, slightly worse than expected, while industrial output was unchanged, beating forecasts.
Federal Reserve Chairman Ben Bernanke wants Congress to act quickly to pass an economic stimulus package, Sen. Charles Schumer told CNBC.
The U.S. economy continued to grow in the final weeks of the fourth quarter but the paceof activity slackened amid subdued holiday spending and a weak housing sector.
Higher energy and food prices may be hitting many Americans, but fears of a recession are likely to overshadow Wednesday's report on consumer prices.
European markets ended sharply lower Tuesday, tracking U.S. stocks, which were dragged down by weak retail sales and an announcement by Citigroup of a bigger-than-expected fourth-quarter loss of $9.83 billion.
The dollar Tuesday fell to its lowest against the yen since June 2005 and extended declines against the euro after U.S. retail sales data provided further evidence an economic slowdown was spreading to the consumer.
American shoppers cut back on spending at the nation's retailers by 0.4 percent in December, the most in six months, in a gloomy report that fanned fears of a recession.