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The U.S. economy has "turned down sharply" and is at risk of weakening further because of the slump in housing, Treasury Secretary Henry Paulson said.
This is a timeline of the European Central Bank's rate decisions from 2007 to date.
The US trade deficit widened unexpectedly in February as imports of consumer and other goods set a record and grew faster than exports, which hit a record for the 12th consecutive month, a government report showed on Thursday.
The Federal Reserve will stop cutting interest rates once it is assured that the economic contraction is limited to the financial sector, PIMCO CEO Mohamed El-Arian told CNBC.
The dollar extended its fall against the yen Wednesday, dropping to session lows as U.S. stocks deepened losses after a surge in oil prices.
The Federal Reserve is mulling further steps to address liquidity problems in financial markets should measures taken to date fail to gain traction, a Fed official confirmed Wednesday.
The Bank of Japan left its interest rate target unchanged at 0.5 percent on Wednesday, as expected, in a unanimous vote.
Former Federal Chairman Alan Greenspan told CNBC he had little to do with the housing bubble or credit crisis despite criticism the Fed kept interest rates too low under his watch.
Former Federal Reserve Chairman Alan Greenspan has defended himself from charges that easy U.S. monetary policy created the current credit crisis by inflating a housing bubble, and instead blamed professional investors.
The U.S. dollar edged lower versus the euro on Tuesday as minutes of the last Federal Reserve meeting showed policy makers felt that a prolonged and severe economic downturn can't be ruled out.
Worries about a deep recession--not a shallow one--drove Fed policymakers to slash interest rates again last month, according to minutes of their meeting.
The following is the text of the minutes from the Federal Open Market Committee's meeting of March 18, issued on Tuesday:
A gauge of small business optimism in the United States sunk in March to a 22-year low, as small business owners clamped down on plans to create new jobs and expand business operations, a survey released Tuesday showed.
Spiraling food costs. Everyone is talking about it in Asia – over morning coffee, on the trains, over family dinners, even during the elevator ride up to work. In particular, the surging price of rice.
The U.S. dollar held steady against the euro Monday in European trading at the start of a week that will see the latest interest rate decision from the European Central Bank.
Recessions are part of capitalism. They happen every so often. We’ve had two in the last super-prosperous 25 years. And it looks like we’re entering a third one after Friday’s jobs-loss report.
Martin Feldstein, who heads the group that is considered the arbiter of U.S. recessions, told CNBC that he believes the U.S. has been sliding into a recession.
Japan's government put forward acting central bank governor Masaaki Shirakawa on Monday to head the Bank of Japan permanently, finally finding a candidate the veto-wielding opposition is likely to back after weeks of deadlock.
Australia's trade deficit blew out to a record in February as bad weather and supply bottlenecks dented exports of coal and iron ore, while solid business spending at home kept imports near all-time highs.
There is more than a 50 percent chance the United States could go into recession, former Federal Reserve chairman Alan Greenspan told Spain's El Pais newspaper in an interview published on Sunday.