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President Barack Obama says new revelations of big bank bonuses underscore the need for the financial regulation bill he signed into law this week.
Friday at noon, New York time, 91 banks in Europe will reveal how strong they would be if the region went back into recession over the next two years and the sovereign debt they hold plunged in value.
Ben Bernanke threw a curveball Wednesday in his midterm report to Congress. The Fed view of the economy has been downgraded since its last report in February. This is not totally new news, since the June FOMC minutes reported this downgrade.
Nearly two-thirds of Americans believe that the economy has yet to hit bottom, meaning a double-dip recession is expected, a nationwide survey from Citigroup showed Thursday.
Federal Reserve Chairman Ben Bernanke told Congress Wednesday the economic outlook remains "unusually uncertain," and the central bank is ready to take new steps to keep the recovery alive if the economy worsens.
Below is the full testimony by Chairman Bernanke on the Semiannual Monetary Policy Report to the Congress, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.
Several factors have aligned to hurt what was once a vibrant and reliable labor market, pushing the unemployment rate to more than 27 percent.
Over the next two days,Federal Reserve Chairman Ben Bernanke will present his semiannual review of monetary policy to Congress. All of these are central for understanding the central problem of the US economy: lack of job creation.
Weaker economic growth might help stocks because it would force the Federal Reserve to maintain its easy-money stance for longer, Jim O'Neill, head of global economics research at Goldman Sachs, told CNBC Wednesday.
The raft of U.S. government stimulus measures, designed to backstop the tentative economic recovery and avert a double-dip recession, appears to be drawing to an end and that would place a serious drag on economic growth, according to a report from Goldman Sachs.
Confidence in a stable, expanding economy and a stock market that is fair are key investor issues, William O’Brien, CEO of DirectEdge, told CNBC Tuesday.
Now is not the time to cut off unemployment benefits in this country. Admittedly, extending the benefits will add to the Federal budget deficit, but not doing so will add to mortgage delinquencies and homelessness and will only serve to impede the still fragile recovery currently under way.
Most states across the country saw an improvement in employment in June as jobless rates dropped from the previous month. But the decline comes from fewer people looking for work.
Expectant parents shopping for a home are not the only ones concerned about the date of the baby’s arrival. Mortgage lenders are taking a harder look at prospective borrowers whose income has temporarily fallen while they are on leave, including new parents at home taking care of a baby.
Investors are dissatisfied with earnings because companies are showing strong bottom lines but not strong enough growth in revenue, Pimco's Mohamed El-Erian told CNBC.
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Unemployment benefits should be extended for humanitarian reasons, billionaire businessman Mort Zuckerman told CNBC Monday.
The US ban on offshore drilling could have long-term consequences on oil prices, Nobuo Tanaka, executive director of the International Energy Agency, told CNBC Monday, on the eve of the three-month anniversary of the BP Gulf of Mexico oil spill that led to the moratorium.
It seems that some days all news is good news to the stock market and the next day all news is bad news. And other times it seems as though the stock market extrapolates one single economic indicator as though it alone matters.
The number of companies reporting layoffs and job cuts through attrition is down by half from a year ago and about steady with the first quarter of this year, NABE found. Meanwhile, the number of businesses hiring jumped to 31 percent from 6 percent.