The Fed slashed U.S. interest rates by three-quarters of a point, the biggest rate cut in more than 23 years, in an emergency bid to support the U.S. economy.
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The consumer, spending and just where this market is headed right now are the main focus of everyone on the street. I'm down at the COMEX today watching how metals trade in reaction to the selloff we saw overnight in Asia.
If the market got what they wanted with a 75 bp cut by the Fed, why hasn't there been a stronger reaction? Futures initially rallied 40 points, but have fallen back again. There's two separate issues here:
While futures are at their lows, you would think that traders would have been in for hours, trading heavily. But volume is not that heavy; Chinese stocks down 10 percent-20 percent, and energy and material stocks are down 5 percent to 10 percent--but on light volume.
The Bank of Japan left interest rates unchanged as expected on Tuesday, as fear of a U.S. recession sent stocks tumbling around the world, with the central bank poised to warn of slower growth in an economic review due out in a few hours.
Major U.S. indexes have broken key technical support levels, leaving the stock market vulnerable to further declines and the turbulence could get worse, according to chart watchers.
Forget rate cuts and stimulus packages. In Wall Street's eyes, the recession is already here and the credit crunch is far from over.
Weaker U.S. growth means that more interest rate cuts are "quite possible" but inflation is also still a risk, Federal Reserve Bank of Richmond President Jeffrey Lacker said Friday.
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.
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.