Ed Clark, CEO of TD Bank Group, discusses his company's "solid" quarter, how low interest rates have impacted his business, and what trends he sees in the economy.» Read More
Unless you were trapped under something heavy this morning, you’ve probably heard about the Treasury Dept.’s impending deal with major lenders to freeze interest rates on certain subprime loans. This is all coming out of the “Hope Now” alliance, which was originally launched by Henry Paulson and designed to get lenders in better communication with borrowers.
Federal Reserve Chairman Ben Bernanke said on Thursday a resurgence in financial strains in recent weeks had dimmed the outlook for the U.S. economy, signaling an openness to lowering interest rates again.
Higher energy and food prices saw Japan's core consumer prices record their first annual rise in 10 months in October, but the modest 0.1 percent gain only slightly boosted expectations of a rate hike early next year.
Stocks closed slightly higher as investors waited to see whether tonight's speech by Federal Reserve Chairman Ben Bernanke would signal further cuts in interest rates.
Softer-than-expected new-home sales and a surge in jobless claims heightened fears of a steep U.S. economic slide.
The White House lowered its U.S. economic growth forecast for 2008 Thursday because of trouble in the housing and credit markets, but said the economy remained resilient and a six-year expansion would continue
The U.S. economy grew at a robust 4.9% rate in the third quarter, but a surge in jobless claims last week signaled a major slowdown in the fourth quarter.
The Bank of England will offer commercial banks emergency funds with longer repayment terms when it lends money next month, to ease potentially tight money markets at the end of the year, officials said Thursday.
The bad news that was scaring the markets has, for now, become the good news. Remember Monday. Things were dire. The major stock indexes were in a tailspin, sinking to a level 10% from October's highs, technically a correction. But that's all changed, and in part it's because the markets are now convinced the Fed recognizes what ails it.
Bear Stearns is only the latest Wall Street firm to cut jobs. In recent months, U.S. banks and financial service companies with banking operations having been slashing tens of thousands of positions.
Stocks staged one of the biggest rallies of the year as hopes for a Federal Reserve interest cut boosted financial services companies for a second day, while falling oil prices eased concern about higher energy costs.
The economy grew at a slower pace in the late fall as shoppers watched their pennies heading into the busy holiday season.
The economy may avoid a recession in the year ahead but it's almost certain that there will be months of slow growth.
Fed Vice Chairman Donald Kohn, in one speech, has changed Wall Street's view on the Fed. While most market players have expected the Fed to cut rates, the Fed itself seemed to be sending another message and that had some investors vexed.
New orders for long-lasting U.S.-made manufactured goods dropped for a third month in a row during October and companies appeared wary about making new investments, according to a Commerce Department report on Wednesday.
U.S. consumer confidence fell unexpectedly sharply in November to a two-year low on worries about rising gas prices and financial market volatility.
Goldman Sachs on Tuesday slashed its target for the expected trough in U.S. benchmark interest rates by a full percentage point, citing an increased probability of recession and the likelihood of a prolonged period of sluggish performance for the U.S. economy.
A parade of economic data in the next couple weeks will tell volumes about the economy and the Fed’s chances for achieving a soft landing.
The odds now point to a U.S. economic recession that slows global growth significantly even if necessary policy changes are implemented, former U.S. Treasury secretary Larry Summers said.
European shares are expected to edge higher on Friday, following a mostly upbeat session in Asia but gains will likely be tempered as investors wait for U.S. markets to reopen after a public holiday.