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The Bank of England denied on Thursday it had performed a U-turn over its stance on not bailing out markets in the Northern Rock case.
The following is the full transcript of the speech made by Federal Reserve Chairman Ben Bernanke on Sept. 20, 2007, before the U.S. House of Representatives' Committee on Financial Services, on the subject of subprime mortgage lending and mitigating foreclosures.
British retail sales volumes rose more strongly than expected in August but retailers had to slash prices for a second consecutive month to lure in customers, official data showed on Thursday.
Two days after Federal Reserve Chairman Ben Bernanke got a vote of confidence from the markets for the Fed's half point rate cut, he and Treasury Secretary Henry Paulson head to Capital Hill for a hearing on the mortgage mess. They appear before the House Financial Services Committee starting at 10 a.m. Thursday.
The stock market's got some of its swagger back. Flush with a new infusion of confidence, investors will carry that into Wednesday. Before the opening bell on Wall Street, we'll get a look at consumer inflation data, August housing starts and another big broker's earnings. But there certainly should be some afterglow from Tuesday's Fed-fired rally cooked into the start of trading.
Chatter on the street is that Goldman Sachs can't help but beat Wall Street's estimates when it reports earnings tomorrow. For that reason, it's one of the few in the brokerage group still holding onto gains at the close. Goldman stock closed up 2.5%. Bear Stearns, also reporting tomorrow, fell 3%. Morgan Stanley was down 2% after a disappointing report this morning, and Lehman was down a half a percent. Merrill Lynch though was 1% higher.
The dollar rallied from a 15-year low against a basket of currencies Wednesday, as investors bet the Federal Reserve's interest rate cut Tuesday will help boost a slowing U.S. economy.
Maybe even as much as a full percent, Cramer said. Annaly Capital is the best way to play it.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Chief executives such as Ara Hovnanian were the among the loudest voices calling for the Federal Reserve to cut interest rates. Now, after the Fed's surprisingly sharp reduction in rates on Tuesday, CNBC asked several CEOs if they're happy.
Wells Fargo Chairman Richard Kovacevich said Wednesday the U.S. mortgage industry will recover following further short-term pain, led by better-diversified lenders less exposed to market vagaries.
The Fed’s rate cuts will do little if anything to help the mortgage and housing industries in the short-term--and the central bank is just at the beginning of a long, hard fight to head off a recession, experts say.
The short answer is: not today. I realize the CNBC audience doesn't need an explanation of why a Fed rate cut doesn't mean that you're suddenly saving hundreds of dollars a month on your 30-year fixed. Yes, it may slightly affect adjustable rate mortgage interest rates, and certainly some home equity lines, but the troubles in the housing market are far too vast right now to respond suddenly to a little ol' rate cut.
Forget the knee jerk euphoria. Was Tuesday's Fed move the right one and does it signal the okay to jump back into stocks?
U.S. consumer prices unexpectedly dipped 0.1 percent last month and new home construction hit a 12-year low, data Wednesday showed, underlining concerns about the country's economic outlook.
European shares closed higher, with the financial sector advancing strongly, after the U.S. Federal Reserve decided to slash interest rates in order to offer relief to troubled credit markets.
Finally, the Fed gets it right. Now the bull is back.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
The Bank of England made a surprise U-turn on Wednesday, offering to inject 10 billion pounds ($20 billion) next week into money markets in a bid to bring three-month interest rates down.
Applications for U.S. home mortgages climbed for a third straight week as more borrowers sought to refinance loans on which payments may be about to rise, an industry group said Wednesday.
Like the tides, the wave of good feelings that swept over Wall Street and Main Street with the Federal Reserve's big rate cut could ebb just as quickly.
All nine members of the Bank of England's Monetary Policy Committee voted to keep interest rates at 5.75% earlier this month, judging it was too soon to tell how financial market troubles would play out.