*Poloz dampens talk of possible interest rate cut. MONTREAL, Dec 12- The Bank of Canada is likely to keep interest rates on hold "for quite some time," Governor Stephen Poloz said on Thursday, dampening talk that it was edging closer to cutting rates in order to combat low inflation.» Read More
President Bush outlined reforms to help struggling subprime mortgage borrowers. This is the president's first formal response to the subprime housing crisis since the problem began snowballing this past February.
Core U.S. consumer prices rose by a less-than-expected 0.1 percent in July, showing stable prices that held the year-on-year rate of nonfood, nonenergy inflation to 1.9 percent for the second month in a row, the Commerce Department said Friday.
Inflation numbers are good for those who want a rate cut. The PCE deflator shows moderating inflation. U.S. futures--as well as European bourses--are also rallying because of President Bush's proposal to help homeowners who cannot pay their mortgages.
Australian consumers spent freely for a second straight month in July as strong employment, high consumer confidence and generous tax cuts combined to get the third quarter off to a brisk start.
Australia's central bank on Friday provided the banking system with less money than its estimated need, as it struggled to ease upward pressure on some market interest rates.
Federal Reserve Chairman Ben Bernanke is poised to make what may be his most important speech to date on Friday, when he addresses the annual monetary policy symposium at Jackson Hole, Wyo. CNBC's senior economics reporter Steve Liesman is stationed at Jackson Hole, offering the latest developments as they happen.
Federal Reserve Chairman Ben Bernanke is under intense pressure to signal a rate cut when he takes center stage Friday at a gathering of central bankers in Jackson Hole, Wyoming.
Stocks closed mostly lower after a day of choppy trading as investors worried whether Federal Reserve Chairman Ben Bernanke would signal a possible interest rate cut during a speech Friday morning. Volume was very light but without extreme volatility," said Scott Fullman, director of investment strategy, for IA Englander.
There's a calmer tone on Wall Street for now, but traders doubt it will stay that way. Stock futures are higher and had been gradually improving ahead of the opening. RWH Financial's Bob Iaccino said on "Squawk Box" that some of that move has more to do with trader hesitancy about today and short covering.
A mortgage broker writes into the Realty Check mailbox, quite enraged about a memo she received from Countrywide. I called the nation's largest lender to get the document verified. Officials there say it is real, although part of an even larger document. I've asked for a response from Countrywide, and I will post it should I get it.
Strong business investment and higher exports drove the U.S. economy ahead at a robust 4 percent annual rate in the second quarter before turmoil in credit markets struck that is expected to brake growth ahead.
The reason we are getting these CRAZY swings in the stock market is because traders are confused about the direction of the economy. Specifically, they are uncertain about the impact of the credit crunch on consumers and corporations.
Tomorrow is the end of the month, significant for several reasons, including: 1) end of the quarter for a number of brokerages, including Morgan Stanley, Bear Stearns, and Lehman Brothers, and 2) a large amount of asset-backed commercial paper (ABCP) will be rolling over.
The U.S. Federal Reserve is not rushing to cut benchmark interest rates because it wants to break investors of the view that the central bank is there to bail them out, an article in the Wall Street Journal said on Thursday.
The Bank of Japan policy board's lone advocate of a rate hike said on Thursday a cut in U.S. rates would change the basis of discussion, as central banks wonder how gyrating markets will affect the world economy.
CEOs, politicians and economists are bringing up the "R" word these days. And nearly all of them have a simple solution: the Fed should cut interest rates--and soon.
Yesterday, the Dow DROPPED about 250 points as the Fed minutes from its August 7th meeting lent very little support to the idea that the Fed would cut rates at its September 18th meeting. Today, the Dow RALLIED about 250 points as a letter from Ben Bernanke to Sen. Charles Schumer contained unmistakably tones that the Fed was on top of things.
I received some interesting responses to today's blog on homeowners insurance in the South. Keep 'em coming! From RLB: Hurricane shutters are a great idea; costly but great. I've got sets on 2 of the six properties I own. But of my situation, and many other investors, they are incredibly expensive.
1st paragraph of story should go here
Fed policymakers in early August acknowledged they might have to ease a growing credit crunch but hoped for "more normal market conditions" without intervention.