ISLAMABAD, Jan 24- Pakistan's central bank cut its key discount rate to 8.5 percent from 9.5 percent on Saturday, in line with analyst expectations and citing lower inflationary pressure due to falling global oil prices. The International Monetary Fund saved Pakistan from possible default in 2013 by agreeing to lend it $6.8 billion over three years.» Read More
The Labor Department said it was the largest fall in producer prices since a 1.5 percent dip in October 2006.
A relatively tame inflation number and no mean surprises in Lehman Brothers earnings this morning is giving support to stocks ahead of the Fed's momentous decision today. Traders are also watching oil prices crack yet another record level.
Consumer prices in Britain fell slightly in August, the government said Tuesday.
U.S. Treasury debt prices eased on Monday, as investors pared bets for a more aggressive interest rate cut from the Federal Reserve absent any further deterioration in the economy.
Fed policymakers meet Tuesday in one of the most closely watched central bank meetings in years. CNBC asked the experts what they expect the Fed to do and what impact it will have on the economy and markets.
I don’t have any real numbers from Hovnanian yet, but the spin abounds. The head of PR for the homebuilder’s Northeast region claims it was a huge success, thousands of people visited homes and one area at least sold out. Again, I have no real numbers, and Hovnanian says they’re not releasing any numbers until tomorrow earliest.
Alan Greenspan keeps making news, even after leaving the Federal Reserve chairman’s post. Last week, he released his memoirs, taking the Bush Administration to task; and he told CNBC the housing bubble was "unavoidable." Here is a sampling of our broadcast coverage, including an exclusive Greenspan interview with senior economics reporter Steve Liesman.
Ok well I guess the jury is in and the court finds in favor of Hovnanian Enterprises. The company issued a press release this afternoon saying they had gross sales of 2100 homes over the weekend: that's 1,700 contracts with 400 deposit.
Thousands of customers queued to withdraw savings from embattled British bank Northern Rock on Monday and its shares plunged again, heightening pressure for a sale of the business or its assets.
Former Federal Reserve Chairman Alan Greenspan also says the chances of a recession have risen from January, when he said there was about a 33% chance.
As the Dow and S&P 500 jumped 2% this week ahead of next week’s Fed meeting, is it possible the market already got the rate cut rally it has been jonesing for? Futures traders believe with certainly the Fed will cut the target rate at least 5%, but will it even matter for equities?
U.S. Treasury Secretary Henry Paulson said on Monday he expected market turbulence to continue for a while, but said the current turmoil was occurring against the backdrop of global financial strength.
U.S. Treasurys eased Friday after soft economic data supported expectations of a modest interest rate cut by the Fed next week but disappointed investors betting on an aggressive reduction.
Even if the Fed cuts interest rates on Tuesday, as most expect, stocks aren't likely to show much enthusiasm. The reason: credit market jitters probably won't subside soon, as Treasury Secretary Henry Paulson acknowledged to CNBC.
U.S. stock futures are pointing lower this morning as new credit worries in Europe drag down banking shares there and wipe out yesterday's euphoria in the financial sector.
Treasury Secretary Henry Paulson told CNBC Friday that it will take time to work through the problems contributing to current financial market turmoil but expressed confidence U.S. growth will not be derailed.
Sales at U.S. retailers rose a smaller-than-expected 0.3% in August and recorded the biggest decline in almost a year when car sales are excluded. Meanwhile, consumer sentiment was steady in early September.
Britain's financial authorities stepped in to rescue mortgage lender Northern Rock on Friday as the group, which has lent aggressively to home buyers, fell victim to the sharp rise in borrowing costs between banks.
This credit problem is taking me back to the last big story I worked on where a financial economy crisis had real economy consequences: the Asian market meltdown of 1997.
Several issues weighing on the markets today. Liquidity issues again coming to the fore, this time in the U.K. 1) Northern Rock, the 4th largest mortgage company in the UK, has sought emergency funding from the Bank of England because it won't be able to roll over obligations that are coming due over the next few weeks.