BEIJING, March 8- It will be hard for China to avoid short-term economic pain from interest rate reforms, central bank governor Zhou Xiaochuan was quoted by state television on Saturday as saying.» Read More
Inflation in the 13 euro nations was 1.7% in August, the European Union's statistical agency said Friday, lowering its earlier estimate of 1.8%.
China raised interest rates Friday for the fifth time this year amid signs that repeated attempts to cool the sizzling economy so far have had little effect.
U.S. Treasury debt prices fell for a third day Thursday as signs of stability in the distressed credit markets caused investors to switch out of safe-haven government bonds.
Former Federal Reserve Chairman Alan Greenspan said he was late to see the storm gathering around U.S. mortgage lending practices and commended his successor Ben Bernanke's handling of the crisis, saying he would likely be responding in a similar fashion.
Americans are relatively unconcerned about the subprime mortgage troubles, and they say President Bush is doing a better job, according to the latest NBC News/Wall Street Journal poll.
Federal Reserve Chairman Ben Bernanke is scheduled to testify before the House Financial Services Committee on Sept. 20, a spokesman for the panel said.
The current turmoil makes a restart of the European Central Bank's tightening cycle uncertain. It will take months before financial markets return to normal.
The number of U.S. workers signing up for jobless benefits edged up a smaller-than-expected 4,000 in a holiday-shortened week, a government report showed on Thursday.
The Bank of England made on Thursday its biggest concession yet to banks caught up in the credit crisis, giving them greater flexibility on how much cash they can borrow without penalty to manage daily cashflow.
Risks to global expansion have recently increased due to tensions in the U.S. subprime mortgage market and there are fears of growing spillovers to other segments, the European Central Bank said on Thursday.
I'm just back from China. We spent a week shooting interviews with the heads of some of the largest listed Chinese companies. All of this was against the backdrop of the World Economic Forum event in Dalian, the northeastern coastal resort city. A great chance to get among the business community and get a feel for the strength of underlying profit growth.
China's industrial output slowed more than expected in August in a tentative sign that tightening measures and tax changes aimed at slowing the world's fastest-growing major economy may be working.
New Zealand's central bank kept interest rates on hold at 8.25%, as expected, on Thursday amid a slowing domestic economy and global credit market turmoil.
Whether by dumb luck or intelligent design, Federal Reserve officials appear to have squeezed their way out of a dangerous policy trap.
U.S. Treasury Secretary Henry Paulson said on Wednesday a recovery in the subprime mortgage market will be slowed by a wave of interest rate resets and urged lenders to help troubled borrowers.
I have to admit I don’t know much about our nation’s Treasury Secretary. I do know that he followed orders from his boss today, and met with some of the country’s largest mortgage lenders. It’s all part of President Bush’s “Foreclosure Avoidance Initiative,” that he announced less than two weeks ago.
Market analysts, however, say data on mortgage applications may be artificially inflated because prospective borrowers have been filing multiple applications to obtain a single loan due to widespread tightening of lending standards resulting from a sharp rise in defaults in the subprime mortgage market, which caters to borrowers with poor credit histories.
Ongoing weakness in the housing market will push the national economy to the brink of recession, but growth in other areas should put the country back on a slow road to recovery by 2009, according to an economic forecast released Wednesday.
Bank of England Governor Mervyn King stood firm against bailing out struggling banks on Wednesday, but hinted that interest rates had reached their peak as he made his first comments since the credit crisis swept global markets.
I've often remarked that retailers and financials are trading like a recession is already on, but industrials, techs and materials are trading like the global economy may be slowing slightly but is still holding up...who's right? The odd thing is that both may have it right.