*U.S. central bankers stressing "gradual" approach. SAN FRANCISCO/ NEW YORK, March 12- Janet Yellen has a message to markets: the Federal Reserve will keep interest rates low for a while yet and, when it does begin to tighten monetary policy, it will do so only slowly.» Read More
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.
This week, NBC Nightly News will air a series of reports on issues important to women, including special business reports on Tuesday and Thursday.
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.