*USD touches 124.30 yen, highest level since December 2002. TOKYO/ SYDNEY, May 28- The dollar hit its highest since December 2002 against the yen on Thursday due to expectations that U.S. interest rates will rise later this year, while the Australian dollar struck a six-week low following disappointing capital expenditure data. The greenback soared as high as...» Read More
China's retail sales held up in May despite the devastating Sichuan earthquake. May retail sales growth edged down to 21.6% from 22.0% in April, slightly below a consensus forecast of 21.8%.
Is there a July Fed action coming to take back a one-quarter rate cut? I think so. That would put up the target to 2.25%. It would be a shot heard round the world, strengthening the dollar and attracting new liquidity and capital flows into the US economy.
U.S. business inventories rose 0.5 percent in April, more than expected, while sales were their strongest since November, a government report showed.
Total sales at U.S. retailers rose a full percentage point in May as many consumers had more spending cash in their wallets from government rebate checks, a report on Thursday showed.
The Federal Reserve's leading inflation hawk told CNBC that interest rates will have to rise soon in order to keep a lid on rising prices.
The inflation outlook for 2008 in the U.S., Japan, euro zone and the UK rose again in June, triggering big revisions to economists' interest rate forecasts, Reuters polls showed on Thursday.
Chinese annual inflation fell in May to 7.7%, the first major break in a year-long surge, as food price increases slowed and other products resisted rising global commodity costs, the government said on Thursday.
South Korea's central bank held interest rates steady for a 10th consecutive month on Thursday, as expected, but warned Asia's fourth-largest economy faced a bigger risk from rising inflation than a domestic slowdown.
Here is a building, completed in 1930 and built to house the headquarters of the once-great American auto manufacturer, being sold to the folks who are holding a death-grip on America’s wallets.
The US economy remained "weak" in May as consumer spending slowed due to higher energy and food prices, the Federal Reserve said in its Beige Book summary.
Fed Vice Chairman Donald Kohn hinted that the central bank is inclined to leave rates steady despite rising inflation worries.
The standard of living has decreased for many Americans, a trend that will reverse only after the troubles in the housing market work through, Pimco Managing Director Paul McCulley said on CNBC.
China's factory-gate inflation inched up to 8.2% in May, nearing a four-year high, suggesting that any moderation in consumer inflation in coming months may be limited.
Japan's growth has been revised up to 1 percent for the first quarter but this may be the last hurrah for the world's No.2 economy as surging raw material prices and a global economic slowdown bite.
Why trying to solve both problems at the same time could lead to disaster.
Stocks struggled to hold gains Tuesday as bank stocks rallied but comments from Bernanke hung over the market like a cloud. Oil dropped more than $3 to settle at $131.31 a barrel.
The Federal Reserve hopes tough talk on inflation will do the job of moderating price increases, giving it room to avoid raising interest rates.
Stocks ticked higher Tuesday as the rally started in bank stocks and then filtered into the broader market.
Blue chips tried to muster an advance Tuesday, encouraged by a rally in bank stocks, but comments from Bernanke hung over the market like a cloud.
World stocks hit their lowest in almost two months, major government bonds tumbled and the dollar jumped after the Fed chief fired another warning on inflation.