CNBC's Tyler Mathisen looks back at the week's top business and financial stories. Headlines hurt stocks this week, while GM is facing a federal investigation. The White House boosts overtime pay for non-union workers, McDonald's employees are suing the company and Men's Wearhouse gets Joseph A. Bank.» Read More
Fed Chairman Alan Greenspan ran the central bank during interesting times, marked by many significant global events and financial shocks, which will no doubt figure into his aptly titled, forthcoming book “The Age of Turbulence: Adventures in a New World”. Here are the major events and moments of the Greenspan era.
Alan Greenspan has received more than his share of awards and honorary degrees in his storied career. Earlier this year, Greenspan was the recipient of a special Lifetime Achievement Award at CNBC's third annual Executive Leadership Awards ceremony in New York.
Wall Street is bracing for a sharply lower open as fears of a global liquidity crisis pound stock markets worldwide. Central banks around the globe stepped in to inject funds into the banking system and pump confidence back into markets, wary of the continued ripple effect of the U.S. subprime mortgage fallout.
Isn't this just like that country-fair game where you use a hammer to beat down characters that pop out of a hole? (Know in the U.S> as Whack-a-Mole.) The harder you beat each one down, the faster they pop up in another location. I doubt this is an original analogy, but it is still a useful one for understanding this credit crisis.
Daniel Mudd, chief executive of mortgage lender Fannie Mae, told CNBC that the housing slump won't hit bottom for another year and that the current credit crunch will spread “all across the housing market.”
The European Central Bank injected 94.841 billion euros ($129.74 billion) into euro-zone money markets on Thursday to help calm to jittery markets roiled by credit problems.
The revelation that a unit of French bank BNP Paribas temporarily suspended three of its funds injected new fear into the markets, driving global stock sharply lower and casting a fresh chill across credit markets. The market fallout from BNP has reignited market speculation that the Fed will move to cut rates sooner, rather than later.
Should you be getting ready to buy the dips? Sounds more sensible than trying to forecast shark attacks.
South Korea's central bank surprised markets on Thursday with its first ever back-to-back monthly rise in interest rates, aiming to rein in surging money growth, in a move which sent bond prices plunging but boosted the won.
The yen fell across the board Wednesday, after a Federal Reserve statement cooled expectations for a near-term U.S. interest rate cut and boosted stocks and other riskier assets.
U.S. mortgage applications rose for the first time in three weeks as interest rates fell sharply and demand surged for home purchase and refinance loans, an industry group said Wednesday.
The Fed's comments yesterday calmed some of the credit angst in the markets and set the stage for a move higher in global equities. U.S. stocks are positioned to trade higher this morning, and Cisco's strong earnings news is adding some punch to the Nasdaq.
Australia's central bank raised interest rates to a decade-high of 6.5% on Wednesday, as expected, saying higher borrowing costs were needed to check inflation.
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The Federal Reserve's statement today did not change the view of most economists and strategists according to a CNBC Econ-Recon Snap Survey. A strong majority believe the Fed will keep rates unchanged at its next meeting in September. The survey of almost 60 of Wall Street's top economists and strategists was conducted for one hour immediately following the Fed's announcement.
The dollar edged higher against the euro but a touch lower versus the yen Tuesday, after the Federal Reserve kept U.S. interest rates steady as expected, and inflation remained its primary concern.
The Federal Reserve left a key interest rate unchanged on Tuesday as worries about inflation trumped concerns about turbulent financial markets. Fed Chairman Ben Bernanke and his colleagues voted unanimously to keep their target for the federal funds rate, the interest that banks charge each other, at 5.25 percent, where it has been for more than a year.
top bond fund manager said the Federal Reserve will ultimately need to lower interest rates in order to counteract a slowdown in the U.S. economy.Bill Gross, founder and manager of the PIMCO Total Return Bond Fund said the Fed's decision to keep interest rates unchanged at 5.25% was expected but future action should be taken.
The U.S. Federal Reserve is expected to hold overnight interest rates steady and reaffirm concerns about inflation at its meeting on Tuesday, but may also acknowledge emerging signs of economic weakness.
The Bernanke Fed is being put to its first big test as Fed watchers monitor its handling of the credit drama when it releases its statement at 2:15 p.m. The Fed's one day meeting is not expected to end with any adjustment in rates, but traders are hoping for a tweaking of the Fed statement with language that will soothe some of the anxiety about mortgage and credit markets.