CNBC's Susan Li looks back at the week's top business and financial stories. Good news for the economy this week, as the Dow reached 18,000 for the first time. Sony released "The Interview." And Walmart announced wage hikes.» Read More
As expected the European Central Bank raised short-term interest rates to 3.5% from 3.25% and ECB President, Jean-Claude Trichet, has signalled that more hikes are on their way.
Australia's central bank held interest rates unchanged at 6.25% on Wednesday, a decision widely expected in financial markets given signs the economy was slowing in reaction to the rate rises already delivered.
In an exclusive interview on cnbc.com – Michael Moskow – president of the Chicago Federal Reserve sat down with CNBC’s Steve Liesman. Liesman spoke with Erin Burnett on “Squawk on the Street” this morning about the interview. Despite the down week of reports on the U.S. economy – Moskow is still concerned about inflation and fairly upbeat about growth going forward.
ISM Manufacturing Data was released this morning. The index fell to 49.5 for November--down from 51.2 in October and signifying a contraction in U.S. manufacturing. Construction spending dropped by the most in five years in October--sliding 1 percent. Now eyes turn back to the Fed and how they'll react.
The bulls and the bears are still slugging it out over the speech Tuesday by U.S. Federal Reserve Chief Ben Bernanke--and if he was right about the economy. Stephen Stanley of RBS Greenwich Capital is positive on the speech. Joel Naroff of Commerce Bank was not.