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Stocks start the week on firmer ground after central bankers once again pumped cash into the markets, injecting confidence and liquidity. Stock markets around the globe gained, and U.S. stock futures are higher.
The European Central Bank on Monday injected another 47.67 billion euros ($65 billion) into the banking system in a bid to soothe rattled credit markets, but said that market conditions are "normalizing."
The yen drifted lower against the dollar and euro in volatile trading after the Federal Reserve injected cash into the banking system for a third time on Friday, underpinning U.S. stocks and soothing nervous financial markets.
Though it may not seem like much by the relatively loquacious and candid ways of his successor Ben Bernanke, Alan Greenspan was a proponent of transparency and made the Fed more transparent than his predecessors– even if his speeches and official testimony were memorably obtuse.
Tracts about the Federal Reserve and its chairmen may not fill book shelves the way ones about the Constitution, the Supreme Court or presidents do, but they've be come more common in recent years.
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.