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Federal Reserve officials Tuesday said the U.S. economic outlook is unclear, but credit market strains that led the central bank to cut interest rates sharply last month are easing, suggesting a follow-up rate cut is not a done deal.
Trade policy emerged as the hot-button issue among the nine Republican presidential hopefuls squaring off on Tuesday, but taxes, economic growth and the health of the American middle class also got their fair share of attention in the debate.
All of the Fed's policy-setting committee agreed that a half-point cut in rates was needed to shield the economy from credit disruptions and the housing slowdown, minutes of the Sept. 18 meeting showed.
The U.S. subprime housing crisis will not peak until 2009 and total defaults could reach $150 billion, Standard and Poor's said.
The dollar gained in quiet trade Monday against most major currencies as investors reassessed risk and bet that Friday's sell-off on a U.S. payrolls report was overdone.
Former Federal Reserve Chairman Alan Greenspan said Sunday that the rate of U.S. economic growth was slowing, but the odds of a recession are less than 50%.
The U.S. federal budget deficit fell to $161 billion in fiscal 2007 from $248 billion the prior year as growth in tax receipts, fueled by capital gains and other non-withheld income, outstripped spending growth, the Congressional Budget Office said on Friday.
The dollar weakened Friday, after dealers decided a relatively solid U.S. employment report was not enough to move the U.S. economy off a slowing path and keep the Federal Reserve from possibly cutting interest rates.
The Labor Department's jobs number tracks people in the work force, but it doesn't account for millions of workers classified as independent contractors. Now, a battle is brewing over whether contractors like Gupertino Magana are getting a fair deal.
The prepared speech given by Federal Reserve Vice Chairman Donald Kohn on the economic outlook. The speech took place in Philadelphia on October 5, 2007.
The euro headed higher against the U.S. dollar Thursday, after orders to U.S. factories fell by their biggest amount in seven months and the European Central Bank agreed to keep interest rates steady at 4 percent.
Friday's U.S. employment report is expected to show sizable job growth for September, emboldening investors. But that won't end the debate about a possible recession.
With the Dow Jones Industrial Average hovering around 14,000, the question is where the blue-chip heads next: 13,000 or 15,000?
The dollar rose to a 1-month high against the yen on Wednesday, after a report on the U.S. services sector in September reflected growth in employment, boding well for Friday's non-farm payrolls data.
The U.S. private sector increased hiring at a moderate pace for a third straigth month in September, according to the ADP employment report released Wednesday.
The dollar rose Tuesday from record lows hit during the prior session as investors trimmed overstretched bets against the U.S. currency ahead of key economic data later this week.
The dollar rose slightly from record lows against the euro Monday as investors cashed out bets against the U.S. currency ahead of a fresh batch of economic data and central bank meetings this week.
The dollar hit another new low Friday, as U.S. inflation data reinforced expectations that the Federal Reserve may cut interest rates again.
Recession talk is heating up as the slumping U.S. housing market threatens to shackle free-spending consumers, yet stocks remain near record highs, indicating that many investors see little cause for alarm.
Atlanta Federal Reserve Bank President Dennis Lockhart said on Friday that market turmoil could hit the U.S. economy and that a moderation in inflation gave the Fed room to cut interest rates last week.