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  • Gloom and gallows humor in Fed's 2009 transcripts Wednesday, 4 Mar 2015 | 5:01 PM ET

    Federal Reserve officials faced the worst of the Great Recession in early 2009: a collapsing economy hemorrhaging jobs, a plunging stock market, and banks saddled with bad debts, refusing to lend. Yet the transcripts also show that then-Fed Chairman Ben Bernanke and other Fed policymakers were quicker to grasp the magnitude of the downturn than in previous...

  • FDA approves Bristol-Myers drug for lung cancer Wednesday, 4 Mar 2015 | 2:22 PM ET

    WASHINGTON— The Food and Drug Administration on Wednesday expanded approval of an innovative Bristol-Myers Squibb drug to treat the most common form of lung cancer. The FDA first approved Bristol's drug in December for melanoma, the deadliest form of skin cancer. Evercore ISI analyst Mark Schoenebaum said in an investment note that Opdivo could garner sales...

  • Fed's Beige Book shows U.S. economy expanding Wednesday, 4 Mar 2015 | 2:00 PM ET

    WASHINGTON, March 4- The U.S. economy continued to expand across most regions and sectors from early January through mid-February, the Federal Reserve said on Wednesday, with auto sales and consumer spending rising in most Fed districts. In its Beige Book report of anecdotal information on business activity collected from contacts across the nation, the...

  • WASHINGTON/ NEW YORK, March 4- The Federal Reserve struggled with the message being sent by its role in bank bailouts and worried about the impact of a bond-buying program aimed at easing the 2007-2009 financial crisis, according to transcripts released by the U.S. central bank on Wednesday. In a prescient view of future policy, then-San Francisco Fed President...

  • WASHINGTON— The Republican-controlled Senate Wednesday voted to kill a National Labor Relations Board rule reducing the time between a union's request for representation and a vote by workers on it. But President Barack Obama has threatened to veto the measure, and the Senate's vote indicates that supporters are far from the two-thirds majority that would...

  • During an emergency call on the morning of Jan. 16, 2009, after the government had announced a $20 billion bailout for Bank of America, then-Fed Chairman Ben Bernanke declared that he was unwilling to allow "the failure of a firm the size of Bank of America." The call underscored the chaotic situation facing the Fed and other government agencies as they confronted a...

  • WASHINGTON/ NEW YORK, March 4- The Federal Reserve struggled with the message being sent by its involvement in bank bailouts in 2009 and worried about its implementation of a bond-buying program aimed at easing the financial crisis, according to transcripts released by the U.S. central bank on Wednesday. "Until the reinforcements arrive, I don't think we have...

  • UPDATE 1-Fed's Evans wants no rate hikes until early 2016 Wednesday, 4 Mar 2015 | 11:15 AM ET

    *Evans does not rule out removing' patient' in March. LAKE FOREST, Ill., March 4- The Federal Reserve should wait until next year before raising interest rates or risk undermining the very recovery it has helped engineer, a top U.S. central banker said on Wednesday. "Given uncomfortably low inflation and an uncertain global environment, there are few benefits and...

  • Federal Reserve took a swipe on Tuesday at unlawful and unethical behavior at banks, saying it raises questions over whether the values embedded on Wall Street have improved enough in recent years. While other Fed officials and bank regulators have complained about the ethics and culture on Wall Street, the stern comments from the country's top financial...

  • DIARY-Top Economic Events to March 17 Wednesday, 4 Mar 2015 | 12:01 AM ET

    LAKE FOREST, United States- Federal Reserve Bank of Chicago President Charles Evans speaks on current economic conditions and monetary policy before the Lake Forest-Lake Bluff Rotary Club 2015 Economic Breakfast- 1400 GMT. KANSAS CITY, United States- Federal Reserve Bank of Kansas City President Esther George speaks on the U.S. economy at an event hosted by...

  • WASHINGTON— The Federal Reserve has worked hard to correct the mistakes exposed by the 2008 financial crisis, Fed Chair Janet Yellen said Tuesday. Yellen's remarks came in a speech in New York to the Citizens Budget Commission. Copies of the speech were made available in Washington.

  • The number of men being prescribed testosterone jumped more than 75 percent, to 2.3 million, between 2009 and 2013. About 70 percent of these patients were between the ages of 40 and 64, the FDA said. AbbVie Inc's AndroGel, one of the most widely-used products, raked in sales of $934 million in 2014. Other products include Endo International Plc's Testim and Eli...

  • WASHINGTON, March 3- The Senate Banking Committee on Tuesday launched its effort to pursue reforms at the Federal Reserve, with the central bank's regional structure among the topics that came into the panel's cross-hairs. This month, outgoing Dallas Fed President Richard Fisher said the Fed should revamp its rules to address perceptions of conflicts of...

  • WASHINGTON, March 3- U.S. automakers have written to Federal Reserve Chair Janet Yellen to say the U.S. central bank need not worry about the impact of adding currency rules to trade deals. Yellen warned Congress last week against a bid to crack down on currency cheats and said adding currency rules to trade deals could hobble monetary policy.

  • WASHINGTON— Republicans controlling the Senate moved Tuesday to try to reverse a new National Labor Relations Board rule that would shorten the time between a union's request for representation and the vote on whether to certify a union. But the White House promised to veto the measure just before the Senate's 53-45 party-line vote. The White House statement...

  • WASHINGTON, March 3- The chairman of the U.S. Senate Banking Committee said on Tuesday that the Federal Reserve is not immune from congressional oversight. Senator Richard Shelby said at a Fed reform committee hearing on Tuesday that the panel will explore reforming the Fed system, as the Alabama Republican and other lawmakers add pressure to the U.S. central...

  • WASHINGTON, March 3- The Federal Aviation Administration is seeking ways to speed up the approval process for commercial drone operations, but its efforts have been hindered by its lack of authority to review multiple applications on a group basis, the FAA chief said on Tuesday. The FAA recently proposed new regulations that would lift the current ban on most...

  • WASHINGTON— The world's central banks are injecting a new complication into the Federal Reserve's decision on when to raise interest rates from record lows:. Last weekend, China's central bank slashed key rates for a second time in three months to try to stimulate the slowing Chinese economy. That move followed the European Central Bank's decision in January...

  • Cradle-bassinet recalled over danger to infants Tuesday, 3 Mar 2015 | 1:52 PM ET

    NEW YORK— Dream On Me is recalling its 2- in-1 Bassinet to Cradle because it poses a falling and suffocation risk for infants, the U.S. Consumer Product Safety Commission said Tuesday. The products were sold at websites including Amazon.com, Walmart.com, Wayfair.com, ToysRUs.com and Kohls.com between May 2012 and October 2014. They were made in China.

  • FDA warning: men's testosterone drugs overused Tuesday, 3 Mar 2015 | 12:10 PM ET

    Additionally, the FDA cautioned that the drugs may increase the risk of heart attack, stroke and other cardiovascular problems. Drugmakers must add information about that potential risk to their prescribing labels and conduct a long-term study to further examine the issue, the FDA said. The FDA action follows years of industry marketing for new gels, patches...