Skip navigation
IMF chief: Global economy still fragile
The international economy is still fragile to shocks despite recent improvements in financial markets, the managing director of the International Monetary Fund said Monday.

Timeline
Economy in turmoil
A look at the events leading up to the mess on Wall Street.

Current DateTime: 10:56:33 23 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

Fed extends meeting in December to two days
By: The Associated Press | 20 Nov 2008 | 03:07 PM ET
Text Size
Many observers expecting central bank to lower interest rates after

WASHINGTON - The Federal Reserve announced Thursday that it will hold a two-day meeting in December to weigh its next move on interest rates and to make a fresh assessment of the economy.

The Fed's last meeting of the year was originally slated as a one-day session on Dec. 16. Now it will turn into a two-day meeting concluding on that day.

The change will give Fed Chairman Ben Bernanke and his colleagues "additional time for discussion," the central bank said in a brief statement.

Many economists predict the Fed will lower rates again at next month's meeting to aid the sinking economy.

The Fed on Wednesday dramatically lowered its projections for economic activity this year and next. It warned that the nation's unemployment rate — which averaged 4.6 percent last year — would rise sharply higher.

The economy has been badly hurt by a severe financial and credit crisis that has choked the free flow of credit, the oxygen for commerce. Vanishing jobs, shrinking nest eggs and falling home values have forced American consumers to cut back sharply. That jolted the economy into reverse in the summer. Many analysts believe the economy will continue to contract through the rest of this year and into 2009.

To provide some relief, the Fed on Oct. 29 lowered its key rate to 1 percent, a level seen only once before in the last half-century. Just weeks earlier — on Oct. 8_ the Fed had joined with other central banks to slash rates, the first coordinated action of its kind in the Fed's history.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • The show attracts a big TV audience every year, but this year it may take on even more importance.
  • …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
  • Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
  • CNBC’s Phil LeBeau took a test drive of GM’s flagship electric car. Here’s what he thought of the Volt.
  • The energy company Power Efficiency is building tools that regulate the power electric motors use.
  • CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
ADD COMMENTS
Remaining characters


Current DateTime: 05:29:33 23 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 10:08:24 23 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 08:24:12 23 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:08:16 23 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters