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U.S. economic growth has stalled and recovery may take longer than usual, former U.S. Federal Reserve chairman Alan Greenspan said on Monday.
The dollar fell against the yen Friday, as investors shunned risky trades such as stocks and high-yielding currencies after a brokerage downgrade of the top two U.S. home-funding companies, Fannie Mae and Freddie Mac.
Dallas Federal Reserve President Richard Fisher said on Friday that it will take some time for interest-rate cuts the Federal Reserve has made since last September to kick in and boost the economy.
This week the Philadelphia Federal Reserve reported contraction in its business activity index, hitting a minus 24 for the month and down further from the minus 20.9 reading in January. As a slowdown in the Mid-Atlantic region worsens, one of our editors wondered what is happening to Philly Feed (i.e., the Philly Cheesesteak) as the Philly Fed points to a slowing economy.
The impact of the turmoil in the international financial markets on Romania is likely to be limited, as the country enjoys robust economic growth and private lending is still at low levels, Economy and Finance Minister Varujan Vosganian told CNBC.com on Thursday.
The dollar fell to two-week lows Thursday after data showing a much sharper-than-expected contraction in U.S. Mid-Atlantic factory activity this month made investors brace for more Federal Reserve rate cuts.
Contraction in U.S. Mid-Atlantic factory production accelerated in February as manufacturers pulled back in anticipation of an economic downturn, according to the Philadelphia Federal Reserve.
Euro zone economic growth is expected to slow to 1.8 percent this year from 2.7 percent in 2007, while inflation should stay well above the European Central Bank target, the European Commission said on Thursday.
Lately, many people are hearing an echo — faintly perhaps but distinctly audible — of the stagflation of the 1970s.
Japan's exports rose more than expected in January from a year earlier as solid shipments to Asia and Europe cushioned soft exports to the United States, a major destination for Japanese goods.
US inflation accelerated in January in a worrying sign for the Federal Reserve's campaign to bolster the flagging economy.
The dollar erased gains against the euro to trade flat Wednesday after minutes of the Federal Reserve's January monetary policy meeting warned of more risks to the U.S. economic growth outlook.
The Federal Reserve lowered its projection for economic growth this year, citing damage from the housing slump and credit crunch.
The U.S. economy will probably avoid a recession but inflation is also a risk and the Federal Reserve must not ignore this threat as it battles weak growth, one of the Fed's top policy-makers said.
The text of the minutes from the Federal Open Market Committee's meeting on January 29-30, released on February 20, 2008.
Futures were already down on the poor mortgage news (both purchases and refinancings were below expectations, and 30-year mortgage rates are now over 6 percent). They dropped again at 8:30 AM when core CPI came in at 0.3 percent in January, the biggest increase since June 2006.
The high-yielding Australian and New Zealand dollars climbed Tuesday, as gains in global equities and commodities bolstered investor appetite for risky trades, outweighing worries about the health of the financial sector.
The Federal Reserve's interest rate cuts are appropriate to restore stability in financial markets and prevent damage to the broader economy, Minneapolis Fed President Gary Stern said on Tuesday.
Australia's central bank considered raising interest rates by a more aggressive 50 basis points at its Feb. 5 policy meeting, minutes of the meeting showed on Tuesday, pointing strongly to further hikes ahead.
The dollar recovered in trade thinned by a U.S. market holiday on Monday, as investors locked in profits following the currency's worst weekly performance of the year so far.