The U.S. economy contracted at a surprisingly sharp 6.1 percent rate in the first quarter reflecting continuing economic woes. In the meantime, President Obama marks his 100th day in office while analysts anxiously await the latest from the FOMC's interest rate decision due this afternoon. (UPDATED with the Fed decision, below). Read and listen to what experts had to say...
Below is the statement released by the Federal Open Market Committee after its Apr. 28-29 meeting on interest rate policy:
Senate Majority Whip Richard Durbin (D-Illinois) Thursday will take so-called bankruptcy cramdown legislation to the floor, seeking a vote on the controversial proposal, say Congressional and industry sources.
The economy contracted at a steeper-than-expected pace in the first quarter, weighed down by sharp declines in exports and business inventories.
Ahead of the May 4 bank stress test results, experts tell CNBC that the financial system may not be in the clear yet.
Consumers hoping that the worst of the recession is over may be setting themselves up for disappointment, a panel of economists said Tuesday.
The recent rise in stocks and talk about green shoots in the markets are optimistic assumptions, as the world downturn "still has a way to run," Hugh Hendry, Chief Investment Officer at Eclectica, told CNBC Tuesday.
It may be the safe-haven choice of the financial crisis, but experts tell CNBC that cash will underperform over the next 10 years.
"As the Fed and the BOE have become more sane by printing money the so called gurus like Soros and Buffett suffer a deficit of sanity. They are saying the actions of these central banks will lead to inflation. I contest that," Hugh Hendry told CNBC.
“One thing he excels at is setting realistic expectations with his audiences,” says one crisis management consultant. “He’s been careful not to over-promise.”
Global stocks were down Monday, after enjoying 7 weeks of gains, as concerns of the outbreak of swine flu spooked investors. But experts tell CNBC that stocks are still a good long-term bet.
The following is the full text of U.S. Federal Reserve Chairman Ben Bernanke's "Housing, Mortgage Markets and Foreclosures" speech issued in Washington Thursday and delivered before before the Fed conference on Housing and Mortgage Markets:
Credit conditions are not improving and construction financing to build from the ground up is not available, says Ivanka Trump, executive vice president of development and acquisitions at the Trump Organization.
Concessions must be made to boost the economy over the long-term, UK Minister of Trade and Investment, Mervyn Davies, UK Minister of Trade and Investment, told CNBC Thursday, one day after Labor announced a budget which was widely criticized.
U.S. Treasury yields fell sharply in March when the said it would purchase Treasury securities as a means of anchoring interest rates in other parts of the U.S. bond market, in particular yields on mortgage-backed and corporate securities......Ever since then, yields have been creeping higher....Many investors are responding to signs that the U.S. economy is contracting at a slower pace, says bond expert Tony Crescenzi.
Taxpayers are increasingly exposed to losses, and the government is more vulnerable to fraud, under initiatives that have created a federal bank bailout program of "unprecedented scope," a government report finds.
Stocks closed higher despite some selling in the final half hour of trading, giving the market its sixth straight weekly gain and its longest weekly winning streak since 2007.
Federal Reserve Chairman Ben Bernanke said on Friday that the U.S. recession had done lasting harm to household finances and that regulators must protect consumers from willfully confusing forms of credit.
Stocks got a quick pop Friday from a rebound in consumer sentiment to its highest level since September. But the bounce quickly slowed t o a dribble as earnings worries nagged at the market.
Stock futures pared losses but continued to indicate a flat open Friday despite slightly better-than-expected first-quarter earnings results from Dow components Citigroup and General Electric.